The CFPB warned financial institutions that they are legally obligated to “competently interact with customers” about financial products or services even if those interactions occur through chatbots powered by artificial intelligence.
ABA and three financial sector trade associations submitted two joint letters urging the Securities and Exchange Commission to reconsider proposed rules governing how certain businesses handle cybersecurity incidents.
The Commodity Futures Trading Commission announced it is seeking public comment on potential amendments to the risk management program, or RMP, requirements applicable to swap dealers and futures commission merchants.
In a letter to the editor, ABA President and CEO Rob Nichols expressed disappointment with a recent Wall Street Journal editorial questioning the association’s motivations for asking regulators to investigate possible manipulative short selling of bank stocks.
The Senate voted 63-36 in favor of an agreement to raise the debt ceiling. The legislation now heads to President Biden to sign into law.
The Bank for International Settlements’ proposed harmonization requirements for cross-border payments have not struck the right balance, and if mandated in their current form, would make cross-border payments slower, more expensive and less accessible than they are today, according to ABA, BAFT and the Clearing House
Six federal regulatory agencies requested public comment on a proposed rule to regulate the credibility of algorithmic models used in real estate valuations, which is part of a larger effort by the Biden administration to address appraisal bias.
In a comment letter, ABA opposed the National Credit Union Administration’s proposed rule to significantly expand federal credit unions’ field of membership to include out-of-state remote workers and noncontiguous rural districts, resulting in a pathway for FCUs to obtain a nationwide FOM
The House voted 314-117 to approve an agreement to raise the debt ceiling. The legislation next heads to the Senate.
Existing income tax disclosures for investors, lenders and others who use financial statements to make capital allocation decisions are generally fair, and a proposal by the Financial Accounting Standards Board to expand those requirements wouldn’t improve a user’s assessment of the prospects for future cash flows, and may even lead to confusion and incorrect conclusions, ABA said in comments to FASB.