The CFPB released a long-awaited final rule implementing Section 1071 of the Dodd-Frank Act, which requires the collection and reporting of credit application data for small businesses, including women-owned and minority-owned small businesses.
Following the failures of Silicon Valley Bank and Signature Bank earlier this month, the Biden administration called on Congress to expand the FDIC’s authority to claw back compensation from executives at failed banks, bar bank executives at failed banks from holding jobs in the banking industry and bring fines against executives of failed banks.
With more than 130 data protection regulations already in place, achieving and maintaining privacy compliance has become one of the most challenging imperatives in business today.
With uncertainty the rule, the best advice is to have banks’ change-management processes ready for whatever comes.
The Consumer Financial Protection Bureau today outlined proposals under consideration that would require businesses to make a consumer’s financial information available to them or a third party at the consumer’s direction.
Before issuing a proposed rule, the CFPB must convene a panel of small businesses that represent their markets to provide input.
Reps. Peter Welch (D-Vt.) and Lance Gooden (R-Texas) today introduced a companion bill to the Credit Card Competition Act of 2022, which would create new credit card routing mandates that will affect banks that issue credit.
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.
ABA joined a broad coalition of state bankers associations and credit union associations in a strongly worded letter sent Friday to congressional leaders opposing S. 4674, the Credit Card Competition Act of 2022. The bill, which was introduced by Sens. Roger Marshall (R-Kan.) and Dick Durbin (Ill.), would create new credit card routing mandates that will affect banks that issue credit.
As the Senate considers the 2023 National Defense Authorization Act, ABA and the Bank Policy Institute urged lawmakers to omit language that would create a designation for “systemically important entities,” including large banks, for the purposes of assessing risks to critical infrastructure entities.