ICBA to FASB: More outreach needs to be done
Community bankers had a chance to sit down with the entire Financial Accounting Standards Board to discuss their concerns about the current expected credit loss proposal. Board members and a representative from the Federal Reserve told members of Independent Community Bankers of America that small and community banks will be able to tailor their methodologies, but there still are some concerns about the proposal. Read on to learn more.
OIG report details CFPB’s Civil Penalty distribution process
Shortly before the House Financial Services Committee released a report detailing how fair-lending penalties paid into the Consumer Financial Protection Bureau’s Civil Penalty Fund by Ally Bank may be distributed to non-minority consumers, the Office of the Inspector General had released a report detailing its own findings of the bureau’s distribution process.
Report charges CFPB issuing Ally settlement to non-minority borrowers
A new report from the House Financial Services Committee staff claims that internal documents obtained by the Consumer Financial Protection Bureau show that non-minority borrowers could have received settlement proceeds from a fair lending enforcement action taken against Ally Bank. What does the bureau have to say about the findings? Read on for the details.
LO Comp compliance squarely on regulators’ radar (Part 1)
It’s no surprise that three of the Consumer Financial Protection Bureau’s examination policies for 2016 will include its Ability-to-Repay (ATR) and Qualified Mortgage (QM) rules, market service agreements (MSAs) and the TILA-RESPA Integrated Disclosure (TRID) rules. But the LO Comp rule also made the list as a priority. What do you need to know to stay compliant? Read on to learn more.
Banks rake in more than $6 billion from fees
JPMorgan Chase, Bank of America and Wells Fargo – the three largest banks in the U.S. – earned more than $6 billion last year from ATM and overdraft fees, the equivalent of every American adult paying $25. Overall, American banks took in an estimated $32.5 billion in overdraft fees, and $42.3 billion in total fees. The news is likely to draw more attention to the product as the Consumer Financial Protection Bureau begins its rulemaking process on overdraft. Read on to learn more.
ICBA lands FASB meeting for community bankers
In response to a letter from the Independent Community Bankers of America’s president and CEO, the Financial Accounting Standards Board will convene a full board meeting with community bankers to hear how the current expected credit loss model is impacting them. James Kendrick, vice president of accounting and capital policy at the ICBA, spoke with Dodd Frank Update.