CFPB Issues Guidance to Assist with Regulation F Compliance
The CFPB has released several guidance documents on validation notices that are intended to facilitate compliance with requirements in the Regulation F debt collection final rules
The CFPB has released several guidance documents on validation notices that are intended to facilitate compliance with requirements in the Regulation F debt collection final rules
CFPB Director Rohit Chopra today said he is concerned about the potential regulatory burden that rules like the bureau’s pending Section 1071 rulemaking—which addresses the collection of credit application data for small businesses, including women-owned and minority-owned small businesses—could have on small banks, noting that “I’m very sensitive to what our local financial institutions are facing.”
The more people are looking for vulnerabilities, flaws in security structures and emerging threats, the more prepared financial institutions will be for a potential attack.
In his first appearance before the House Financial Services Committee today, CFPB Director Rohit Chopra told lawmakers that although he agreed with Acting Director David Uejio’s decision to rescind a policy statement on “abusive” conduct issued by former Director Kathy Kraninger, he has “huge aspirations to create durable jurisprudence” regarding the definition of “abusive” in the Dodd-Frank Act.
The outlook for financial stability continues to be dominated by the economic fallout from the COVID-19 pandemic, according to a new report released today by the Basel, Switzerland-based Financial Stability Board.
The OCC today issued a set of frequently asked questions on its notice of proposed rulemaking to rescind its 2020 Community Reinvestment Act rule and replace it with rules based on the 1995 CRA rules that were jointly adopted by the OCC, Federal Reserve and FDIC.
A broad coalition of 99 trade groups representing various industries—including the American Bankers Association—today wrote to President Biden urging him to withdraw a controversial proposal that would require financial institutions to report information to the Internal Revenue Service on gross inflows and outflows for accounts above a specified de minimis threshold.
The Department of Labor today issued a field assistance bulletin to extend the compliance date for the class exemption on investment advice.
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The majority of financial services firms, 79%, have some internal Libor transition plan in place, according to a new survey from Bloomberg and the Professional Risk Managers’ International Association.