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Chime ordered to pay $2.5 million for poor complaint handlingTuesday, March 19, 2024 Chime Financial, Inc. was ordered to pay a $2.5 million penalty to settle claims concerning its mishandling of complaints involving customer transactions. The California Department of Financial Protection and Innovation cited the company for unfair acts, as defined by the California Consumer Financial Protection Law.
Regulatory Roundup: Agencies reconsider operational resilience standardsTuesday, March 19, 2024 Financial stability remains a critical concern for federal banking regulators, prompting them to reconsider certain standards put in place to ensure that covered entities have the proper infrastructure to withstand operational challenges. Learn about these issues and more in this roundup.
Powell says Basel III proposal could see ‘material, broad changes’Friday, March 15, 2024 During his recent testimony before the Senate Banking Committee, Federal Reserve Chair Jerome Powell said the Basel III Endgame capital standards proposal will likely see “material and broad changes” before it is finalized. Many arguments against expanding Basel III risk-based capital standards were brought front and center during the hearing.
SEC announces climate-risk disclosure final rulesFriday, March 15, 2024 New rules adopted by the Securities and Exchange Commission will require public companies to disclose climate-related risks related to their operations, as well as the methods and costs involved in mitigating those risks. There is internal opposition to the rules, which passed by a 3-2 commission vote, as well as pushback from trade organizations and lawmakers.
NIST updates cybersecurity framework for protecting sensitive dataFriday, March 15, 2024 The National Institute of Standards and Technology released a revised version of its Cybersecurity Framework guidance detailing steps organizations can take to reduce cybersecurity risks, placing a greater priority on the role of corporate governance and supply chains in protecting sensitive data.
FDIC: Banks report drop in Q1 net income, uptick in loan balancesFriday, March 15, 2024 Banks reported $256.9 billion in first-quarter net income, representing a $30 billion drop from the fourth quarter of 2023 and a year-over-year decrease of $6 billion, according to the Federal Deposit Insurance Corp.’s latest Quarterly Banking Profile. About 70 percent of the drop-off was attributed to specific, nonrecurring, noninterest expenses at large banks.
Loan officers sue Loan Factory for exploiting their information, imagesTuesday, March 12, 2024 A group of loan officers filed a class action lawsuit against Loan Factory for using their personal information and likenesses on its website without consent to drum up business. The plaintiffs claimed they never even worked with the San Jose, Calif.-based mortgage brokerage firm.
Experts assess ABA report on regulation through guidanceTuesday, March 12, 2024 The American Bankers Association issued a white paper titled, “Effective agency guidance: Examining bank regulators guidance practices,” where it voiced its and other trade association’s concern over agency use of guidance “to advance regulatory policy agendas.” Industry experts shared their takeaways from the report.
Industry reacts to HUD secretary’s resignationTuesday, March 12, 2024 U.S. Department of Housing and Urban Development Secretary Marcia Fudge gave her two weeks’ notice on March 11. After working in the public sector for almost 50 years, she will be retiring from public life.
Mid-year rate cuts look increasingly likely to economistsTuesday, March 12, 2024 Economists are increasingly confident that the first federal funds rate cut since 2020 could happen as flowers are blooming in the late spring and early summer. This aligns with what Mortgage Bankers Association Chief Economist Michael Fratantoni suggested during October Research’s 2024 Economic Forecast webinar in January.
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