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Regulatory Compliance & Agency Engagement
- February 14, 2020On Thursday, October 3, 2019, the OCC issued a final rule implementing the stress testing requirements of section 165(i)(2) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, consistent with section 401 of the Economic Growth, Regulatory Relief, and Consumer Protection Act. The new rule is effective as of Nov. 24, 2019, and revises: the minimum threshold for national banks and...February 3, 2020Today, 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, 2020On 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, 2019Banks 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, 2019Dear 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, 2019On 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...December 3, 2019On 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...November 26, 2019CBA 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, 2019Today, 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...