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
Overview On March 6, 2024, in a 3-2 vote along party lines, the Securities and Exchange Commission (SEC) issued a controversial 886-page final climate-related disclosure rule (Final Rules) that will require companies to...more
3/29/2024
/ Climate Change ,
Corporate Governance ,
Disclosure Requirements ,
Emerging Growth Companies ,
Environmental Social & Governance (ESG) ,
Final Rules ,
Form 10-K ,
Greenhouse Gas Emissions ,
Publicly-Traded Companies ,
Regulation S-K ,
Regulation S-X ,
Reporting Requirements ,
Securities and Exchange Commission (SEC)
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 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
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 Reserve Considers Merits of Creating a U.S. Dollar Digital Currency
The Federal Reserve has published a discussion paper that examines the pros and cons associated with the creation of a U.S. central bank digital...more
1/28/2022
/ Banking Examinations ,
Banks ,
Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Deposit Insurance ,
Depository Institutions ,
Digital Currency ,
FDIC ,
Federal Reserve ,
Federal Savings Associations ,
Fees ,
FFIEC ,
Final Rules ,
Financial Institutions ,
FinCEN ,
Public Comment ,
Transaction Fees
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)
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)
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
FDIC Approves 3-Year Phase-In for Adverse Effects on Capital from CECL -
The FDIC has approved a final rule that will provide banks with the option to phase in over a three-year period the day-one adverse effects on...more
12/21/2018
/ Banking Examinations ,
Banking Sector ,
Banks ,
BSA/AML ,
Community Banks ,
EGRRCPA ,
FDIC ,
Federal Deposit Insurance Act ,
Final Rules ,
FinCEN ,
Volcker Rule
CFPB Arbitration Rule Will Prevent Firms From Blocking Class Action Lawsuits -
The CFPB has approved a new rule that will prohibit banks and other covered providers of certain consumer financial products and services from...more
7/31/2017
/ Administrative Appeals ,
Arbitration ,
Class Action ,
Class Action Arbitration Waivers ,
Congressional Review Act ,
Consumer Financial Contracts ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Fair Labor Standards Act (FLSA) ,
FDIC ,
Federal Reserve ,
Final Rules ,
Financial Services Industry ,
HMDA ,
Mortgage Lenders ,
Mortgages ,
Split of Authority ,
Underwriting ,
Wage and Hour
OCC to Consider Fintech Applications for Special Purpose National Bank Charters -
The OCC has announced that it will consider applications for special purpose national bank charters for financial technology...more
12/28/2016
/ Accounting Standards ,
Amended Rules ,
ATMs ,
Bank Fraud ,
Banking Examinations ,
Decriminalization of Marijuana ,
EFTs ,
Final Rules ,
Fintech Charter ,
Foreclosure ,
New Guidance ,
OCC ,
Special Purpose National Bank Charter