The Federal Reserve’s role as supervisor is not to replace a bank’s management and board of directors in adopting a banking strategy and risk appetite, Fed Governor Michelle Bowman said.
FinCEN proposed a new rule to require certain investment advisers to comply with Bank Secrecy Act regulations regarding anti-money laundering and countering the financing of terrorism.
A Department of Veterans Affairs program that helps military families become homeowners should align its property condition standards with those established by Fannie Mae and Freddie Mac, which already are among the most common alternatives used by veterans, ABA and eight groups said.
FFEIC released a set of principles to guide banking regulators when monitoring for discrimination in residential property appraisals and evaluations in their examinations of supervised institutions
Communities will respond to businesses that truly understand them and that is community banks’ greatest strength, although maintaining the advantage will require “a little bit of a change in mindset,” Acting Comptroller of the Currency Michael Hsu said.
One of the “greatest threats” to the community banking business model is the “cumulative impact” of new regulations and “changed expectations in supervision,” Federal Reserve Governor Michelle Bowman said.
Amid what he called a “tsunami of new regulations,” ABA President and CEO Rob Nichols kicked off the Conference for Community Bankers in San Antonio, Texas, with a discussion of how ABA is pushing back on regulatory overreach.
How agencies use guidance to flout congressional safeguards on rulemaking.
A proposed FDIC rule to establish new guidelines for governance and risk management at supervised banks with at least $10 billion in consolidated assets would undermine the safety and soundness of covered institutions and the industry as a whole, ABA and 52 state bankers associations said.
ABA urged Congress to pass legislation to ban the practice of credit reporting firms selling consumer contact information to lenders who then barrage those same consumers with unwanted solicitations.