Federal bank regulatory agencies announced the comment period for their proposed rule on long-term debt has been extended until Jan. 16, 2024. The proposal is intended to improve the resolvability of large banks and enhance financial stability and was created with input from the Federal Reserve, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency.

Following reports of alleged harassment and a toxic work environment, the Federal Deposit Insurance Corp. Board of Directors unanimously approved the formation of a special committee to oversee an external review of the agency’s workplace culture. 

The Federal Reserve recently announced its approval of NB Bancorp, Inc.’s application to become a bank holding company by absorbing NB Financial, Inc., and thereby also acquiring Needham Bank of Needham, Mass. In a conversion plan released in June, NB Bancorp explained the business purpose for converting into a bank holding company.

The recent establishment of a special assessment for certain federally insured depository institutions by the Federal Deposit Insurance Corp. marks the second move in as many years deemed necessary to stay on track for meeting the FDIC’s goal to restore the Deposit Insurance Fund’s reserve ratio to its statutorily required, pre-pandemic level by Sept. 30, 2028. 

The Consumer Financial Protection Bureau ordered Toyota Motor Credit Corp. to pay $60 million in penalties and consumer redress for violating the Consumer Financial Protection Act and the Fair Credit Reporting Act.

Federal regulators answered questions from lawmakers regarding new regulatory proposals to put tighter capital restrictions on the nation’s largest and most complex banks, among other proposed changes, during the Senate Banking Committee’s recent hearing with officials representing the Federal Reserve, Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency and the National Credit Union Administration. 

The California Department of Financial Protection and Innovation issued a cease and desist order against a purported cryptocurrency investment platform for violating the state’s securities laws. The enforcement action was part of a coordinated effort with other states’ regulators.

Homebuyers are applying for mortgages on new home purchases at a notably higher rate than they were a year ago, according to data reported in the Mortgage Bankers Association’s latest Builder Application Survey. 

Open banking is a topic getting more attention as consumers grow increasingly aware of the importance of monitoring their personal financial data, especially with the recent introduction of the Consumer Financial Protection Bureau’s rulemaking implementing Sec. 1033 of the Dodd-Frank Act.  Speaking to Dodd Frank Update during the 2023 Mortgage Bankers Association’s Annual Conference in Philadelphia, Kirill Klokov and Darshana Shetty of Truv offered insight as to how open banking systems can be beneficial in verifying lender data.