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Posted Date: Friday, April 19, 2024
The Consumer Financial Protection Bureau (CFPB) has been no stranger to criticism since its inception. Lawmakers and industry insiders have noted the agency’s often unorthodox and, some would argue, unlawful approach to rulemaking, supervision and enforcement, as well as questions about the constitutionality of the bureau’s structure and financial reporting practices.
Persistent concerns over the CFPB’s transparency and accountability expressed by congressional Republicans recently spurred the House Financial Services Committee (FSC) to hold a hearing entitled, “Agency Audit: Reviewing CFPB Financial Reporting & Transparency.” Read on »
Posted Date: Friday, April 19, 2024
A judge in the U.S. District Court of the District of Minnesota ruled on the Federal Deposit Insurance Co.’s (FDIC) motion to dismiss a complaint brought by the Minnesota Bankers Association and Lake Central Bank, a Minnesota-chartered commercial bank, claiming one of the agency’s financial institutions letters (FIL) amounted to a legislative rule promulgated improperly under the Administrative Procedures Act.
The FIL in question shared the FDIC’s guidance on when a bank charging multiple nonsufficient funds fees may run afoul of federal banking regulations. Read on »
Posted Date: Friday, April 19, 2024
The Consumer Financial Protection Bureau’s final rule restricting credit card late fees faces a resolution of disapproval which has substantial industry support. The House Financial Services Committee voted 28-22 along party lines to advance the measure to the full House for consideration.
See what various financial trade associations have to say about the resolution, as well as other recent regulatory and legislative developments. Read on »
Posted Date: Friday, April 19, 2024
Financial industry advocates are calling for federal policies to address the “skyrocketing” numbers of “pig butchering” scams. The Treasury Department’s Financial Crimes Enforcement Network and the Department of Justice have issued warnings to financial institutions and the broader public about the dangers of these types of crimes, which are often perpetrated through online channels using virtual currencies. Read on »
Posted Date: Friday, April 19, 2024
Community banks are urging Congress to consider specific revisions to the Farm Credit Adjustment Act, which is intended to aid rural credit institutions in providing critical financial support to farmers and producers throughout the country. The financial industry generally supports many of the bill’s provisions but has concerns regarding aspects applying to non-farm financing authorities within the Farm Credit System. Read on »
Posted Date: Tuesday, April 16, 2024
Provident Financial Services, Inc., received regulatory approval to acquire all assets of Lakeland Bancorp, Inc., in a merger between the two New Jersey-based bank holding companies and their subsidiaries. Federal regulators conducted extensive analyses assessing the merger’s potential impact on the financial marketplace, the results of which were included in a Federal Reserve order approving the transaction. Read on »
Posted Date: Tuesday, April 16, 2024
The Office of the Comptroller of the Currency has extended the comment period for its proposed rules and policy statement on bank mergers and acquisitions. The agency announced commenters will have until June 15 to weigh in. Read on »
Posted Date: Tuesday, April 16, 2024
The Federal Deposit Insurance Corp. (FDIC) released a report detailing how the agency would manage the orderly resolution of a large, complex financial company under Title II of the Dodd-Frank Act. FDIC Chairman Martin Gruenberg touted the report as “the most comprehensive explanation to date of how the FDIC expects to utilize those authorities.” Read on »
Posted Date: Friday, April 12, 2024
Industry organizations hoping for the long-anticipated interest rate cuts to be approved by the Federal Reserve this spring or early summer may have to wait longer than expected, based on minutes released from the Federal Open MIndustry organizations hoping for the long-anticipated interest rate cuts to be approved by the Federal Reserve this spring or early summer may have to wait longer than expected, based on minutes released from the Federal Open Market Committee’s March meeting. arket Committee’s March meeting. Read on »
Posted Date: Friday, April 12, 2024
The Consumer Financial Protection Bureau’s final rule to cap credit card late fees has met with significant pushback from the financial industry. Learn about these views and more in this roundup of takeaways from industry trade groups. Read on »
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