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Posted Date: Friday, June 28, 2024
As federal regulators look for ways to address cybersecurity and data privacy concerns, the financial industry continues to be vocal about what it believes is necessary to achieve the proper level of security across the industry. Read on »
Posted Date: Friday, June 21, 2024
Recognizing the high cost of lengthy merger cycles involving large banks, the Federal Deposit Insurance Corp. finalized amendments to its resolution planning criteria for banks with $50 billion or more in total assets.
A covered insured depository institution would have to demonstrate in its resolution plans how it could be wound down without a merger under the amended final rule. Read on »
Posted Date: Friday, June 21, 2024
Stay on top of some of the most recent statements from industry trade professionals regarding the current state of interest rates, discussions about field-of-membership modernization and other developments affecting various segments of the financial industry. Read on »
Posted Date: Friday, June 21, 2024
Newly introduced Senate legislation to force the Federal Reserve to withdraw its rule limiting credit card interchange fees echoes the sentiment of a similar bill introduced in the House earlier this year. The “Secure Payments Act of 2024” would require the Fed to conduct more research on the underlying reasoning behind the rule’s proposed changes to Regulation II before finalizing it. Read on »
Posted Date: Tuesday, June 18, 2024
As the comment period closes for regulatory changes under the Bank Merger Act, proposed by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp., the financial industry and lawmakers have given regulators plenty to consider in their responses. Read on »
Posted Date: Tuesday, June 18, 2024
The Federal Reserve announced it will maintain the federal funds rate within the target range between 5.25 and 5.5 percent, noting that inflation remains above the Fed’s 2 percent target despite positive job gains and persistently low unemployment.
The Federal Open Market Committee recommended rates remain unchanged again based on risk indicators affecting employment and its inflation goals and uncertainty in its economic outlook. Read on »
Posted Date: Friday, June 14, 2024
Consumer Financial Protection Bureau Director Rohit Chopra’s semi-annual report to Congress provided an opportunity for the director to defend the bureau’s recent controversial rulemakings and actions against major concerns presented by lawmakers.
Chopra testified before the Senate Banking Committee and the House Financial Services Committee on a wide array of activities it has undertaken this year. Read on »
Posted Date: Friday, June 14, 2024
Trade organizations and the Consumer Financial Protection Bureau have filed amicus briefs in a case brought against Citibank by the attorney general of New York alleging violations of the Electronic Fund Transfer Act.
But what led to this lawsuit, with the bureau claiming banks have a duty to protect consumers from fraudulent wire transfers and the trades arguing this new interpretation is inconsistent with prior agency statements? Read on »
Posted Date: Friday, June 14, 2024
In the days leading up to and immediately following Consumer Financial Protection Bureau Director Rohit Chopra’s testimony before Congress, multiple financial trade groups submitted statements to lawmakers and offered a snapshot through blog posts of some of the related issues most pertinent to their members. Read on »
Posted Date: Tuesday, June 11, 2024
The Consumer Financial Protection Bureau raised eyebrows when it submitted an amicus brief in a lawsuit filed by the New York attorney general against Citibank, arguing banks are liable for wire fraud under the Electronic Funds Transfer Act.
The amicus has raised eyebrows among banking advocates who view the move as the bureau essentially asking a federal court to rewrite the law. Read on »
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