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Regulatory Compliance & Agency Engagement
- 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...November 19, 2019On 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...November 15, 2019OCC Unified Agenda: The OCC Fall 2019 Unified Agenda comes with few surprises. CRA reform is the priority issue for CBA and, as expected, the agency will be moving forward with a proposed rule by mid-December. Also of note, Incentive-Based Compensation Arrangements is on the OCC’s list. It appears the agenda is for the agencies to issue a final rule pursuant to these requirements by year-end...October 10, 2019CBA Statement on Fed Regulatory Right-Sizing Vote “Regulations should be tailored for the strength of our banking industry and adjust as necessary to balance oversight with ensuring banks can continue meeting consumer needs, fostering economic growth and ensuring financial stability.” WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt released the following statement after...October 8, 2019On Tuesday, October 8, 2019, the five federal financial regulatory agencies issued a joint release announcing that they finalized revisions to simplify compliance requirements relating to the “Volcker rule.” By statute, the Volcker rule generally prohibits banking entities from engaging in proprietary trading or investing in or sponsoring hedge funds or private equity funds. The changes were...October 2, 2019On Wednesday, October 2, 2019, the federal bank regulatory agencies finalized updates to rules restricting the ability of a director or other management official to serve at more than one depository institution or depository holding company. The updates provide relief for community banks that have $10 billion or less in total assets and are unchanged from the proposal announced in December 2018...October 1, 2019On Tuesday, October 1, 2019, the OCC released its bank supervision operating plan for fiscal year (FY) 2020. The plan provides the foundation for policy initiatives and for supervisory strategies as applied to individual national banks, federal savings associations, federal branches, federal agencies, and technology service providers. OCC staff members use this plan to guide their supervisory...September 23, 2019On Monday, September 23, 2019, the FDIC's Office of the Ombudsman published its 2018 Annual Report outlining the office’s structure, outreach activities, and goals. "Engaging with our stakeholders helps the FDIC maintain strong working relationships and assists in identifying potentially recurring questions or issues that may warrant policy or process changes at the FDIC," said FDIC Ombudsman M...