Top Community Banking Brief Compliance Regulation Content for Week of Mar 02

Banks and fintechs need to share data to combat first-party fraud

American Banker

MARCH 5, 2024

False transaction disputes and other individual-level financial fraud cost the industry billions. It's time to join forces and even the odds.

Fraud

Fraud Data Fintech Industry

PNC CEO: 'Regulation is uneven' between OCC, other agencies

American Banker

MARCH 5, 2024

Bill Demchak, in a panel hosted by Brookings on Tuesday, said that last year's bank failures wouldn't have happened if the Office of the Comptroller of the Currency had been the supervisor.

Regulation

Regulation Groups Industry Compliance

U.S. Chamber says it will sue the CFPB over credit card late fee rule

American Banker

MARCH 5, 2024

Banks and trade groups denounced the Consumer Financial Protection Bureau's final rule to cut credit card late fees to $8, saying they will do everything possible to kill the rule.

Cards

Cards Groups Compliance Lending

Webinars

Elevating Accounting Practices: The Power of Outsourcing and Automation in the Digital Age

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How junk fees have changed since Biden's last State of the Union

American Banker

MARCH 6, 2024

In 2023, the Biden administration pledged to reduce "junk fees." " Ahead of this year's State of the Union, we revisit what progress has been made.

Policies

Policies Compliance Regulation

Puerto Rican bank seeks $150 million in damages in Fed lawsuit

American Banker

MARCH 4, 2024

Banco San Juan Internacional is suing the Federal Reserve Bank of New York and the Board of Governors in Washington claiming they wrongfully terminated its access to the federal payments system.

Washington

Washington New York System Payments

FDIC reports bumpy 4Q for banks, warns of credit risks ahead

American Banker

MARCH 7, 2024

Net income at the nation's more than 4,000 banks dipped markedly in the final quarter of 2023, though for the full year it exceeded pre-pandemic averages. Deterioration in commercial real estate and credit card lending is a concern, FDIC Chairman Martin Gruenberg says.

FDIC

FDIC Report Lending National

'The Fed has to keep up': McHenry blasts dated discount window tech

American Banker

MARCH 5, 2024

The chair of the House Financial Services Committee called the last resort lending facility "a generation behind" broader capital markets. He said modernization should be part of the Federal Reserve's response to last year's bank failures.

Lending

Lending Capital Marketing Policies

Fed finalizes risk management rule for 'financial market utilities'

American Banker

MARCH 8, 2024

The rule updates requirements for how systemically important clearing networks prepare for and respond to operational risks.

Risk Management

Risk Management Management Marketing System

Biden nods to 'junk fee' rule, housing in State of the Union

American Banker

MARCH 7, 2024

In his State of the Union address, President Joe Biden touted the Consumer Financial Protection Bureau's credit card late fee rule, which has sparked litigation from banking groups, and a raft of housing policy initiatives.

Policies

Policies Groups Cards Compliance

Biden will highlight fight against 'junk fees' in State of the Union

American Banker

MARCH 6, 2024

President Joe Biden is expected to lean in on banking issues such as credit card late fees and overdraft fees Thursday evening in his annual address to Congress. However, he likely will avoid the topic of financial-sector stability, even amid a private-sector rescue of New York Community Bancorp.

New York

New York Community Cards Policies

Weakened SEC climate-risk filing rule still likely to face litigation

American Banker

MARCH 6, 2024

The Securities and Exchange Commission finalized a pared-down version of rules governing climate-risk disclosure by public companies first proposed in March 2022. Experts say even the weakened rule will likely face challenges in Congress and the courtroom.

Security

Security Company Compliance Regulation

Whatever happened to deposit insurance reform?

American Banker

MARCH 5, 2024

The failures of several midsize banks last year demonstrated shortcomings in the deposit insurance framework and lit a fire among policymakers to take it on. But for some reason that fire went out.

Policies

Policies Compliance Regulation

Powell: Basel III is not the Fed's answer to Silicon Valley Bank

American Banker

MARCH 7, 2024

During a contentious exchange on his second day of congressional testimony this week, the Federal Reserve chair drew a line between the central bank's response to last year's bank failures and its current capital proposal.

Capital

Capital Policies Compliance Regulation

Powell: 'Broad and material changes' coming to Basel III proposal

American Banker

MARCH 6, 2024

In congressional testimony, the Federal Reserve chair said the Board of Governors is processing the comments on its capital reform proposal. Putting forth an entirely new proposal is "very plausible."

Capital

Capital Policies Compliance Regulation

One year after SVB's collapse, it's time to reform banker pay

American Banker

MARCH 8, 2024

Bipartisan legislation is ready for consideration in the Senate, but even if that fails, regulators have the tools they need to rein in excessive risk taking.

Regulation

Regulation Tools Risk Management Policies

Regulators reaffirm commitment to embattled CRA reforms in personal terms

American Banker

MARCH 5, 2024

Top banking regulators reaffirmed their commitment to bolstering the Community Reinvestment Act despite a court challenge, emphasizing their personal dedication to seeing the rule implemented.

Regulation

Regulation Community Compliance

U.S. Bancorp sheds consent order inherited from Union Bank

American Banker

MARCH 7, 2024

The enforcement action involved problems with the Japanese-owned Union Bank's information security and operational risk controls.

Security

Security Operations Compliance Technology

Decoding the CFPB's puzzling position on earned wage access programs

American Banker

MARCH 4, 2024

The Consumer Financial Protection Bureau says it is in favor of consumer choice, but its shifting position on earned wage access calls that commitment into question.

Compliance

Compliance Regulation

CFPB $8 credit card late fee rule comes amid White House fee crackdown

American Banker

MARCH 5, 2024

The Consumer Financial Protection Bureau will release a final rule Tuesday that is expected to save consumers $10 billion a year in credit card late fees. The rule is part of a larger effort by the White House to crack down on illegal fees and price hikes that President Biden will address in the State of the Union.

Cards

Cards Policies Compliance Regulation

Biden's regulatory agenda threatens the health of American banks

American Banker

MARCH 6, 2024

A blizzard of new rules and regulations strikes at the fundamental strengths of the U.S. banking system, and will have negative impacts on both American consumers and businesses.

Regulation

Regulation System Policies Compliance

House Republicans call on bank regulators to withdraw Basel proposal

American Banker

MARCH 6, 2024

The letter, which was sent to bank regulators, represents a further escalation of lawmaker criticism of the Basel III endgame proposal, and comes just as Federal Reserve Chairman Jerome Powell is set to testify in the House Financial Services Committee.

Regulation

Regulation Policies Compliance

Community Banking Brief

Sat.Mar 02, 2024 - Fri.Mar 08, 2024

Banks and fintechs need to share data to combat first-party fraud

PNC CEO: 'Regulation is uneven' between OCC, other agencies

Webinars

Trending Sources

U.S. Chamber says it will sue the CFPB over credit card late fee rule

Webinars

How junk fees have changed since Biden's last State of the Union

Puerto Rican bank seeks $150 million in damages in Fed lawsuit

FDIC reports bumpy 4Q for banks, warns of credit risks ahead

'The Fed has to keep up': McHenry blasts dated discount window tech

Fed finalizes risk management rule for 'financial market utilities'

Biden nods to 'junk fee' rule, housing in State of the Union

Biden will highlight fight against 'junk fees' in State of the Union

Weakened SEC climate-risk filing rule still likely to face litigation

Whatever happened to deposit insurance reform?

Powell: Basel III is not the Fed's answer to Silicon Valley Bank

Powell: 'Broad and material changes' coming to Basel III proposal

One year after SVB's collapse, it's time to reform banker pay

Regulators reaffirm commitment to embattled CRA reforms in personal terms

U.S. Bancorp sheds consent order inherited from Union Bank

Decoding the CFPB's puzzling position on earned wage access programs

CFPB $8 credit card late fee rule comes amid White House fee crackdown

Biden's regulatory agenda threatens the health of American banks

House Republicans call on bank regulators to withdraw Basel proposal

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