ABA, Trade Groups: HMDA Compliance Costs, Burdens Remain High
As the CFPB undertakes its planned assessment of the 2015 Home Mortgage Disclosure Act regulations…
Browsing: Risk and Compliance
CFPB Signals Intention to Scrutinize Credit Card Fees, Practices
In a new blog post this week, the CFPB said it is “looking to use a long-dormant authority” under Dodd-Frank Act Section 1033, which relates to consumer access to financial records, “to help spur better credit card shopping and switching by proposing rules that give consumers more control of their financial data.”
Agencies Extend Reg O Relief for Certain Fund-Controlled Companies
The federal banking agencies on Friday extended no-action relief under Regulation O for banks lending to investment fund-controlled companies under specific conditions.
OCC Finalizes Rule to Rescind 2020 CRA Rulemaking
The OCC today issued a highly anticipated final rule officially rescinding its 2020 Community Reinvestment Act rule and replacing it with rules the agency adopted jointly with the Federal Reserve and FDIC in 1995.
OCC: Operational, Strategic Risk Elevated; Banks Remain Resilient
In its Semiannual Risk Perspective Report, the OCC yesterday flagged operational risk and strategic risk as being elevated, with banks continuing to face increasingly sophisticated cyberattacks and take strategic risks in order to improve earnings in the current economic environment.
ABA, Trade Groups Reiterate Opposition to Tax Reporting Proposal
A broad coalition of 99 trade groups representing various industries—including the American Bankers Association—today wrote to President Biden urging him to withdraw a controversial proposal that would require financial institutions to report information to the Internal Revenue Service on gross inflows and outflows for accounts above a specified de minimis threshold.
Broad Coalition of Business Trade Groups Pan Tax Reporting Proposal
The American Bankers Association today joined a broad coalition of business trade groups in a letter to House and Senate leaders urging them to reject a Biden administration proposal to require financial institutions to report information about gross inflows and outflows of all accounts above a de minimis threshold of $600.
Federal Government Issues Guidance for Federal Contractors Vaccine Mandate
The federal government’s Safer Federal Workforce Task Force issued guidance today that requires COVID-19 vaccination of all employees of federal contractors.
CFPB Issues Statement on Disaster, Emergency Supervisory Practices
The Consumer Financial Protection Bureau today issued a statement outlining its supervisory practices with regard to major disasters or emergencies.
Banks’ Transition Away from Libor Just Became Easier
The variety of forward-looking term rates now available means that banks will have choices to offer when transitioning from Libor.