The Financial Crimes Enforcement Network this week issued an alert to financial institutions on potential attempts by Russian elites to evade sanctions through the U.S. commercial real estate sector.
ABA this week urged the CFPB to “tread carefully” as it drafts proposed data-sharing rules for businesses, warning that the agency could stifle innovation and risk consumers’ personal financial data if it introduces impractical requirements.
Consumer Financial Protection Bureau Director Rohit Chopra this week questioned the appropriateness of having an independent nonprofit set home appraisal standards across the country, suggesting regulators may want to take a closer look at the arrangement in the future.
ABA this week joined the Credit Union National Association and other trade associations in submitting a reply comment that reiterated their previous request that the Federal Communications Commission require voice service providers to implement a caller ID authentication solution over non-IP networks.
The American Legislative Exchange Council’s board last week rejected a proposed model bill that would have required states to stop doing business with companies considered to be boycotting fossil fuels and other related industries.
Federal Reserve Governor Michelle Bowman, who holds the designated community bank seat on the board of governors, will speak during ABA’s Conference for Community Bankers, taking place Feb. 12-14 in Orlando.
Federal Reserve Governor Christopher Waller said this week he favors raising the federal funds rate by 25 basis points at the next Federal Open Market Committee meeting at the end of January.
The Consumer Financial Protection Bureau is required by law to seek input from community banks and credit unions before moving forward with rulemaking on credit card penalty fees, ABA and four industry associations reiterated this week.
Inflation has declined in recent months, but the Federal Open Market Committee will likely need to continue pursuing a restrictive policy stance to bring inflation back down to the committee’s 2% goal, Federal Reserve Vice Chair Lael Brainard said this week.
Fannie Mae and Freddie Mac will reduce the upfront fee for commingled securities to 9.375 basis points starting April 1, the Federal Housing Finance Agency said this week.