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Response from community groups to OCC/FDIC joint CRA proposal

CFPB Monitor

The regulators themselves can’t even find their way to agreement. The Notice of Proposed Rulemaking was issued only by the OCC and the FDIC. If the OCC and FDIC move forward without agreement from the Federal Reserve, different banks could be faced with wildly different CRA regimes.

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Trade groups file lawsuit in Texas federal court challenging final OCC/FDIC/Federal Reserve Community Reinvestment Act rules

CFPB Monitor

Several national and Texas banking and business trade groups have filed a lawsuit in the U.S.

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PLI to offer free one-hour June 30 briefing: Consumer Protection: What’s Happening at the FDIC, with Leonard Chanin and leaders of Ballard Spahr’s CFS Group

CFPB Monitor

As the federal regulator with supervisory authority over (non-Federal Reserve member) state banks and savings associations, the FDIC continues to play an important role in the consumer protection arena. ET, PLI will offer a one-hour briefing, “Consumer Protection: What’s Happening at the FDIC.” Guidance on small-dollar lending.

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Amid AML Efforts, Regulators Focus On FinTech

PYMNTS

And as reported by sites such as American Banker and National Law Review , a bipartisan group of senators is working on a bill that may reform the Bank Secrecy Act, which in turn may raise the threshold for reporting currency transaction reports to $30,000, from the current levels of $10,000. This would be the first boost in 25 years.

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OCC and FDIC extend comment period for proposed amendments to CRA rules

CFPB Monitor

The OCC and FDIC announced yesterday that they have extended the 60-day comment period for their joint proposal to revise their regulations implementing the Community Reinvestment Act that was published in the Federal Register on January 8, 2020. As extended by 30 days, the comment period ends on April 8, 2020.

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FDIC issues final rule on ILC deposit insurance applications

CFPB Monitor

The FDIC has issued a final rule setting forth the conditions it will impose and the commitments it will require to approve a deposit insurance application from an industrial bank or industrial loan company (collectively, ILC) whose parent company is not subject to consolidated supervision by the Federal Reserve Board (FRB).

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Financial Institution Regulators Address Financial Inclusion, Expansion of Access to Credit, and Further Consumer Protection from Discrimination

CFPB Monitor

federal and state financial institution regulators have taken meaningful, proactive steps to acknowledge financial inequality issues, reach out to traditionally underserved populations to expand access to credit, and further protect consumers from discrimination. This blog post contains a summary of those efforts.