Aside from the slew of regulatory actions on the radars of banks and credit unions of all sizes and business types, federal agencies are also busy working to solicit input on matters such as affordable and equitable housing and address frequently asked questions about best accounting practices. Learn more in this regulatory roundup.
FHFA to convene first meeting of committee on affordable housing
The Federal Housing Finance Agency (FHFA) announced the first meeting of the Advisory Committee on Affordable, Equitable, and Sustainable Housing (ACAESH) will be held in-person on Sept. 10 and 11. FHFA Director Sandra Thompson touted the committee as an example of the agency’s ongoing dialogue with stakeholders and the public to inform the development of “thoughtful and balanced policymaking that promotes access to mortgage credit and affordable rental housing in a safe and sound manner.” Anyone interested in watching the ACAESH meeting can attend in-person or virtually and submit questions beforehand. More details are available here.
OCC releases revised BAAS
The Office of the Comptroller of the Currency (OCC) released its annual update to the Bank Accounting Advisory Series (BAAS), containing staff responses to frequently asked questions from the banking industry and bank examiners regarding various accounting topics. The report also is intended to promote the consistent application of accounting standards and regulatory reporting among national banks and federal savings associations, according to an agency press release. The latest edition includes revisions for general clarity and removes superseded content. The updates do not alter the OCC Office of the Chief Accountant’s prior conclusions or interpretations. The revised edition can be found here.
FTC announces final rule banning fake reviews, testimonials
The Federal Trade Commission (FTC) announced a final rule banning companies from paying for fake reviews and testimonials by prohibiting their sale or purchase. The rule also allows the agency to seek civil penalties against anyone who knowingly violates the prohibition. The types of content outlawed by the rule are reviews and testimonials that misrepresent people who do not exist, such as those generated by artificial intelligence; those generated by individuals within a company without disclosing the material nature of the person’s connection to the company; and imposes restrictions against managers and officers who solicit reviews from immediate family and friends, among other prohibitions. Learn more here.