Public comments for the Securities and Exchange Commission’s sweeping climate risk disclosure proposal are due on June 17, with major implications for banks and their clients. ABA’s Mike Gullette and Joe Pigg dig into the details.
Three GOP lawmakers today raised concerns about the CFPB’s pending rulemaking to implement Section 1071 of the Dodd-Frank Act.
In a move that will significantly reduce the annual reporting burden on banks, the Federal Reserve today finalized a rule to automate non-merger-related adjustments to member banks’ subscriptions to reserve bank capital stock.
ABA told the Securities and Exchange Commission on Friday that proposed new disclosure rules for the reporting of securities loans would impose a “considerable expense” to institutional investors and their agent lenders engaging in securities lending activities and urged reasonable amendments to reduce reporting burdens.
While expressing support for fair lending laws and regulations, ABA and the state bankers associations yesterday raised concerns about the CFPB’s long-awaited proposed rule to implement Section 1071 of the Dodd-Frank Act, which concerns the collection of credit application data for small businesses, including women-owned and minority-owned small businesses.
Consumer reporting complaints received by the CFPB increased significantly in 2021 over the prior year, with the bureau receiving more than 500,000 credit or consumer reporting complaints between January and September 2021 compared to the 319,000 it received in all of 2020, according to a report released today.
The American Bankers Association led a broad coalition of financial trade groups in a letter to CFPB Director Rohit Chopra yesterday requesting a 45-day extension for comments on the bureau’s Dodd-Frank Section 1071 proposal.
In response to the worldwide call by investors and regulators for disclosure of environmental, social and governance—as well as climate-specific—information, the Value Reporting Foundation and the Climate Disclosure Standards Board will be consolidated into the newly-formed International Sustainability Standards Board.
Acting Comptroller of the Currency Michael Hsu signaled that his agency is working to develop “high-level climate risk management supervisory expectations for large banks” and that he expects to issue framework guidance for comment “by the end of the year.”
With bipartisan opposition growing for a controversial proposal that would require financial institutions to report information on gross inflows and outflows on all customer accounts above a certain de minimis level, House Democrats have reportedly omitted the provision from their current draft of the budget resolution.