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Legal

In a comment letter to the National Credit Union Administration on Wednesday, the American Bankers Association called for the withdrawal of a proposal that would allow large credit unions to issue subordinated debt for regulatory capital purposes from outside for-profit investors—such as corporate debt markets—while maintaining their tax-exempt status.

Compliance and Risk

Following the Supreme Court decision last week in Seila Law v. CFPB—which held that the bureau may continue to operate but that its single powerful director must be able to be removed at will by the president—the CFPB today ratified most regulatory actions it has undertaken between Jan. 4, 2012, and June 30, 2020.

Legal

As states begin to slowly reopen local economies and businesses begin to resume normal operations, ABA joined a broad coalition of advocacy groups and other organizations in a letter today urging lawmakers to enact “temporary and targeted liability relief legislation” to safeguard businesses, nonprofits and others from lawsuits as employees return to workplaces.

Compliance and Risk Photo by Gertrūda Valasevičiūtė on Unsplash

AI, machine learning and alternative data are helping banks and nonbanks alike make faster decisions and expand access to credit. While fair lending concerns about “black boxes” have impeded wider adoption of these technologies, the regulatory environment is shifting.

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