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
What happened to SVB? On Friday, March 10, 2023, before 9:00 a.m., Pacific Time, SVB’s chartering authority, the California Department of Financial Protection and Innovation (DFPI), announced that the DFPI had taken control...more
Federal Guidance Warns of Liquidity Risks Arising from Crypto-Asset-Related Deposits -
The federal banking agencies have issued joint guidance to banking organizations highlighting potentially heightened liquidity risks...more
2/28/2023
/ Banking Sector ,
Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Cryptoassets ,
FDIC ,
Financial Regulatory Agencies ,
HMDA ,
Liquidity ,
Mergers ,
Mortgages ,
Proposed Rules ,
Regulation Z ,
RESPA ,
Safe Harbors ,
Truth in Lending Act (TILA)
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:
CFPB Reminds Credit Bureaus and Furnishers of Their Obligations to Investigate Disputes
The CFPB has issued guidance on the obligations of both credit bureaus and furnishers of consumer credit information,...more
11/30/2022
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Reporting Agencies ,
Credit Reports ,
Cryptoassets ,
Depository Institutions ,
Fair Credit Reporting Act (FCRA) ,
Federal Reserve ,
Fees ,
Fraud ,
Information Reports ,
Loan Modifications ,
Loan Servicer ,
Loan Servicing ,
Payment Processors ,
Public Comment ,
Scams
New CFPB Guidance Identifies Fee Practices That Constitute UDAAP Violations The CFPB has issued new guidance about what it pejoratively characterizes as “junk fee” practices by banks that the agency believes are likely to...more
10/31/2022
/ Banking Sector ,
Clawbacks ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptoassets ,
Cybersecurity ,
Deposit Insurance ,
FDIC ,
FFIEC ,
Personal Data ,
Ransomware ,
Securities and Exchange Commission (SEC) ,
UDAAP
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
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
FDIC Directs Banks to Provide Notice Before Engaging in Crypto-related Activities According to guidance recently issued by the FDIC, banks that it supervises and that intend to engage in, or are already engaged in, activities...more
4/29/2022
/ Banking Sector ,
Climate Change ,
Cryptocurrency ,
Cyber Attacks ,
Cybersecurity Information Sharing Act (CISA) ,
Enforcement Actions ,
Fannie Mae ,
FDIC ,
FHFA ,
FinTech ,
Foreclosure ,
Freddie Mac ,
FTC Act ,
Moratorium ,
Mortgage Servicers ,
Public Comment ,
Risk Management ,
Russia ,
Section 5 ,
Transaction Fees
CFPB Announces Intention to Expand Enforcement Against Unfair Discrimination -
The CFPB has published an updated examination manual for evaluating unfair, deceptive, and abusive acts and practices (“UDAAPs”), which explains...more
3/31/2022
/ Bank Holding Company Act ,
Bank Merger Act ,
Bank Secrecy Act ,
Banking Sector ,
Banks ,
Climate Change ,
Consumer Financial Protection Bureau (CFPB) ,
Cyber Incident Reporting ,
Disclosure Requirements ,
Dodd-Frank ,
Enforcement Priorities ,
FDIC ,
Public Comment ,
Publicly-Traded Companies ,
Securities and Exchange Commission (SEC) ,
Suspicious Activity Reports (SARs) ,
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 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
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
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
Supreme Court Strikes Down Extension of CDC Moratorium on Evictions -
The U.S. Supreme Court has issued a ruling that blocks the extension of the moratorium on evictions ordered by the Centers for Disease Control and...more
8/30/2021
/ Alabama Association of Realtors v Department of Health and Human Services ,
Banking Regulators ,
Banking Sector ,
Coronavirus/COVID-19 ,
Cybersecurity ,
Due Diligence ,
Eviction ,
FDIC ,
Federal Reserve ,
FFIEC ,
FinTech ,
Libor ,
Moratorium ,
Regulatory Authority ,
Residential Leases ,
SBA ,
SBA Lending Programs ,
SCOTUS
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
Fed Issues Proposed Rule for New Instant Electronic Payment Service -
FedNow The Federal Reserve has issued a proposed rule that would govern funds transfers over the Federal Reserve’s new 24x7x365 service that will...more
6/28/2021
/ Americans with Disabilities Act (ADA) ,
Banking Sector ,
Civil Rights Act ,
Community Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Depository Institutions ,
Electronic Fund Transfer Act ,
Equal Employment Opportunity Commission (EEOC) ,
FDIC ,
Federal Reserve ,
FIRREA ,
Fraud ,
Guidance Update ,
Interest Rates ,
Leverage Ratio ,
Minority-Owned Businesses ,
Mortgage Lenders ,
Policy Statement ,
Remote Notarization ,
Title VII ,
Uniform Commercial Code (UCC) ,
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