Fed General Counsel: FedNow Not Open to Nonbanks
Nonbanks should not expect direct access to FedNow, the 24/7/365 payments system the Federal Reserve is developing, according to a top staffer.
Browsing: Policy
CFPB Director Highlights Benefits of AI to Expand Credit Access
The Consumer Financial Protection Bureau wants to spur innovation in the use of artificial intelligence and machine learning in financial services, CFPB Director Kathleen Kraninger said today.
Treasury Taking ‘Very Hard Look’ at Stablecoin Risks
Deputy Treasury Secretary Justin Muzinich put developers of so-called “stablecoins” like Libra on alert today, warning that their governance structures are of concern for U.S. policymakers.
CFPB Updates Rulemaking Agenda
The Consumer Financial Protection Bureau today announced updates to its rulemaking agenda for 2019. Significantly, the bureau said that it is considering initiating a rulemaking or issuing guidance to address the interplay between Regulation Z and requirements under the Electronic Signatures in Global and National Commerce Act.
McWilliams: Regulators Need to Support Bank Innovation Efforts
Regulators need to understand the pressures that banks face to innovate and support those efforts, FDIC Chairman Jelena McWilliams said today.
ABA Issues Recommendations to Promote Responsible Financial Data Sharing
In a statement submitted for the record in tomorrow’s House Financial Services Committee fintech task force hearing, ABA highlighted the importance of protecting consumers when they choose to share their financial data with third parties.
Otting, McWilliams Discuss Next Steps on CRA Modernization Effort
Comptroller of the Currency Joseph Otting is moving forward with issuing a long-awaited notice of proposed rulemaking that would modernize how the agency evaluates banks’ Community Reinvestment Act performance, he said today.
Agencies Finalize Proposed Rule Regarding Treatment of HVCRE
The FDIC, Federal Reserve and OCC today finalized a rule implementing a provision of the S. 2155 regulatory reform law regarding the treatment of high volatility commercial real estate.
FDIC to Codify Policy on Employing Individuals with Criminal Backgrounds
The FDIC today proposed to codify as regulation its statement of policy regarding the implementation of Section 19 of the Federal Deposit Insurance Act.
Agencies Finalize Counterparty Credit Risk Proposal for Derivatives
The FDIC, OCC and the Federal Reserve today finalized a new approach for calculating the exposure of derivative contracts under the regulatory capital rule.