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Agencies publish community bank guide to third-party risk managementFriday, May 10, 2024 To support third-party risk management efforts among community banks, the three federal banking agencies unveiled a comprehensive guide to help those institutions navigate the complexities associated with third-party relationships. The guide highlights a host of considerations institutions are encouraged to keep in mind during the third-party relationship lifecycle. |
CFPB orders Chime to pay over $4.5 million for thousands of refund delaysFriday, May 10, 2024 The Consumer Financial Protection Bureau fined Chime, a large nonbank financial institution, for failing to provide timely balance refunds to consumers who closed their accounts. The bureau reported many customers endured significant financial stress as a result of the refund delays, some of which spanned several weeks or even months. |
Montana-based bank ordered to address BSA/AML deficienciesFriday, May 10, 2024 State and federal regulators entered into a written agreement with First Citizens Bank of Butte requiring the Montana-based financial institution to address deficiencies in its risk management policies and practices to comply with Bank Secrecy Act/anti-money laundering regulations under the Dodd-Frank Act. |
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Industry encouraged by new Bipartisan Congressional Real Estate CaucusFriday, May 10, 2024 Eleven trade groups representing all corners of the real estate industry expressed support for the newly inaugurated Bipartisan Congressional Real Estate Caucus. The four legislators credited with creating the caucus said it will be tasked with addressing the lack of housing affordability and inventory across the country.
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FTC, FCC sign MOU on consumer protection mattersFriday, May 10, 2024 Reiterating the two agencies’ continuing cooperation on consumer protection matters, the Federal Trade Commission and the Federal Communications Commission (FCC) signed a memorandum of understanding following the FCC’s recent decision to restore net neutrality.
Trades support nixing SEC crypto bulletin, oppose CFPB feesFriday, May 10, 2024 Financial trade advocates joined together to detail their opposition to the treatment of digital assets under a policy enacted by the Securities and Exchange Commission more than two years ago. Four trade organizations called on Congress to do away with the policy and another expressed opposition to rules on fees issued by the Consumer Financial Protection Bureau. Read about these industry developments and more in this roundup.
Attorney fee award in Wawa data breach case reinstatedTuesday, May 7, 2024 As data and cyber security issues continue to rise, hackers use every opportunity to compromise private consumer data, and affected companies are left to clean up the damage. A case out of U.S. District Court for the Eastern District of Pennsylvania may be a good indicator on how courts are approaching settlements for these incidents, including how much the attorneys are paid.
CFPB report finds ‘a la carte’ style fees lead to higher costs for consumersTuesday, May 7, 2024 While the real estate industry adapts to the structural changes coming its way, the Consumer Financial Protection Bureau’s Office of Research conducted laboratory experiments to investigate the effects of price complexity on market outcomes. Results indicated consumers paid more when closing costs were split into sub-prices, and the more complex the pricing, the worse the buyers fared.
Houston-based credit union to acquire bank, sparking ICBA responseTuesday, May 7, 2024 Houston’s largest credit union, Texas Dow Employees Credit Union, recently entered into an agreement to acquire Sabine State Bank and Trust Co., a commercial bank with more than $1.2 billion in total assets. Mergers involving tax-exempt credit unions acquiring banks have been a source of contention and legal debate in the past, and this one is no exception.
Hope Bancorp to acquire Hawaii-based bank in $78.6 billion dealTuesday, May 7, 2024 Hope Bancorp, Inc. and Territorial Bancorp Inc. jointly announced a definitive merger agreement, expected to create the largest regional bank catering to multi-ethnic customers across the continental U.S. and the Hawaiian Islands. Hope Bancorp said it intends to preserve Territorial’s 100-plus year legacy in Hawaii.
Regulatory Roundup: FHFA report examines single-family guarantee feesTuesday, May 7, 2024 Federal regulators are constantly researching products, fees and policies to assess whether they align with current laws and regulations. Two agencies recently published reports that could be of interest to secondary market participants and consumers with health savings accounts.
Fed again decides not to reduce rates, will reduce balance sheet insteadFriday, May 3, 2024 As the Federal Reserve announced for the sixth straight month that interest rates will remain unchanged, the agency signaled its plans to shift its approach to tackling inflation. This will entail reducing the amount of Treasury securities held on its balance sheet through a process commonly referred to as quantitative tightening.
FDIC reports first bank failure of 2024Friday, May 3, 2024 The U.S. banking system made it through the first quarter of 2024 without a single bank failure, which is good news after a year in which there was at least one failure per quarter. On April 26, the Federal Deposit Insurance Corp. announced Philadelphia-based Republic First Bank as the first institution to fail this year.
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