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.
Business conditions were most often called the single biggest challenge facing community banks, according to an annual survey released yesterday by the Conference of State Bank Supervisors.
While the Financial Crimes Enforcement Network’s effort to calculate and evaluate the burden of filing Suspicious Activity Reports is a good first step, FinCEN needs to do more to fully grasp the costs and benefits of SAR filing, ABA said in a comment letter today.
Under a new pilot program launched by the Consumer Financial Protection Bureau today, entities seeking to comply with existing regulations may request an advisory opinion from the bureau to address areas of uncertainty.
As part of its efforts to prevent consumer harm, the Consumer Financial Protection Bureau today announced that it will issue advisory opinions to help companies understand legal and regulatory obligations.
The FDIC “does not currently have a consistent process in place” for conducting cost-benefit analyses to determine the effects of regulations, nor does it have established criteria for which rules are “significant” enough to warrant such an analysis, according to a report by the agency’s Office of the Inspector General today.