On July 6, the Financial Crimes Enforcement Network (“FinCEN”), the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency (collectively, “the Agencies”) issued a Joint Statement to “remind” banks that they, of course, should apply a risk-based
NCUA
CFPB/federal banking agencies/state financial regulators announce end of flexible supervisory and enforcement approach to mortgage servicer compliance
In the latest demonstration that there’s a “new CFPB” as well as other new regulatory sheriffs in town, the CFPB, the federal banking agencies (OCC, FDIC, Federal Reserve Board, and NCUA), and state financial regulators issued a joint statement yesterday to announce that they will no longer provide “supervisory and enforcement flexibility” to mortgage servicers…
CFPB, federal and state bank and credit union regulators warn of increased supervisory scrutiny in joint statement on managing LIBOR transition
The CFPB, Federal Reserve Board, FDIC NCUA, OCC, in conjunction with the state bank and state credit union regulators, jointly issued a statement on managing the transition away from LIBOR (Joint Statement).
In 2017, the United Kingdom’s Financial Conduct Authority (FCA), the regulator that oversees the panel of banks on whose submissions LIBOR is based,…
Federal banking regulators to testify at House Financial Services Committee May 19 hearing
On May 19, 2021, the House Financial Services Committee will hold a hearing, “Oversight of Prudential Regulators: Ensuring the Safety, Soundness, Diversity, and Accountability of Depository Institutions.” The scheduled witnesses are:
- Todd Harper, Chairman, National Credit Union Administration
- Michael Hsu, Acting Comptroller of the Currency, Office of the Comptroller of the Currency
- Jelena McWilliams,
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Federal agencies propose revisions to interagency Q&As regarding flood insurance
Recently, federal agencies proposed revisions to the Interagency Questions and Answers Regarding Flood Insurance. The agencies are the Comptroller of the Currency, Farm Credit Administration, FDIC, Federal Reserve Board, and National Credit Union Administration (Agencies). The proposed Q&As will supplement the proposed Q&As issued by the Agencies in July 2020. Those proposed Q&As contained…
CFPB and federal banking agencies issue RFI on the use of artificial intelligence by financial institutions
In what could be an important step towards needed regulatory updating to accommodate the growing use of artificial intelligence (AI) by financial institutions, the CFPB, FDIC, OCC, Federal Reserve Board, and NCUA issued a request for information (RFI) regarding financial institutions’ use of AI, including machine learning (ML). Comments on the RFI must be received…
CFPB and federal banking agencies issue final rules on role of supervisory guidance
The CFPB, OCC, FDIC and NCUA have issued substantially similar final rules on the role of supervisory guidance. The final rules adopt the agencies’ proposals without substantive change.
In September 2018, the agencies issued an “Interagency Statement Clarifying the Role of Supervisory Guidance.” In response to the Statement, the agencies received a petition…
Federal banking regulators to appear before House and Senate committees this week
On November 10, the Senate Banking Committee will hold a hearing, “Oversight of Financial Regulators.”
On November 12, the House Financial Services Committee will hold a hearing, “Oversight of Prudential Regulators: Ensuring the Safety, Soundness, Diversity, and Accountability of Depository Institutions during the Pandemic.”
The scheduled witnesses at both hearings are:…
CFPB and federal banking agencies issue proposed rule on role of supervisory guidance
The CFPB, OCC, Federal Reserve, FDIC, and NCUA have issued a proposed rule on the role of supervisory guidance.
In September 2018, the agencies issued an “Interagency Statement Clarifying the Role of Supervisory Guidance.” In response to the Statement, the agencies received a petition requesting a formal rulemaking on the subject. The proposed…
Federal banking agencies issue joint statement on enforcement of BSA/AML requirements; FinCEN follows with its own statement
Regulators Provide Greater Transparency into BSA/AML Enforcement Process. On August 13, 2020, the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration, and Office of the Comptroller of the Currency (the “Agency” or collectively the “Agencies”) issued a joint statement updating and clarifying their 2007 guidance regarding how they evaluate enforcement actions…