ICBA published a summary of the Consumer Financial Protection Bureau’s recently released Section 1071 final rule ahead of tomorrow’s ICBA briefing on the rule.
ICBA wrote in support of a new FDIC proposal to update signage requirements across all banking channels to clearly distinguish insured deposits from noninsured deposits and combat misleading statements to customers regarding the safety of their deposits.
The CFPB this week released its Small Business Regulatory Enforcement Fairness Act report on its pending rulemaking to establish standards for sharing consumer financial data, setting the stage for the bureau to issue a proposed rule.
The FDIC conducted roughly 1,000 consumer compliance examinations last year and found supervised institutions demonstrated effective management of their consumer compliance responsibilities, the agency said.
The Consumer Financial Protection Bureau launched a technical support program to help financial institutions implement and comply with its newly released Section 1071 final rule.
The Consumer Financial Protection Bureau issued a policy statement that explains the legal prohibition on abusive conduct in consumer financial markets and summarizes precedent.
The Financial Crimes Enforcement Network issued an analysis on patterns and trends identified in Bank Secrecy Act data relating to business email compromise in the real estate sector in 2020 and 2021.
Acting Comptroller of the Currency Michael Hsu said not all overdraft fees present equal compliance risks and spotlighted “authorize positive, settle negative” and re-presentment fees as particularly risky.
The Consumer Financial Protection Bureau said state disclosure laws covering lending to businesses in California, New York, Utah, and Virginia are not preempted by the federal Truth in Lending Act.
