The CFPB this week released its Small Business Regulatory Enforcement Fairness Act report on its pending rulemaking to establish standards for sharing consumer financial data, setting the stage for the bureau to issue a proposed rule.
The FDIC conducted roughly 1,000 consumer compliance examinations last year and found supervised institutions demonstrated effective management of their consumer compliance responsibilities, the agency said.
The Consumer Financial Protection Bureau launched a technical support program to help financial institutions implement and comply with its newly released Section 1071 final rule.
The Consumer Financial Protection Bureau issued a policy statement that explains the legal prohibition on abusive conduct in consumer financial markets and summarizes precedent.
The Financial Crimes Enforcement Network issued an analysis on patterns and trends identified in Bank Secrecy Act data relating to business email compromise in the real estate sector in 2020 and 2021.
Acting Comptroller of the Currency Michael Hsu said not all overdraft fees present equal compliance risks and spotlighted “authorize positive, settle negative” and re-presentment fees as particularly risky.
The Consumer Financial Protection Bureau said state disclosure laws covering lending to businesses in California, New York, Utah, and Virginia are not preempted by the federal Truth in Lending Act.
The Financial Crimes Enforcement Network published its first set of guidance materials to help small businesses understand upcoming beneficial ownership information reporting requirements taking effect on Jan. 1, 2024.
ICBA continued its media push to differentiate community banks from larger institutions and to ensure any response to recent banking industry developments does not rope in community banks.
