Browsing: Compliance

Compliance and Risk

The Federal Reserve today issued its final rule codifying that regulatory guidance does not have the force and effect of law, granting much of a joint petition filed by ABA and the Bank Policy Institute that sought a formal rulemaking to ensure that banking organizations would not need to rely on a 2018 interagency statement to clarify the role of guidance.

Compliance and Risk

The Consumer Financial Protection Bureau and Federal Trade Commission released their annual debt collection report summarizing efforts by both agencies to enforce the Fair Debt Collection Practice Act and educate consumers about debt collection.

Compliance and Risk

At his confirmation hearing to serve as the next director of the Consumer Financial Protection Bureau today, Rohit Chopra told lawmakers he has “a completely open mind” about changes to the Qualified Mortgage rules, adding that he will “look to what the statute says and what Congress’ goals are” as the bureau reviews the rules.

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