Bank Notes
July 20, 2021On Tuesday, July 21, 2021, CBA President and CEO Richard Hunt issued the following statement after the Office of the Comptroller of the Currency (OCC) announced its decision to move forward with a repeal of the June 2020 Community Reinvestment Act (CRA) rule and continue working with the Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC) on a joint rulemaking process to...
June 17, 2021On Thursday, June 17, 2021, the FFIEC issued a press release announcing the availability of data on 2020 mortgage lending transactions at 4,475 U.S. financial institutions reported under the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies. The FFIEC released several data products to serve a variety of data users...
June 16, 2021On Wednesday, June 16, 2021, the CFPB issued an interpretive rule that explains the basis for its authority to examine supervised financial institutions for risks to active duty servicemembers and their dependents (i.e. military borrowers) from conduct that violates the Military Lending Act (MLA). “The Military Lending Act is an essential law protecting the finances of our military families and...
June 16, 2021On Wednesday, June 16, 2021, the FDIC announced a ‘tech sprint’ designed to explore new technologies and techniques that would help expand the capabilities of banks to meet the needs of unbanked individuals and households. The FDIC‘s tech lab, FDITECH , is launching a first-of-its-kind tech sprint by challenging participants to identify better resources and tools to help banks get unbanked...
October 29, 2020On Thursday, October 29, 2020, the five federal financial regulatory agencies issued a press release inviting comment on a proposal outlining and confirming the agencies’ use of supervisory guidance for regulated institutions. The proposal would codify the statement, as amended, that was issued in September 2018 by the agencies that clarified the differences between regulations and guidance...
October 29, 2020On Thursday, October 29, 2020, the Federal Reserve Board published detailed noncash payments data from the 2019 Federal Reserve Payments Study (FRPS). The additional data, estimated from surveys covering 2012 through 2018, supplement the noncash payments overview provided by the top-line data released in December 2019. The FRPS Detailed Data Release includes new information about core noncash...
October 29, 2020On Thursday, October 29, 2020, the Bureau issued a final rule amending its Disclosure of Records and Information Regulation. The rule seeks to balance concerns regarding the Bureau’s need to protect confidential personal, business, supervisory, and investigative information against the need to use and disclose certain information in the course of the Bureau’s work or the work of other agencies...
October 28, 2020On Wednesday, October 28, 2020, CBA President and CEO Richard Hunt issued the following statement after the Consumer Financial Protection Bureau issued its annual report on student lending: “The latest report from the CFPB ombudsman points out what everyone paying attention to the student lending marketplace already knows: Private lenders are working responsibility with their borrowers to set...
October 27, 2020On Tuesday, October 27, 2020, the OCC issued a press release regarding a rule that determines when a national bank or federal savings association (bank) makes a loan and is the “true lender,” including in the context of a partnership between a bank and a third party. Banks’ lending relationships with third parties can facilitate access to affordable credit. However, increasing legal uncertainty...
October 27, 2020On Tuesday, October 27, 2020, the Bureau settled with Washington Federal Bank, N.A., a federally insured national bank, to address the Bureau’s finding that it reported inaccurate Home Mortgage Disclosure Act (HMDA) data about its mortgage transactions for 2016 and 2017. Inaccurate HMDA data can make it difficult for the public and regulators to discover and stop discrimination in home mortgage...Pages
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