Browsing: Regulatory burden

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As the Federal Trade Commission explores a rulemaking to govern the collection of personal data for commercial purposes, it should consider the current landscape of federal and state laws on data security and avoid pursuing regulations that discourage innovation that has benefitted consumers in financial services, the American Bankers Association said Monday in comments filed with the agency.

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The FDIC has proposed changes to its new supervisory appeals structure aimed at increasing its independence, but the system still requires significant overhauls to preserve banks’ due process rights, the American Bankers Association and four banking trade groups said today in a joint letter to the agency.

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The U.S. Department of Labor failed to seek advance input from affected parties—as required by official rulemaking procedures—before issuing proposed amendments to the Qualified Professional Asset Manager exemption, the American Bankers Association said Thursday during a public hearing on the proposal.

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The American Bankers Association and three financial industry trade groups on Monday called for the Cybersecurity and Infrastructure Security Agency to prioritize cyber incident reporting requirements that are accessible, functional and simple and to carefully weigh the type and volume of data collected so that it remains useful to prevent systemic vulnerabilities and combat bad actors.

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Any measures to shift liability to financial institutions for peer-to-peer payments that a consumer authorizes and later claims were paid to a scammer will harm consumers by diminishing the availability and value of P2P payments, increasing consumers’ costs, reducing competition, and enriching and encouraging criminals, the American Bankers Association said today in a letter to the Consumer Financial Protection Bureau.

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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.

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The American Bankers Association, Independent Community Bankers of America and more than 70 state banking associations today submitted a letter to the Federal Housing Finance Agency urging it to stop using tangible capital when deciding whether financial institutions qualify for Federal Home Loan Banks advances.

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