Friend – Regulatory Report

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[ May 17, 2021 ] ‘True lender’ rule, NCUA vendor authority, CCyB among topics slated for regulatory oversight hearing Wednesday FDIC
[ May 17, 2021 ] HMDA exemptions had little impact on data, but more info could help with oversight, study finds Other
[ May 17, 2021 ] Letters ‘encourage’ credit unions to stop using LIBOR as soon as possible NCUA
[ May 17, 2021 ] One in four were worse off by end of 2020, Fed survey finds – larger share than in previous years The Fed
[ May 17, 2021 ] Financial regulators push AI comments deadline to July 1 CFPB

OCC’s chief counsel retires as Senate prepares to confirm new comptroller

October 12, 2017 0

With the approaching confirmation of a new comptroller of the currency, the national banking regulator’s chief counsel has announced her retirement, effective Nov. 11. Amy Friend, senior deputy comptroller and chief counsel at the Office […]

‘True lender’ rule, NCUA vendor authority, CCyB among topics slated for regulatory oversight hearing Wednesday

May 17, 2021 0

Measures that would repeal the “true lender” rule for banks, restore the federal credit union regulator’s short-lived, direct authority over third-party vendors, and set a trigger for the countercyclical capital buffer (CCyB) for banks are on the agenda for Wednesday’s [...]
HMDA exemptions had little impact on data, but more info could help with oversight, study finds

May 17, 2021 0

Reporting exemptions on home mortgage lending data for smaller financial institutions had little impact on data availability, but more information from the lenders would help oversight, a report from the congressional watchdog issued Monday stated. The report from the Governmental [...]
Letters ‘encourage’ credit unions to stop using LIBOR as soon as possible

May 17, 2021 0

Stopping the use of LIBOR as a reference rate as soon as possible as a year-end expiration date of the rate looms is encouraged for all federally insured credit unions, their federal regulator said in letters released Monday. In the [...]
One in four were worse off by end of 2020, Fed survey finds – larger share than in previous years

May 17, 2021 0

While most Americans believed they were doing “OK” financially at the end of last year (about 75%), nearly one in four said they were worse off compared to a year earlier as a result of the financial impact of the [...]
Financial regulators push AI comments deadline to July 1

May 17, 2021 0

An extension to July 1 for the deadline to comment on how financial institutions use artificial intelligence (AI) in their activities was announced Monday by financial institution regulators. The invitation to comment was provided in a request for information (RFI) [...]
CFPB seeks $5.4 million in consumer redress, $1 fine from MA debt settlement firm

May 17, 2021 0

A debt collection firm in Massachusetts would be required to pay $5.4 million in consumer redress and a $1 civil money penalty under a settlement proposed Monday by the Consumer Financial Protection Bureau (CFPB). The firm, DMB Financial, LLC, is [...]
Bulletin outlines provisions to be included in tax allocation agreements proposal

May 17, 2021 0

A bulletin on a proposed rule to require banks that file tax returns are part of a consolidated tax filing group to enter into tax allocation agreements with their holding companies and other members of their consolidated group was issued [...]
OCC taps Fed to replace departing senior deputy comptroller/chief counsel

May 17, 2021 0

Benjamin W. McDonough will take the post of senior deputy comptroller and chief counsel at the Office of the Comptroller of the Currency (OCC) June 7, the OCC announced Monday. The agency said McDonough, who will be coming over from [...]