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
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)
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 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
Headlines:
..OCC Publishes Security Standards for Video Teleconferencing With Agency Staff
..CFPB Imposes Civil Penalty and Customer Refunds for Authorized-Positive Overdraft Fees
..Treasury Department Recommends...more
9/30/2022
/ Banking Sector ,
Civil Monetary Penalty ,
Climate Change ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Digital Assets ,
Disclosure Requirements ,
Enforcement Actions ,
Executive Compensation ,
Financial Institutions ,
Financial Services Industry ,
OCC ,
Overdraft Fees ,
Refunds ,
Risk Assessment ,
Securities and Exchange Commission (SEC) ,
Teleconferences ,
Total Shareholder Return (TSR) ,
U.S. Treasury
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
Federal Court Rejects Challenges to FDIC’s and OCC’s “Valid When Made” Rules
A federal court in two separate but related cases has rejected challenges to the FDIC’s and the OCC’s respective regulations that codified the...more
2/28/2022
/ Banking Sector ,
Central Bank Digital Currency (CBDCs) ,
Consumer Financial Protection Bureau (CFPB) ,
Digital Currency ,
FDIC ,
Financial Institutions ,
Interest Rates ,
Loan Forgiveness ,
Loan Servicer ,
Madden v Midland Funding ,
Massachusetts Institutie of Technology (MIT) ,
OCC ,
Paycheck Protection Program (PPP) ,
SBA ,
Student Loans
FDIC Board Governance Dispute on Review of Bank Mergers Aired Publicly -
CFPB Director Rohit Chopra on December 9 published on the CFPB’s website a blog post captioned “How Should Regulators Review Bank Mergers?” in...more
12/28/2021
/ Alternative Reference Rates Committee (ARRC) ,
Annual Percentage Rate (APR) ,
Banking Sector ,
Community Reinvestment Act ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Digital Assets ,
FDIC ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
FSOC ,
Leverage Ratio ,
Libor ,
Mergers ,
OCC ,
Overdraft Fees ,
Regulation Z ,
Risk Assessment ,
Secured Overnight Funding Rate (SOFR) ,
Truth in Lending Act (TILA)
Federal Banking Agencies Publish Policy Road Map for Crypto-Asset Activities -
The federal banking agencies have issued a joint statement summarizing their interagency “policy sprints” focused on crypto-asset activities...more
11/30/2021
/ Banking Sector ,
Banks ,
Biden Administration ,
CARES Act ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Cryptoassets ,
Cybersecurity ,
FDIC ,
Forbearance Agreements ,
Investment Funds ,
Mortgage Servicers ,
Mortgages ,
Notice Requirements ,
OCC ,
Prudential Regulation Authority (PRA) ,
Regulation X ,
Stablecoins ,
Venture Capital ,
Volcker Rule ,
Working Groups
Division of Banks Warns of Risks from Representments Causing Multiple NSF Fees -
The Massachusetts Division of Banks has issued a supervisory alert letter to warn banks about certain legal risks and risks of regulatory...more
9/29/2021
/ Banking Sector ,
Community Banks ,
Community Reinvestment Act ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Dodd-Frank ,
ECOA ,
FDIC ,
Federal Reserve ,
Fees ,
FinTech ,
HMDA ,
Marijuana Related Businesses ,
NDAA ,
OCC ,
Office of Foreign Assets Control (OFAC) ,
Overdraft Fees ,
Proposed Rules ,
Ransomware ,
Regulation B ,
SBA ,
SDN List ,
Small Business
CFPB Amends Mortgage Rule to Protect Borrowers Affected by COVID-19 The CFPB issued a final rule to amend its Regulation X—which implements the Real Estate Settlement Procedures Act—to assist home mortgage loan borrowers...more
7/29/2021
/ AML/CFT ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
Community Reinvestment Act ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Coronavirus/COVID-19 ,
FHFA ,
FinCEN ,
Foreclosure ,
Interagency Guidance ,
Mortgage Lenders ,
Mortgage Servicers ,
New Guidance ,
OCC ,
Refinancing ,
Regulation X ,
RESPA ,
Rulemaking Process ,
Third-Party Risk
Court Rules that Debt Collector Violated FDCPA with Communication to Dunning Vendor -
A federal appellate court has recently ruled that a debt collector violated certain privacy requirements under the federal Fair Debt...more
6/1/2021
/ Appeals ,
Bank Holding Company ,
Bank Holding Company Act ,
Banking Sector ,
Biden Administration ,
Climate Change ,
Congressional Review Act ,
Cryptocurrency ,
Debt Collectors ,
Digital Assets ,
Executive Orders ,
FDCPA ,
FDIC ,
FinTech ,
Fintech Charter ,
OCC ,
Predatory Lending ,
Proposed Legislation ,
Public Comment ,
Qualified Mortgage Rule ,
Regulation Z ,
Risk Assessment ,
Special Purpose National Bank Charter ,
Third-Party Service Provider ,
Time Extensions ,
True Lender
Updated Annual Meeting Guidance for Mutual Banks and Mutual Holding Companies -
The Massachusetts Division of Banks has issued new guidance to mutual banks and mutual holding companies that have not yet held their 2020...more
1/28/2021
/ Annual Meeting ,
Bank Holding Company ,
BSA/AML ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Data Breach ,
FDIC ,
Final Rules ,
Guidance Update ,
Mortgage Escrow Account ,
Mortgages ,
Notice Requirements ,
OCC ,
Supervisory Guidance ,
Suspicious Activity Reports (SARs)
Federal Banking Agencies Issue New Guidance on Managing the LIBOR Transition -
The member agencies of the Federal Financial Institutions Examination Council (“FFIEC”) have issued joint guidance for banking organizations...more
11/24/2020
/ Appraisal ,
Bank Secrecy Act ,
Banking Sector ,
BSA/AML ,
Consumer Financial Protection Bureau (CFPB) ,
Customer Due Diligence (CDD) ,
Debt Collection ,
Dodd-Frank ,
FDCPA ,
Federal Reserve ,
Final Rules ,
FinCEN ,
Libor ,
National Bank Charters ,
NCUA ,
New Guidance ,
OCC ,
Regulation F ,
Regulation M ,
Regulation Z ,
Secured Overnight Funding Rate (SOFR) ,
Supervision ,
Truth in Lending Act (TILA)
The FDIC, OCC, and Massachusetts Division of Banks (DOB) each have recently issued updated guidance on accommodations for customers that banks should consider to address the financial needs of borrowers and depositors who...more
3/18/2020
/ Banking Sector ,
Capital Controls ,
Commercial Loans ,
Consumer Lenders ,
Coronavirus/COVID-19 ,
Crisis Management ,
Debt Restructuring ,
Depository Institutions ,
Emergency Response ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
Hardship Distributions ,
Hardship Extensions ,
Joint Policy Statements ,
Liquidity ,
OCC ,
Relief Measures
Federal Reserve Revises Framework for Determining Control of a Banking Organization
The Federal Reserve has adopted a final rule to simplify and clarify its regulations for determining control of a banking organization for...more
2/27/2020
/ Bank Holding Company Act ,
Banking Sector ,
CFTC ,
Comment Period ,
Community Reinvestment Act ,
Fannie Mae ,
FDCPA ,
FDIC ,
Federal Reserve ,
FFIEC ,
FHFA ,
Financial Institutions ,
Freddie Mac ,
Ginnie Mae ,
HMDA ,
Mortgage Lenders ,
Mortgages ,
NPRM ,
OCC ,
Securities and Exchange Commission (SEC) ,
Time-Barred Debt ,
Volcker Rule
The FDIC and OCC have issued new guidance for banks on heightened cybersecurity risks facing the financial services industry because of increased geopolitical tensions and threats of aggression. The guidance published on...more
1/30/2020
/ Auditors ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Cybersecurity ,
Data Breach ,
Dodd-Frank ,
FDIC ,
Federal Savings Associations ,
FFIEC ,
Financial Abuse ,
Financial Institutions ,
Insurance Industry ,
Legal Opinion ,
New Guidance ,
OCC ,
Payment Systems ,
Popular ,
Reporting Requirements ,
Risk Management ,
Third-Party Service Provider ,
Transaction Fees
FDIC and OCC Propose CRA Modernization Rule with Opt-Out for Small Banks
The FDIC and the OCC have jointly proposed amendments to modernize the agencies’ Community Reinvestment Act (“CRA”) regulations, which are intended...more
12/23/2019
/ Agricultural Sector ,
Bank Deposits ,
Bank Secrecy Act ,
Banks ,
Broker-Dealer ,
Brokered Deposits ,
Community Reinvestment Act ,
FDIC ,
FinCEN ,
FinTech ,
Hemp ,
Hemp Related Businesses ,
Marijuana ,
Marijuana Related Businesses ,
NCUA ,
Nonbank Firms ,
OCC ,
Opt-Outs ,
Pending Legislation ,
Proposed Amendments ,
Regulatory Standards ,
Small Banks ,
State Securities Regulators ,
Suspicious Activity Reports (SARs) ,
Underwriting ,
USDA
OCC and FDIC Propose Interest Rate Fix for Loans Transferred to Non-Banks -
The FDIC and OCC have separately proposed rules that would codify the “valid-when-made” doctrine and clarify that when a bank sells, assigns, or...more
11/26/2019
/ Appraisal ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
EGRRCPA ,
FDIC ,
Federal Reserve ,
Final Rules ,
HVCRE Loans ,
Interest Rates ,
IRS ,
Mortgages ,
OCC ,
Regulation Z ,
SAFE Act ,
Tax Cuts and Jobs Act ,
Truth in Lending Act (TILA) ,
Valid When Made Doctrine
Federal Banking Agencies Expand Eligibility to Use Streamlined Call Reports -
The federal banking agencies have adopted a final rule to reduce regulatory reporting requirements for certain banks with total assets of less...more
6/27/2019
/ Best Interest Standard ,
Broker-Dealer ,
Call Reports ,
Community Banks ,
Disclosure Requirements ,
EGRRCPA ,
FDIC ,
FFIEC ,
Final Rules ,
Financial Institutions ,
Liquidity Coverage Ratio ,
Mortgage Lenders ,
Mortgages ,
Municipal Bonds ,
Municipalities ,
New Guidance ,
OCC ,
Reporting Requirements ,
Securities and Exchange Commission (SEC)
OCC Adopts Final Rule to Allow Federal Thrifts to Exercise National Bank Powers
The OCC has issued a final rule that will allow federal savings associations with total consolidated assets of $20 billion or less as of...more
5/30/2019
/ Banking Sector ,
Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collectors ,
Electronic Communications ,
Federal Pilot Programs ,
Federal Savings Associations ,
Final Rules ,
Financial Institutions ,
FinTech ,
HMDA ,
OCC ,
Proposed Amendments ,
Regulation C ,
Reporting Requirements ,
Special Purpose National Bank Charter
Federal Banking Agencies Issue Joint Statement on the Role of Supervisory Guidance -
The federal banking agencies, along with the CFPB and the NCUA, have issued a joint statement clarifying the role of supervisory...more