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)
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)
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
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
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
The Federal Reserve has adopted a final rule that provides benchmark replacement rates based on SOFR (Secured Overnight Financing Rate) for contracts governed by U.S. law that reference the overnight and one-, three-, six-,...more
1/3/2023
/ Banking Sector ,
Benchmarks ,
BSA/AML ,
Compliance ,
Cryptocurrency ,
Deposit Insurance ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
Interest Rates ,
Investment Funds ,
Libor ,
Secured Overnight Funding Rate (SOFR)
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 -
..New FDIC Guidance Highlights Risks from Multiple NSF Fees for Re-presented Items
..Fed Provides Advice to Banks Engaging in Crypto-Asset-Related Activities
..Federal Banking Agencies Propose Policy...more
8/31/2022
/ Banking Sector ,
Banks ,
Commercial Loans ,
Credit Cards ,
Cryptoassets ,
Data Security ,
FDIC ,
Financial Institutions ,
Loan Servicer ,
Overdraft Fees ,
UDAAP
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
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)
Federal and State Financial Regulators Publish New Guidance on LIBOR Transition -
The federal banking agencies, the NCUA and the CFPB, in conjunction with the state bank and state credit union regulators, have issued joint...more
10/28/2021
/ Banking Sector ,
Biden Administration ,
CFTC ,
Commodities ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Cryptocurrency ,
Debt Collection ,
Dividends ,
Electronic Communications ,
Enforcement Actions ,
Executive Orders ,
FDCPA ,
Federal Contractors ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Libor ,
Ransomware ,
Regulation F ,
Stablecoins ,
Suspicious Activity Reports (SARs) ,
Vaccinations
The Corporate Transparency Act (“CTA”) was enacted as part of the Anti-Money Laundering Act of 2020. The purpose of the CTA is to deter anonymous owners of corporations, limited liability companies, and other entities from...more
6/24/2021
/ Anti-Money Laundering ,
Banking Sector ,
Beneficial Owner ,
Corporate Transparency Act ,
Customer Due Diligence (CDD) ,
Federal Acquisition Regulations (FAR) ,
Federal Contractors ,
Federal Procurement Systems ,
Financial Institutions ,
FinCEN ,
National Security ,
NDAA ,
NPRM ,
Reporting Requirements ,
Tax Fraud ,
U.S. Treasury
Federal Reserve Issues New Guidance on Managing the LIBOR Transition -
The Federal Reserve has issued guidance on how examiners will assess a banking organization’s progress in preparing to transition to a replacement rate...more
3/30/2021
/ Abusive Acts ,
Banking Sector ,
Community Reinvestment Act ,
Consumer Financial Protection Bureau (CFPB) ,
Discriminatory Lending Practices ,
Dodd-Frank ,
ECOA ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
Flood Insurance ,
Libor ,
New Guidance ,
NPRM ,
Paycheck Protection Program (PPP) ,
Qualified Mortgage Rule ,
Regulation Z ,
Relief Measures ,
Rescission ,
SBA ,
Student Loans
HUD, VA, and USDA Coordinate Extensions of COVID-19 Relief for Homeowners -
The U.S. Department of Housing and Urban Development (HUD), the U.S. Department of Veterans Affairs (VA), and the U.S. Department of Agriculture...more
2/25/2021
/ Bank Secrecy Act ,
Banking Sector ,
Benchmarks ,
Call Reports ,
CARES Act ,
Coronavirus/COVID-19 ,
Current Expected Credit Losses (CECL) ,
Deposit Insurance ,
Disparate Impact ,
Fair Housing Act (FHA) ,
FDIC ,
FFIEC ,
Financial Institutions ,
FinCEN ,
Guidance Update ,
HUD ,
Libor ,
Mortgage Lenders ,
Mortgages ,
Paycheck Protection Program (PPP) ,
Public Health Emergency ,
Time Extensions ,
USDA ,
Veterans Administration
FDIC Modernizes Brokered Deposit Rule and Amends Interest Rate Restrictions -
The FDIC has adopted a final rule that establishes new standards for determining whether deposits made through certain kinds of arrangements...more
12/23/2020
/ Bank Secrecy Act ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Customer Due Diligence (CDD) ,
FDIC ,
Financial Institutions ,
FinCEN ,
FinTech ,
Interest Rates ,
Libor ,
Suspicious Activity Reports (SARs)
Federal Court in New York Dismisses Claims Against PPP Lenders for Agent Fees -
A federal court in New York has dismissed claims made in six class action lawsuits against several banks and other Small Business...more
10/1/2020
/ Banking Sector ,
CARES Act ,
Coronavirus/COVID-19 ,
Cryptocurrency ,
Dismissals ,
Disparate Impact ,
FDIC ,
Fees ,
Financial Institutions ,
Financial Regulatory Agencies ,
Financial Services Industry ,
HUD ,
Main Street Lending Programs ,
Paycheck Protection Program (PPP) ,
Transaction Fees