As part of her efforts to bring greater transparency to the FDIC, Chairman Jelena McWilliams is “looking to strengthen the ombudsman and bank appeals process at the FDIC,” she said in a recent interview with the ABA Banking Journal.
With a powerful personal story and real-world banking experience, Jelena McWilliams is shaking up the FDIC.
As part of an ongoing review of the safety and soundness exam process, the Federal Financial Institutions Examination Council today issued a second update on progress made to date.
Under a major new transparency initiative, the FDIC will publish key performance metrics on its website, agency chairman Jelena McWilliams said today.
Echoing a similar statement made by the financial regulatory agencies earlier this week, the Securities and Exchange Commission today affirmed that its regulatory guidance is nonbinding.
In an important joint statement issued today, the financial regulatory agencies clarified the role of supervisory guidance in bank supervision, noting that it “does not have the force and effect of law.”
The Treasury Department today issued a long-awaited report recommending changes to laws and regulations affecting nonbank financial providers and the broader fintech environment.
The House by a vote of 217 to 199 today passed H.R. 6147, a minibus appropriations bill which included a number of financial services provisions backed by the American Bankers Association.
In the latest in its series of comment letters to the Consumer Financial Protection Bureau responding to the bureau’s 12 requests for information, ABA emphasized the important role of clear and agency-binding guidance in facilitating compliance with regulations and added that guidance should not be used as a basis for enforcement actions.
The Federal Reserve should clarify that agency guidance and other statements not issued via notice-and-comment rulemaking do not establish binding legal standards, Rep. Blaine Luetkemeyer (R-Mo.) said in a letter to Fed leadership yesterday.