CFPB Director Rohit Chopra recently gave opening remarks at the joint meeting of the Community Bank and Credit Union Advisory Councils. In them, he expressed a desire to re-direct the CFPB’s attention to the needs of financial institutions used by local businesses and to make relationship banking a key priority for the CFPB.… Continue Reading
financial institutions
FFIEC Issues Joint Statement on Additional Loan Accommodations Related to COVID-19
By Lori J. Sommerfield on
On August 3, 2020, the Federal Financial Institutions Examination Council (“FFIEC”) issued a joint statement to provide prudent risk management and consumer protection principles for financial institutions to consider when working with borrowers as consumer and business loans near the end of initial loan accommodation periods during the coronavirus pandemic. The guidance notes that the principles outlined in the joint statement apply to both commercial and retail loan accommodations and are consistent with the Interagency Guidelines Establishing Standards for Safety and Soundness.… Continue Reading
CFPB building its Office of Financial Institutions
By Barbara S. Mishkin on
Posted in CFPB General, Regulatory and Enforcement
The CFPB is searching for an Assistant Director to head its Office of Financial Institutions. The Office is part of the CFPB’s Division of External Affairs. Based on the job description posted by the CFPB on its website, it appears that the Office’s role will be to develop and implement the CFPB’s outreach efforts to bank and nonbank trade associations and significant, individual financial institutions. … Continue Reading