Regulatory Compliance & Agency Engagement
December 1, 2020CBA Statement on FDIC Quarterly Banking Profile WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt issued the following statement on the Federal Deposit Insurance Corporation’s quarterly banking profile: “The FDIC’s third quarter report revealed strong capital levels and historically low problem bank numbers, a testament to the industry’s efforts to build a solid, resilient...
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 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 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 20, 2020On Tuesday, October 20, 2020, the OCC, Federal Reserve Board, FDIC, NCUA, and CFPB (collectively, the agencies) issued a press release inviting comment on a proposed rule that would codify the Interagency Statement Clarifying the Role of Supervisory Guidance issued by the agencies on September 11, 2018; the so-called “guidance on guidance” document. The proposed rule codifies the 2018 Statement...
October 19, 2020CBA Statement on FDIC Unbanked Survey Results WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt issued the following statement after the Federal Deposit Insurance Corporation (FDIC) released results of a survey revealing a record number of American households with bank accounts in 2019: “The nation’s banks are well-capitalized, well-positioned and committed to ensuring...
October 14, 2020Consumer Financial Protection Bureau Settles With Nissan Motor Acceptance Corporation For Illegal Collections And Repossession Practices On Tuesday, October 13, 2020, the Bureau issued a press release regarding a consent order against Nissan Motor Acceptance Corporation (Nissan), an auto financing subsidiary of Nissan North America, Inc., which services auto loans and leases originated by Nissan...
October 14, 2020Federal Reserve requests public comment on technical, clarifying updates regarding the Federal Open Market Committee’s Rules Regarding Availability of Information, which describe its Freedom of Information Act (FOIA) procedures On Wednesday, October 14, 2020, the Federal Reserve issued a press release requesting public comment on technical, clarifying updates regarding the Federal Open Market...
October 14, 2020OCC Assesses $85 Million Civil Money Penalty Against USAA On Wednesday, October 14, 2020, the OCC issued a press release about the assessed $85 million civil money penalty against USAA, Federal Savings Bank. The OCC took this action based on the bank’s failure to implement and maintain an effective compliance risk management program and an effective information technology risk governance program...Pages
CBA Comment Letter re FDIC SARC Appeals