Survey: Regulatory change remains top concern for banks
Keeping up with changing regulations was the top concern for U.S. financial services firms, according to Wolters Kluwer’s annual Regulatory and Risk Management Indicator survey.
Browsing: Compliance
CFPB issues preliminary decision on TILA preemption of NY state law
The Consumer Financial Protection Bureau this week announced its intent to make a preemption determination regarding whether the Truth in Lending Act preempts a New York State commercial financing law with respect to certain provisions.
CFPB: Enforcing new closed-end mortgage HMDA rules not currently high-priority
CFPB said banks may need time to implement or adjust policies, procedures, systems and operations to comply with reporting obligations.
ABA’s Rowe posthumously honored with distinguished service award
Former ABA VP Rob Rowe was recognized posthumously at the ABA/ABA Financial Crimes Enforcement Conference with the first-ever ABA Distinguished Service Award for Financial Crimes.
New study details costs, drivers of financial crime compliance
The cost of financial crime compliance in North America for 2022 is estimated at $56.7 billion, up 13.6% from 2021.
CFPB to hold technical implementation meetings on 1071 reporting
As the CFPB continues work on its Dodd Frank Act Section 1071 rulemaking—which relates to the collection of small business lending data—the bureau will hold two events in the coming weeks to discuss technical implementation of the rule’s reporting requirements.
FSB Calls for Parity in Crypto Market Regulation
Crypto-assets and markets must be subject to effective regulation and oversight equal to the risks they pose domestically and internationally.
Agencies update spring rulemaking agendas
The federal regulatory agencies this week announced updates to their spring rulemaking agendas for 2022. Among the CFPB’s priorities are the Dodd-Frank Section 1071 final rule, which is projected for March 2023 and addresses the collection of small business lending data.
Jackson recognized with Distinguished Service Award
Lawrence “L. Ray” Jackson, former FDIC deputy regional director for the division of depositor and consumer protection in the Chicago regional office, received the Distinguished Service Award for compliance during ABA’s Regulatory Compliance Conference in Orlando today. T
CFPB moves to scrutinize banks’ overdraft programs
As part of a pilot supervision effort, the CFPB has requested information on overdraft and non-sufficient funds practices from “over 20 institutions” that it has identified as having a higher share of frequent overdraft users or higher average fees.