The Federal Financial Institutions Examination Council (FFIEC)—the interagency body tasked with setting uniform principles and standards for the examination of financial institutions by federal regulators, including the Consumer Financial Protection Bureau—has adopted a Policy Statement designed to streamline the information presented in examination reports (“ROE”). While the agencies represented by the FFIEC will make any individual adjustments deemed necessary for their existing ROE guidance, financial institutions should be aware of the new format outlined in the Policy Statement which sets forth minimum expectations for what should be included in all ROEs.… Continue Reading
policy statement
Federal banking agencies issue policy statement on interagency notification of enforcement actions
The federal banking agencies (the Federal Reserve Board, OCC, and FDIC (FBAs)), recently issued a “Policy Statement on Interagency Notification of Formal Enforcement Actions” that is intended “to promote notification of, and coordination on, formal enforcement actions among the FBAs at the earliest practicable date.” The issuance of the policy statement follows the DOJ’s announcement last month of a new policy to encourage coordination among the DOJ and other enforcement agencies when imposing multiple penalties for the same conduct to discourage “piling on.”… Continue Reading
What’s the CFPB planning to do with credit card complaint data?
Since the day it officially opened its doors for business (July 21), the CFPB has been taking credit card complaints on its website and via calls to a toll-free number. Now it has issued a proposed policy statement to address its plans for publicly disclosing credit card complaint data through a database and in published periodic reports.… Continue Reading