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Regulatory Compliance & Agency Engagement
- November 29, 2018CBA Submits BSA/AML Improvement Recommendations WASHINGTON – The Consumer Bankers Association today provided recommendations on improving Bank Secrecy Act and related anti-money laundering laws and regulations to the Senate Banking Committee in advance of a hearing on combatting money laundering and other forms of illicit finance. The letter was sent to Committee Chairman Mike Crapo (R-Idaho) and...
- November 13, 2018On Tuesday, October 30, 2018, the three federal banking agencies (Federal Reserve Board, FDIC, and the OCC) jointly issued a press release inviting the public to comment on a proposal to update their standards for how firms measure counterparty credit risk posed by derivative contracts under the agencies’ regulatory capital rules. The proposed changes are designed to better reflect the current...November 9, 2018Cajun Thoughts: I absolutely love and respect America’s democratic process. The fact any citizen, regardless of background, has the right to elect our leaders gives me chills each and every time. I am especially fortunate to be surrounded by a diverse CBA Team of different political ideologies and willing to share their views with me in an open and candid dialogue (as long as they are pro-banking...November 8, 2018On Thursday, November 8, 2018, the OCC renewed the charter of its Mutual Savings Association Advisory Committee . The MSAAC provides advice to the Comptroller of the Currency about mutual savings associations and assesses their current condition, regulatory changes that may promote their health and viability, and other issues affecting these institutions. The committee includes officers and...November 7, 2018On Wednesday, November 7, 2018, the FED, FDIC, and OCC jointly released a proposal aimed to reduce the regulatory reporting burdens on small institutions by expanding the number of regulated institutions eligible for streamlined reporting, under Section 205 of the Economic Growth, Regulatory Relief, and Consumer Protection Act. The proposal would permit insured depository institutions with total...November 2, 2018The proposal earned praise from outgoing House Financial Services Chairman Jeb Hensarling (R-Tex.), who said in a statement he wishes it went further but it nevertheless provides “much needed clarity.” And Consumer Bankers Association President Richard Hunt called it a “a positive step toward making regulations more aligned with the risks posed by activities instead of basing everything on an...October 31, 2018On Wednesday, October 31, 2018, the Federal Reserve Board invited the public to comment on two proposals creating a tiered structure for holding companies with over $100 billion of assets. At a meeting, the Fed voted 3-1 to issue separate proposals to restructure several key aspects of its post-crisis regulatory framework, thereby reducing capital, liquidity and procedural requirements for many...October 31, 2018CBA Statement on Fed Regulatory Proposals WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt issued the following statement after the Federal Reserve Board proposed creating a tiered regulatory structure for bank holding companies, consistent with S. 2155: “The Fed took a positive step toward making regulations more aligned with the risks posed by activities instead of...October 10, 2018On Wednesday, October 10, 2018, the OCC, the Board of Governors of the Federal Reserve, the FDIC, the Farm Credit Administration, and the Federal Housing Finance Agency (collectively, the agencies) issued a bulletin regarding a final rule in the Federal Register to amend their regulations regarding the minimum margin and capital requirements for registered swap dealers, major swap participants,...October 10, 2018On Wednesday, October 10, 2018, the OCC, the Board of Governors of the Federal Reserve, the FDIC, the National Credit Union Administration, and the state regulators issued a press release to recognize the serious impact of Hurricane Michael on the customers, members, and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject...