Wake Up and Take Action on
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CFPB Updates on UDAAP and HMDA
CFPB issues "abusiveness" standards
The Consumer Financial Protection Bureau issued a policy statement on how it intends to apply the “abusiveness” standard in supervision and enforcement matters under the Dodd-Frank Act. The law broadly prohibits “abusive” acts or practices, though the definition has remained uncertain. The CFPB said it will apply principles of consumer harms that outweigh benefits, standalone abusiveness violations, and monetary relief when there has been a lack of effort to comply with the law. Read the policy statement.
CFPB updates HMDA guide for small entities
The Consumer Financial Protection Bureau published an updated version of its Home Mortgage Disclosure Act Small Entity Compliance Guide. The guide includes updates to incorporate content from the HMDA final rule issued in October 2019. Access the guide.
The Consumer Financial Protection Bureau issued a policy statement on how it intends to apply the “abusiveness” standard in supervision and enforcement matters under the Dodd-Frank Act. The law broadly prohibits “abusive” acts or practices, though the definition has remained uncertain. The CFPB said it will apply principles of consumer harms that outweigh benefits, standalone abusiveness violations, and monetary relief when there has been a lack of effort to comply with the law. Read the policy statement.
CFPB updates HMDA guide for small entities
The Consumer Financial Protection Bureau published an updated version of its Home Mortgage Disclosure Act Small Entity Compliance Guide. The guide includes updates to incorporate content from the HMDA final rule issued in October 2019. Access the guide.
Seeking Remittance Relief
Urge support for bill to close ILC loophole
With the FDIC considering several industrial loan company applications, ICBA is calling on community bankers to urge their members of Congress to support legislation that would close the ILC loophole.
Community bankers can use ICBA's Be Heard grassroots action center to contact their lawmakers as the FDIC considers deposit-insurance applications from Rakuten, Square, Nelnet and other ILCs.
Under the Eliminating Corporate Shadow Banking Act of 2019 (S. 2839), which was recently introduced by Senate Banking Committee member John Kennedy (R-La.), ILCs would no longer be exempted from the Bank Holding Company Act definition of "bank."
CONTACT CONGRESS
With the FDIC considering several industrial loan company applications, ICBA is calling on community bankers to urge their members of Congress to support legislation that would close the ILC loophole.
Community bankers can use ICBA's Be Heard grassroots action center to contact their lawmakers as the FDIC considers deposit-insurance applications from Rakuten, Square, Nelnet and other ILCs.
Under the Eliminating Corporate Shadow Banking Act of 2019 (S. 2839), which was recently introduced by Senate Banking Committee member John Kennedy (R-La.), ILCs would no longer be exempted from the Bank Holding Company Act definition of "bank."
CONTACT CONGRESS
Comment Countdown Starts on CRA Reform Proposal
The OCC and FDIC proposed rule to modernize Community Reinvestment Act regulations was published in the Federal Register, kicking off the proposal’s 60-day comment period. Comments will be due to the agencies by March 9.
ICBA is closely reviewing the proposal, which includes ICBA-supported provisions on defining small-business loans, promoting lending to family farms, codifying pre-approved CRA activities, and allowing community banks with $500 million or less in assets to opt into the revised framework.
Federal Reserve Gov. Lael Brainard this week laid out the Fed's efforts to develop new CRA metrics and tests, noting that an interagency proposal with the OCC and FDIC would be the best approach for reform. The House Financial Services Committee has scheduled two hearings starting next week on the OCC-FDIC proposal.
ICBA is closely reviewing the proposal, which includes ICBA-supported provisions on defining small-business loans, promoting lending to family farms, codifying pre-approved CRA activities, and allowing community banks with $500 million or less in assets to opt into the revised framework.
Federal Reserve Gov. Lael Brainard this week laid out the Fed's efforts to develop new CRA metrics and tests, noting that an interagency proposal with the OCC and FDIC would be the best approach for reform. The House Financial Services Committee has scheduled two hearings starting next week on the OCC-FDIC proposal.
Wake Up and Take Action on Credit Unions
The Independent Community Bankers of America and the nation's community banks are calling on policymakers and the public to “Wake Up” to the risky practices, costly tax subsidies, and irresponsibly lax oversight of the nation’s credit unions.
The “Wake Up” campaign encourages policymakers to open their eyes to the growing threats posed by credit unions' abandonment of their founding mission facilitated by their captive federal regulator, the National Credit Union Administration.
It is long past time for policymakers to wake up to the new realities of the credit union industry and subject it to the same level of scrutiny for the sake of our nation’s consumers and economic well-being. This is not the time to press snooze.
The “Wake Up” campaign encourages policymakers to open their eyes to the growing threats posed by credit unions' abandonment of their founding mission facilitated by their captive federal regulator, the National Credit Union Administration.
It is long past time for policymakers to wake up to the new realities of the credit union industry and subject it to the same level of scrutiny for the sake of our nation’s consumers and economic well-being. This is not the time to press snooze.
VACB Training Opportunities - New Program Offered for 2020
VACB is pleased to offer new training opportunities along with their stable of reliable programming. We are excited to be launching a BSA/AML Boot Camp for newer Bank Secrecy Act staff. This program will be taught by Dianne Barton with Performance Solutions, Inc. on February 19-21 in Richmond at The Place at Innsbrook. This in-depth 2.5 day session will immerse newer BSA/AML Staff in the foundations of the act as well as get them ready to be an integral part of the bank's BSA/AML program. Click the brochure for registration and program details.
