In an advisory opinion, the CFPB affirmed that the Equal Credit Opportunity Act and its implementing regulation, Regulation B, protect consumers who are actively seeking credit as well as those who have sought and received credit.
Browsing: Risk and Compliance
In all of the Department of Justice’s corporate resolutions regarding AML compliance violations—including guilty pleas, deferred prosecution agreements or non-prosecution agreements—it will now consider requiring both chief executive officers and chief compliance officers to certify that a company has remedied the situation, Assistant Attorney General Kenneth Polite announced today.
As the CFPB undertakes its planned assessment of the 2015 Home Mortgage Disclosure Act regulations…
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.”
The federal banking agencies on Friday extended no-action relief under Regulation O for banks lending to investment fund-controlled companies under specific conditions.
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.
In its Semiannual Risk Perspective Report, the OCC flagged operational and strategic risk as being elevated, with banks continuing to face increasingly sophisticated cyberattacks and take strategic risks to improve earnings.
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.
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.
The federal government’s Safer Federal Workforce Task Force issued guidance today that requires COVID-19 vaccination of all employees of federal contractors.