Regulatory Compliance & Agency Engagement

  • February 3, 2020
    Today, the FDIC Office of Inspector General published an Evaluation Report of the FDIC’s Cost Benefit Analysis Process for Rulemaking. As detailed in the report findings, the OIG concluded the FDIC’s cost benefit analysis process is not consistent with widely recognized best practices. Specifically, the OIG found: The FDIC had not established and documented a process to determine when and how to...
  • January 30, 2020
    On Thursday, January 30, 2020, five federal financial regulatory agencies issued a joint press release inviting the public to comment on a proposal to modify regulations implementing the Volcker rule's general prohibition on banking entities investing in or sponsoring hedge funds or private equity funds—known as "covered funds." The joint agency proposal would improve and streamline the covered...
  • January 6, 2020
    “I find it hard to believe we have people who are opposed to more transparency, more consistency,” said Richard Hunt, president of the Consumer Bankers Association, who said his member banks are still studying the proposal but are pleased with its overall direction.
  • December 18, 2019
    Banks and public advocacy groups agree that the Community Reinvestment Act needs to change. But is the latest proposal moving in the right direction?
  • December 6, 2019
    Dear Mr. Becerra: The Consumer Bankers Association (“CBA” or “the Association”) appreciates the opportunity to offer our views on the California Attorney General’s (“the Attorney General” or “the AG”) Notice of Proposed Rulemaking (the “Proposed Rule” or the “Draft Regulations”) concerning California’s regulatory approach to the California Consumer Privacy Act (the “Act” or “the CCPA”). CBA...
  • December 3, 2019
    On Tuesday, December 3, 2019, the Federal Reserve, CFPB, FDIC, NCUA and OCC issued a joint statement which highlights the benefits to consumers that flow from the use of alternative data in underwriting. The statement emphasizes financial institutions considering the use of alternative data in underwriting must have a robust and well-designed compliance program to ensure compliance with consumer...
  • December 3, 2019
    On Tuesday, December 3, 2019, the FDIC, Federal Reserve, OCC, and FinCEN issued a joint statement today providing guidance about the Bank Secrecy Act implications of providing banking services to customers engaged in hemp production. The statement clarifies that because hemp is no longer a Schedule I controlled substance under the Controlled Substances Act, banks are not required to file a...
  • November 26, 2019
    CBA Statement on FDIC Quarterly Banking Profile WASHINGTON, D.C. – Consumer Bankers Association President and CEO Richard Hunt issued the following statement on the Federal Deposit Insurance Corporation’s quarterly banking profile: “The nation’s banks are strong and consumers are best served within the well-regulated, well-capitalized, safe and sound banking industry. CBA will continue to work...
  • November 20, 2019
    Today, the FDIC Board of Directors unanimously approved the bank merger application submitted by BB&T to merge with SunTrust. Also today, the Federal Reserve Board issued an Order approving merger of the banks’ holding companies. The combined bank will be named Truist and will become the nation's sixth-largest retail lender, behind JPMorgan Chase, Bank of America, Citigroup, Wells Fargo and U...
  • November 19, 2019
    On Tuesday, November 19, 2019, the FDIC Board of Directors met in open session and voted to issue two notices of proposed rulemaking (NPR) and finalize three rules aimed at regulatory relief for large banks. Notices of Proposed Rulemaking (NPR) : Section 19 Statement of Polic y: The FDIC seeks public comment on all aspects of the FDIC’s Section 19 Statement of Policy, which provides guidance to...

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