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  Kraninger holds first day press conferenceTuesday, December 11, 2018 Kathy Kraninger was sworn in as the director of the Consumer Financial Protection Bureau on Monday night by Vice President Mike Pence during a ceremony that was closed to the press. Kraninger held a press conference the next day – her first in office – during which she answered various questions from members of the media who were present. Among the matters she was asked to address were the bureau’s approach to rulemaking and enforcement under acting director Mick Mulvaney, how she plans to handle certain staffing decisions and whether she has concerns about estimated costs associated with officially renaming the CFPB as the Bureau of Consumer Financial Protection. Find out more about what she had to say. |
 Regulators urge innovative BSA/AML approachesTuesday, December 11, 2018 Five financial regulatory bodies urged covered entities to explore innovative compliance approaches pertaining to Bank Secrecy Act/anti-money laundering (BSA/AML) requirements in a joint statement to industry participants. The statement focuses on ways banks and credit unions can utilize existing tools, as well as new technologies – such as artificial intelligence – to identify and report money laundering, terrorist financing and other illicit financial activity. |
 Treasury advises against ‘postal banking’ resurrectionTuesday, December 11, 2018 The Treasury Department recommended against getting the U.S. Postal Service (USPS) involved in the banking business in a report exploring possible methods of generating more revenue for the USPS. The financial industry long has been among those opposed to postal banking services, which once were standard, whereas some politicians have voiced support for the idea. |
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Institutions investing heavily in open bankingFriday, December 7, 2018 Open banking has become a prominent strategic initiative among the majority of large banks when it comes to their commercial clients. Research conducted by Accenture found that banks believe doing so is essential to implementing effective digital transformation programs intended to help them achieve double-digit revenue growth. |
 Firm fined $1.34 billion for sanction violationsTuesday, December 11, 2018 Multiple federal and state government bodies issued a total of $1.34 billion in fines against a French investment bank for engaging in unsafe and sound business practices. The penalty total is the second-largest ever imposed on a financial institution for violating U.S. economic sanctions laws. The firm has been charged one felony count for conspiring to violate the Trading with the Enemy Act, as well as violations of regulations enforced by the Treasury Department’s Office of Foreign Assets Control and various New York state laws.
 Marginal rates reduced in OCC fees, assessment scheduleTuesday, December 11, 2018 The Office of the Comptroller of the Currency (OCC) recently released its 2019 fees and assessment schedule, noting a 10 percent reduction in marginal rates. The decreasing marginal rates reflect cost savings lowered operating costs at the OCC and projections of the OCC’s costs and revenue.
 Kraninger confirmed as CFPB directorFriday, December 7, 2018 The same slim voting margin that was enough to end Senate debate on Kathy Kraninger’s nomination to be the next director of the Consumer Financial Protection Bureau also was sufficient to confirm her for the role. The financial industry and Republicans celebrated the Senate’s 50-49 party-line vote Thursday, whereas Democrats and consumer advocates reiterated their staunch opposition to Kraninger leading the bureau.
 Marriott breach underscores push for nationwide data security standardFriday, December 7, 2018 A data breach impacting as many as 500 million guests at Marriott’s Starwood properties is among the largest on record and highlighted why many in the financial sector have been pushing for nationwide data security standards that hold retailers as accountable for consumer data safety as financial institutions. Ryan Donovan of the Credit Union National Association and Jeremy Dalpiaz of the Independent Community Bankers of America told Dodd Frank Update why they believe such a standard is imperative.
 New Congress finally decided, almostFriday, December 7, 2018 The Senate has been finalized, and the House appeared to be as well as the final contested race in California seems to be decided. However, allegations in a North Carolina race for Financial Services Committee member Robert Pittenger’s seat have thrown a race thought to be over into unknown status. Read on for the latest on the makeup of the 116th Congress.
 Fed publishes inaugural financial stability reportFriday, December 7, 2018 The Federal Reserve recently released its inaugural report on the stability of the U.S. financial system. Its findings indicate that the country’s largest banks are well capitalized and hold more liquid assets than they did just prior to the financial crisis but that there are certain near-term vulnerabilities of which to be wary. The Fed plans to publish the report twice annually as it examines the resilience of the financial system.
 VA expedites cash-out refi rulemakingFriday, December 7, 2018 The Department of Veterans Affairs (VA) is expediting its statutorily obliged rulemaking to address predatory lenders who take advantage of veterans through cash-out refinance offerings that often are harmful to borrowers and investors in mortgage-backed securities. S. 2155 requires the VA to address the issue by issuing a rule amending its regulation on VA-guaranteed or insured cash-out refinance loans, and permits the agency to forgo Administrative Procedure Act advance notice and comment requirements if it determines circumstances pertaining to the rule are “urgent and compelling.”
 Kraninger set to become bureau directorFriday, November 30, 2018 The Consumer Financial Protection Bureau is on pace to have its second full-time director after Kathy Kraninger’s nomination cleared a key procedural hurdle in the Senate on Thursday. The move sets up a final vote no earlier than Dec. 4, which is all but assured of sending the associate director at the Office of Management and Budget to the director’s chair.
 Senate report attacks Kraninger through MulvaneyFriday, November 30, 2018 Mick Mulvaney’s actions as acting director of the Consumer Financial Protection Bureau (CFPB) are the subject of heavy scrutiny in a minority staff report published by the Senate Banking Committee Ranking Member Sherrod Brown (D-Ohio). Although the 36-page report focuses on Mulvaney’s alleged misdeeds during his time at the bureau, its underlying goal is to dissuade the Senate from confirming Kathy Kraninger as the bureau’s new permanent director.
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Host State Loan-to-Deposit Ratios 2016The Federal Reserve Board, Office of the Comptroller of the Currency and Federal Deposit Insurance Corp. have issued information on the host state loan-to-deposit ratios, which are used to determine compliance under Section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. Review the ratios in Dodd Frank Update’s Library. Fed, FDIC, OCC, Riegle-Neal |
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