As regulators around the globe work to develop frameworks for measuring and mitigating climate-related risks, the Financial Stability Board published recommendations for the reporting and collection of climate-related financial data.
The Internal Revenue Service today released updated contribution limits—adjusted for inflation—for health savings accounts for 2023.
As the Financial Crimes Enforcement Network works to implement the Corporate Transparency Act—an ABA-advocated provision of the Anti-Money Laundering Act of 2020—Acting Director Him Das told lawmakers it will publish a second notice of proposed rulemaking this year “that will propose regulations governing access to beneficial ownership information by law enforcement, national security agencies, financial institutions and others.”
In a statement for the record of a House Financial Services Committee task force hearing, ABA urged lawmakers to “remain vigilant and deliberate” in their policymaking to ensure that regulations support innovation in mobile banking and payments, rather than overregulating or replacing private sector innovators.
As the House and Senate work to reconcile differences between their respective versions of the America Competes Act, the American Bankers Association and 51 state bankers associations today urged lawmakers to include the SAFE Banking Act in the final legislation. T
Under pressure from Republican lawmakers to define what he meant by “junk fees”—a term coined by the bureau as part of a media campaign—CFPB Director Rohit Chopra would not offer any formal definition.
The FDIC has appointed seven new members to its Advisory Committee on Community Banking. Twelve of 19 on the panel are with ABA member banks.
Shortly before CFPB Director Rohit Chopra began the first of two days of oversight hearings on Capitol Hill, ABA President and CEO Rob Nichols challenged Chopra’s controversial practices and “power grab” in a hard-hitting American Banker op-ed.
The Consumer Financial Protection Bureau today said it would invoke a “largely unused” authority under the Dodd-Frank Act to directly examine nonbank financial services providers. “Given the rapid growth of consumer offerings by nonbanks, the CFPB is now utilizing a dormant authority to hold nonbanks to the same standards that banks are held to,” said CFPB Director Rohit Chopra.
Innovation that puts the payment system at greater risk isn’t “disruption.” It’s an unforced error that the Fed can and should easily avoid.