Federal Reserve Governor Michelle Bowman said in a speech today that the as the Fed adapts its supervisory principles for the future, it must enhance transparency around supervisory expectations for safety and soundness and consumer compliance matters.
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.
Members of the Federal Reserve’s Community Depository Institution Advisory Council urged the Fed to “be cautious in its approach to allowing non-traditional banks direct access to the payment system” during a recent meeting, flagging recent attempts by several non-bank entities to obtain state or national banking charters that would allow them to circumvent FDIC supervision and Community Reinvestment Act requirements.
The FDIC, OCC, Consumer Financial Protection Bureau and the National Credit Union Administration today each issued final rules codifying that regulatory guidance does not have the force and effect of law, granting much of a joint petition filed by the American Bankers Association 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.
The FDIC board today approved ABA-supported changes to the agency’s guidelines for appeals of material supervisory determinations.
The American Bankers Association submitted a comment letter on Monday supporting a proposed rule by the federal banking regulators to codify and clarify their 2018 interagency statement on supervisory guidance.
The Consumer Financial Protection Bureau’s Task Force on Federal Consumer Financial law today issued an…
ABA and the Bank Policy Institute jointly backed the FDIC’s proposed new independent Office of Supervisory Appeals in a letter to the agency today.
In response to a 2018 petition from ABA and the Bank Policy Institute, the federal banking agencies today issued a proposal that would codify their joint statement clarifying that regulatory guidance does not have the force and effect of law.
The FDIC late Friday proposed to establish a new Office of Supervisory Appeals that would replace the current Supervision Appeals Review Committee.