In a comment letter this week, the American Bankers Association urged the Federal Communications Commission not to impose additional restrictions on the ability of banks and other businesses to contact their customers with account-related information.
The Federal Reserve and the Financial Crimes Enforcement Network today proposed to reduce the transaction volume threshold for when banks must collect and retain information on funds transfers and remittances that start or end outside of the United States.
The U.S. financial agencies do not plan to recommend a credit-sensitive element to the Secured Overnight Financing Rate or a credit-sensitive rate, agency heads said in a letter to a group of regional banks yesterday.
The Consumer Financial Protection Bureau today issued an advance notice of proposed rulemaking on consumer-authorized access to financial records.
The Securities and Exchange Commission and the Commodity Futures Trading Commission approved a joint final rule today to harmonize their margin levels for security futures “whether they are held in a futures account, a securities portfolio margin account, or a securities account that is not approved for portfolio margining.”
The CFPB today finalized a rule extending the temporary “GSE patch,” which grants QM status to loans eligible to be purchased or guaranteed by Fannie Mae or Freddie Mac, until the QM rule changes are finalized and take effect.
ABA and the Bank Policy Institute jointly backed the FDIC’s proposed new independent Office of Supervisory Appeals in a letter to the agency today.
For banks that have experienced rapid and possibly short-term inflows of assets and deposits during the coronavirus pandemic, the FDIC today issued an interim final rule providing relief from auditing, internal control and audit committee requirements that would have resulted from those inflows.
In response to a 2018 petition from ABA and the Bank Policy Institute, the federal banking agencies today issued a proposal that would codify their joint statement clarifying that regulatory guidance does not have the force and effect of law.
The federal banking agencies today finalized the Net Stable Funding Ratio, a long-term liquidity measurement that was the last major unfinished element of the Basel III liquidity standards.