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.
CFPB Director Rohit Chopra today said he is concerned about the potential regulatory burden that rules like the bureau’s pending Section 1071 rulemaking—which addresses the collection of credit application data for small businesses, including women-owned and minority-owned small businesses—could have on small banks, noting that “I’m very sensitive to what our local financial institutions are facing.”
A group of 21 Democratic representatives wrote to House leadership today calling for the removal of the Biden administration’s controversial proposal for financial institutions to report information on gross inflows and outflows on all accounts above a certain de minimis threshold.
A controversial Biden administration proposal that would require financial institutions to report information on gross inflows and outflows of all customer accounts above a certain de minimis threshold could “fracture trust” that banks have built with their customers, former ABA Chairman Jim Edwards told Republican members of Congress during a meeting today.