The federal banking agencies have announced their intent to issue a proposal to rescind the Community Reinvestment Act (CRA) final rule originally issued in October 2023. In their announcement on March 28, the agencies also...more
3/31/2025
/ Banking Regulators ,
Banks ,
Community Reinvestment Act ,
Consumer Protection Laws ,
Cryptocurrency ,
FDIC ,
Federal Reserve ,
Mergers ,
OCC ,
Regulatory Reform ,
State Attorneys General
Amid media reports that the administration may be considering a plan to consolidate the FDIC, the supervisory functions of the Federal Reserve, and the OCC into a single agency, President Trump issued an executive order...more
2/28/2025
/ Banking Regulators ,
Cryptocurrency ,
Dodd-Frank ,
Executive Orders ,
FDIC ,
Federal Reserve ,
GAO ,
Incentive Compensation ,
OCC ,
Regulatory Agencies ,
Regulatory Agenda ,
Rulemaking Process ,
Trump Administration
Governor Michelle Bowman discussed the unique challenges mutual banking institutions face raising capital and the need for regulatory flexibility in the process. Governor Bowman’s remarks at the New England CEO Summit on...more
2/4/2025
/ Capital Formation ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Privacy Concerns ,
Proposed Rules ,
Regulatory Agenda ,
Sensitive Personal Information ,
Unfair or Deceptive Trade Practices
CFPB Imposes $5 Cap on Overdraft Fees Charged by Large Banks -
The CFPB has adopted a final rule capping overdraft fees at $5 for banks and other depository institutions with more than $10 billion in assets (covered...more
12/31/2024
/ Amended Regulation ,
Banking Sector ,
Banks ,
Commercial Real Estate Contracts ,
Commercial Real Estate Market ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
EGRRCPA ,
Elder Issues ,
FDIC ,
Federal Reserve ,
Final Rules ,
Financial Abuse ,
Financial Institutions ,
Financial Regulatory Agencies ,
Financial Services Industry ,
FSOC ,
Logos ,
New Guidance ,
Overdraft Fees ,
PACE ,
Regulation Z ,
Truth in Lending Act (TILA) ,
U.S. Treasury
The CFPB has adopted a final rule to extend its oversight to the largest nonbank providers of digital consumer payment applications, including those that enable transfers from deposit accounts held at banks and other insured...more
11/27/2024
/ Artificial Intelligence ,
Banking Sector ,
Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Deep Fake ,
FDIC ,
Federal Reserve ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Fraud ,
Nonbank Firms ,
Payment Systems ,
Recordkeeping Requirements ,
Regulatory Agenda
The CFPB has approved a final rule that requires banks and certain other financial services providers to share a consumer’s personal financial data with another provider at the consumer’s request. The CFPB’s Personal...more
10/31/2024
/ Automotive Loans ,
Banks ,
Commercial Loans ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Deposit Insurance ,
Depository Institutions ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
Loan Servicer ,
New Guidance ,
OCC ,
Open Banking ,
Personal Data
The FDIC, OCC, and U.S. Department of Justice (DOJ) have coordinated the release of new policies that will govern each agency’s consideration of bank merger transactions. The FDIC and OCC each published final statements of...more
9/30/2024
/ Bank Accounts ,
Bank Merger Act ,
Banking Sector ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Deposit Accounts ,
Electronic Fund Transfer Act ,
FDIC ,
Federal Reserve ,
FFIEC ,
Financial Institutions ,
Information Technology ,
International Remittance Transfers ,
Mergers ,
OCC ,
Overdraft Fees ,
Proposed Rules ,
Public Comment ,
Recordkeeping Requirements ,
Regulation E
CFPB Issues Filing Instructions Guide for Small Business Lending Data -
The CFPB has published instructions for banks and other covered financial institutions to submit small business lending data that is required to be...more
9/3/2024
/ Advisory Opinions ,
Banking Sector ,
Banks ,
Consumer Contracts ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Cybersecurity ,
Data Collection ,
Dodd-Frank ,
Excessive Fees ,
FDIC ,
Fees ,
FFIEC ,
Financial Institutions ,
Financial Regulatory Agencies ,
Financial Services Industry ,
Hidden Fees ,
NIST ,
Predatory Lending ,
Proposed Rules ,
Regulatory Standards ,
Small Business ,
Solar Panels ,
Tax Credits
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 CFPB, as part of its initiative to accelerate the shift to open banking in the United States, issued a final rule on June 5 that outlines the qualifications to become a recognized industry standard setting body, which can...more
6/28/2024
/ Automated Systems ,
Banking Sector ,
Banks ,
Compliance ,
Consumer Contracts ,
Consumer Financial Protection Bureau (CFPB) ,
Deposit Insurance ,
FDIC ,
FFIEC ,
Final Rules ,
HMDA ,
Mortgage Loan Originators ,
Mortgages ,
Open Banking ,
Property Valuation ,
Regulation C ,
Reporting Requirements ,
Residential Real Estate Market ,
Small Business ,
Small Business Loans ,
State Charters ,
Unenforceable Contract Terms
Headlines 1. Supreme Court Upholds the Constitutionality of the CFPB’s Funding Structure The Supreme Court has ruled that the statutory authorization that allows the CFPB to draw funds from the earnings of the Federal Reserve...more
5/31/2024
/ Banking Sector ,
Banks ,
Buy Now Pay Later (BNPL) ,
Closing Costs ,
Community Reinvestment Act ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Fair Credit Reporting Act (FCRA) ,
FDIC ,
Fees ,
Financial Institutions ,
Financial Services Industry ,
Incentive Compensation ,
Mortgages ,
Natural Disasters ,
Relief Measures ,
Third-Party Risk ,
Truth in Lending Act (TILA)
The CFPB has issued a policy statement that provides an analytical framework for identifying what constitutes an abusive act or practice under the Consumer Financial Protection Act of 2010 (CFPA). The new guidance published...more
4/30/2024
/ Artificial Intelligence ,
Bank Merger Act ,
Banking Sector ,
Climate Change ,
Comment Period ,
Community Reinvestment Act ,
Congressional Review Act ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Customer Identification Program (CIP) ,
Disclosure Requirements ,
FDIC ,
Financial Services Industry ,
FinCEN ,
OCC ,
Policy Statement ,
Securities and Exchange Commission (SEC) ,
State Attorneys General
The SEC has issued a controversial 886-page final rule imposing climate-related disclosure requirements on publicly traded companies, including banking organizations, which will require them to include certain climate-related...more
3/29/2024
/ Banking Regulators ,
Banking Sector ,
Banks ,
Climate Change ,
Community Reinvestment Act ,
Compliance ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Disclosure Requirements ,
FDIC ,
Late Fees ,
Mergers ,
Proposed Amendments ,
Publicly-Traded Companies ,
Securities and Exchange Commission (SEC) ,
Statutory Violations ,
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
OCC Requests Public Comments on Proposed Bank Merger Policy Statement and Rules The OCC has proposed a new policy to increase the transparency of the standards that the agency applies to review business combinations involving...more
1/31/2024
/ Bank Merger Act ,
Banking Sector ,
Comment Period ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Federal Reserve ,
Final Rules ,
Financial Institutions ,
FinTech ,
Interchange Fees ,
OCC ,
Overdraft Fees ,
Popular ,
Proposed Rules ,
Public Comment ,
Small Business ,
Small Business Loans ,
Truth in Lending Act (TILA)
A recent OCC report identified key issues facing the federal banking system, including increasing credit risk due to higher interest rates, increasing risk in commercial real estate lending, prolonged inflation, declining...more
12/29/2023
/ Advertising ,
Bank Secrecy Act ,
Banking Sector ,
Banks ,
Beneficial Owner ,
BSA/AML ,
Buy Now Pay Later (BNPL) ,
Commercial Real Estate Contracts ,
FDIC ,
Fees ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Information Reports ,
OCC ,
Proposed Rules ,
Real Estate Investments ,
Risk Management ,
Signs ,
Suspicious Activity Reports (SARs)
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
The federal banking agencies have jointly issued a final rule that will modify how examiners assess compliance with the Community Reinvestment Act (CRA). Among other changes to the CRA regulations announced on October 24, the...more
10/31/2023
/ Banking Sector ,
Climate Change ,
Community Reinvestment Act ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Data Security ,
Data-Sharing ,
Department of Justice (DOJ) ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
Governance Standards ,
Lenders ,
Proposed Rules ,
Risk Management ,
Warning Letters
The CFPB has published guidance about compliance with Regulation B, which implements the Equal Credit Opportunity Act (ECOA), when lenders deliver denial notices based on underwriting decisions using artificial intelligence...more
9/28/2023
/ Banking Sector ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Dodd-Frank ,
ECOA ,
FDIC ,
Financial Institutions ,
Mortgage Lenders ,
Mortgages ,
Nonbank Firms ,
Refinancing ,
Regulation B ,
Risk Mitigation
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 Reserve has announced that its FedNowSM Service, a new interbank settlement service with clearing functionality to support instant payments, went live on July 20 with 35 early-adopting banks and credit unions. The...more
7/31/2023
/ Bank Holding Company ,
Banking Sector ,
Basel III ,
Capital Requirements ,
Cyber Incident Reporting ,
Disclosure Requirements ,
Federal Reserve ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
HMDA ,
Money Market Funds ,
Mortgage Lenders ,
Mortgages ,
Payment Systems ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Subsidiaries
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 Announces Special Assessments to Recover Losses from Recent Bank Failures
The FDIC has issued a proposed rule that would impose special assessments to recover the loss to the Deposit Insurance Fund (Fund) arising from...more
5/31/2023
/ Banking Crisis ,
Banking Sector ,
Comptroller ,
Consumer Financial Protection Bureau (CFPB) ,
Deposit Accounts ,
Deposit Insurance ,
FDIC ,
Financial Institutions ,
Liquidity ,
OCC ,
Small Business ,
Special Assessments
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
President Recommends Regulatory Reforms to Address Recent Bank Failures -
President Biden has issued a statement urging the federal banking agencies to adopt regulatory reforms that are meant to reduce the risk of future...more
4/3/2023
/ Banking Sector ,
Banks ,
Biden Administration ,
Commercial Loans ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptoassets ,
Depository Institutions ,
Electronic Payment Transactions ,
Federal Loans ,
Federal Reserve ,
Financial Regulatory Reform ,
Insolvency ,
Liquidity ,
Loan Servicer ,
Relief Measures ,
Silicon Valley ,
Student Loans ,
Truth in Lending Act (TILA) ,
U.S. Treasury