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 Treasury Department today released a report further detailing its proposals to shrink the tax gap as part of the American Families Plan that was unveiled by President Biden last month.
In this episode, podcast co-hosts Evan Sparks and Monica C. Meinert review highlights from the ABA’s just-concluded virtual Washington Summit. If you missed the Summit, tune in for insight and analysis on the past few days, and if you watched the virtual event, revisit all the highlights in just 20 minutes.
Sen. Pat Toomey (R-Pa.) today shared his candid thoughts on postal banking during ABA’s virtual Washington Summit.
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 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.
Small entities expected to be affected by the Consumer Financial Protection Bureau’s Dodd-Frank Section 1071 rulemaking recommended that the CFPB prioritize simple options in rulemaking, with clear written guidance and alignment definitions and reporting with other federal data regimes
In a comment letter to the FDIC today, ABA welcomed a recent interim final rule granting temporary relief for certain banks from auditing, internal control and audit committee requirements that would have resulted from the rapid inflow of assets and deposits from the coronavirus pandemic.
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 Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosure Rule “appears to have created sizable implementation costs for lenders,” the bureau concluded in its five-year lookback assessment of the 2015 rule.