The federal banking agencies have published joint guidance for banks about risks posed by fintech companies and other third parties to deliver bank deposit products and services. The joint guidance issued on July 30...more
7/31/2024
/ Banking Acts ,
Banking Regulators ,
Banking Sector ,
Brokered Deposits ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Earned Wage Access ,
FDIC ,
Financial Institutions ,
FinTech ,
Mortgages ,
New Guidance ,
Popular ,
Property Valuation ,
Regulation Z ,
Risk Management ,
Truth in Lending Act (TILA)
The U.S. Department of Justice (DOJ) and state authorities have agreed to a consent order with a large national bank to resolve allegations that the bank engaged in a pattern or practice of lending discrimination by affecting...more
2/29/2024
/ Banking Sector ,
Banks ,
Beneficial Owner ,
Bias ,
Class Action ,
Corporate Transparency Act ,
Department of Justice (DOJ) ,
Depository Institutions ,
Due Diligence ,
EGRPRA ,
Enforcement Actions ,
Fees ,
FFIEC ,
Financial Services Industry ,
FinCEN ,
Mortgage Lenders ,
Mortgages ,
New Guidance ,
Overdraft Fees ,
Race Discrimination ,
Redlining ,
Regulatory Burden ,
Risk Management ,
Third-Party Risk
Headlines 1. Recent Bank Failures The FDIC has issued a final rule that will impose special assessments to recover the loss to the Deposit Insurance Fund (Fund) arising from the systemic risk determination announced on March...more
11/30/2023
/ Banking Crisis ,
Banking Sector ,
Banks ,
Commercial Loans ,
Enforcement Actions ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
New Guidance ,
Special Assessments ,
Truth in Lending Act (TILA) ,
U.S. Treasury
A federal court has issued an order granting an injunction that delays the compliance dates for the CFPB’s final rule governing the collection of small business lending data required by Section 1071 of the Dodd-Frank Wall...more
8/31/2023
/ Bank Holding Company ,
BSA/AML ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Due Diligence ,
FDIC ,
Federal Reserve ,
FFIEC ,
Final Rules ,
Financial Services Industry ,
FinTech ,
Foreign Banks ,
Funding ,
New Guidance ,
OCC ,
Proposed Rules ,
Small Business ,
Small Business Loans ,
Supervision
The federal banking agencies have published new guidance to help banking organizations manage risks associated with third-party relationships, including relationships with financial technology (fintech) companies. The new...more
6/30/2023
/ Banking Regulators ,
Banking Sector ,
Banks ,
Collateral ,
Commercial Loans ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Mortgages ,
NCUA ,
New Guidance ,
OCC ,
Property Valuation ,
Risk Assessment ,
Third-Party Risk
FDIC and OCC Issue Guidance on Authorize Positive, Settle Negative Overdraft Fee Risks.
The FDIC and the OCC each have issued supervisory guidance on consumer compliance risk exposure related to the assessment of overdraft...more
4/28/2023
/ Banking Sector ,
Compliance ,
Consumer Financial Products ,
Deposit Insurance ,
FDIC ,
Financial Institutions ,
Financial Regulatory Agencies ,
Financial Services Industry ,
Libor ,
Mortgage Lenders ,
Mortgages ,
New Guidance ,
RESPA ,
Securities and Exchange Commission (SEC) ,
Securities Settlement Cycles ,
Silicon Valley ,
Supervisory Highlights ,
UDAAP
Federal Reserve Policy Aims to Level the Playing Field for Insured and Uninsured Banks:
The Federal Reserve has issued a policy statement clarifying that uninsured state member banks will be subject to the same limitations...more
1/31/2023
/ Banking Regulators ,
Banking Sector ,
Banks ,
Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptoassets ,
Fair Housing Act (FHA) ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Marketing ,
New Guidance ,
Proposed Rules ,
Stock Options
Headlines -
..New Federal Guidance Issued on Customer Due Diligence and Risk Management
..Fed Proposes Rule to Mandate LIBOR-Replacement Benchmark Rates in Contracts
..CFPB Clarifies Permissible Purposes for Furnishing,...more
7/29/2022
/ Benchmarks ,
Brokered Deposits ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reports ,
Cryptocurrency ,
Customer Due Diligence (CDD) ,
Depository Institutions ,
FDIC ,
Federal Reserve ,
Guidance Update ,
Libor ,
Minority-Owned Businesses ,
New Guidance ,
Risk Management
Headlines -
..FDIC Proposes Substantial Increase in Deposit Insurance Assessment Rates
..Federal Reserve Releases New CECL Implementation Tool: Expected Losses
..Estimator OCC Report Highlights Risks Facing the Federal...more
6/29/2022
/ Accounting Standards ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Credit Reports ,
Current Expected Credit Losses (CECL) ,
Deposit Insurance ,
Elder Issues ,
Exploitation ,
Families First Coronavirus Response Act (FFCRA) ,
FDIC ,
Federal Reserve ,
Financial Abuse ,
FinCEN ,
New Guidance ,
OCC ,
Risk Factors ,
Transaction Fees
Federal Banking Agencies Issue CRA Modernization Proposal The federal banking agencies have jointly issued a proposed rule that would modernize their regulations that implement the Community Reinvestment Act (the “CRA”). The...more
5/31/2022
/ Banking Sector ,
Community Development ,
Community Reinvestment Act ,
Compliance ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Cryptocurrency ,
Deposit Insurance ,
Final Rules ,
Irrevocable Trusts ,
Mobile Banking ,
Mortgage Servicers ,
New Guidance ,
OCC ,
Revocable Trusts ,
Trusts