CFPB report flags pandemic-related issues in deposits, mortgage servicing
The CFPB issued a “Supervisory Highlights” report focusing on recent examiner observations of several financial products.
Browsing: Policy
Cryptocurrency concerns dominate financial regulator hearing
The collapse of cryptocurrency exchange FTX and the concerns about the unregulated nature of crypto markets dominated a Senate Banking Committee hearing today on financial industry regulation.
ABA, trade groups seek extension of CIP comment period
In a letter last week, ABA and five financial industry trade groups asked the Interagency Community Investment Committee to extend the comment period for a review of the effectiveness of federal community investment programs by at least 45 days.
ABA, trade groups comment on proposed cyber incident reporting regulation
The American Bankers Association and three financial industry trade groups on Monday called for the Cybersecurity and Infrastructure Security Agency to prioritize cyber incident reporting requirements that are accessible, functional and simple and to carefully weigh the type and volume of data collected so that it remains useful to prevent systemic vulnerabilities and combat bad actors.
ABA to FCC: Stop illegal texts, protect banks’ lawful texts
The American Banker Association recently led a group of trade groups in expressing support for the Federal Communication Commission’s proposal to require mobile wireless providers to block text messages that are that are from invalid, unallocated or unused numbers, or those on a Do-Not-Originate list.
Fed report: Banking industry remains strong amid uncertain economic outlook
The banking industry remained financially sound in the first half of 2022, but banks are starting to take steps for potentially weaker economic conditions, according to the Federal Reserve’s latest supervision and regulation report released today.
Interagency Group Provides Update on Treasury Market Surveillance Initiative
The Interagency Working Group on Treasury Market Surveillance issued a progress report on steps it has taken to enhance the resilience of the U.S. Treasury market.
SBA proposes to lift moratorium on 7(a) nondepository lenders
The Small Business Administration is proposing to lift the moratorium on the number of nondepository institutions—called small business lending companies—that may make loans under SBA’s Section 7(a) program, and to create a new type of SBLC called mission-based SBLCs
Fed proposing to make master accounts data public
The Federal Reserve will seek public comment on a proposal to publish a periodic list of depository institutions that have access to Fed accounts—often referred to as “master accounts”—and payment services, the agency announced today.
ABA: Regulatory clarity can reduce illicit finance risks in digital assets
The illicit finance risks posed by digital assets can be most effectively managed by regulating nonbank cryptocurrency companies while allowing banks to engage more fully in digital asset activities, where they will be subject to comprehensive regulation and Bank Secrecy Act requirements, ABA said today in a letter to the U.S. Treasury Department.