ABA: Banks Submit Recommendations on Treasury’s Implementation of the GENIUS Act
The American Bankers Association, Bank Policy Institute, Consumer Bankers Association, Financial Services Forum and The Clearing House Association responded late yesterday to a U.S. Department of the Treasury Advance Notice of Proposed Rulemaking on its implementation of the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS) Act. The submission asks Treasury to develop regulations that…
ABA: ABA and 52 State Banking Associations Urge Treasury to Uphold GENIUS Act’s Ban on Stablecoin Interest
The American Bankers Association joined 52 state bankers associations from across the country in submitting a letter to the U.S. Department of the Treasury today urging strong implementation of the GENIUS Act’s prohibition on interest for payment stablecoins. The letter, which responds to Treasury’s advance notice of proposed rulemaking regarding implementation of the GENIUS Act, emphasizes the…
ABA: Statement Issued on Court Ruling to Halt Compliance and Enforcement of CFPB Data Sharing Rule
“The U.S. District Court’s decision to stay compliance with the Consumer Financial Protection Bureau’s Section 1033 rule affirms the serious concerns raised by ABA and other stakeholders regarding the rule’s legal foundation, scope and impact on consumer privacy and data security. The court’s decision provides a necessary pause for the Bureau to engage meaningfully with…
ABA: ABA Commends FCC on Proposals to Strengthen Fraud Protections and Modernize Calling Rules
“We commend Chairman Carr and the FCC for taking this important step forward in the fight against fraud. It is too easy for fraudsters to spoof real bank names on Caller ID, and today’s FCC vote advancing a proposal to strengthen the call authentication framework will help protect consumers and legitimate businesses. We look forward…
OCC: Comments Requested on Proposed Rescission of Its Recovery Planning Guidelines
The Office of the Comptroller of the Currency (OCC) today requested comment on a proposal to rescind its recovery planning guidelines for certain large insured national banks, federal savings associations, and federal branches (banks). Under the proposal, the recovery planning guidelines that went into effect January 1, 2025, and applied to banks with at least…
ABA: ABA Calls on CFPB to Suspend Data Sharing Rule Compliance Dates and Undertake Major Revisions
The American Bankers Association today submitted a detailed comment letter in response to the Consumer Financial Protection Bureau’s Advance Notice of Proposed Rulemaking regarding the reconsideration of the Personal Financial Data Rights rule under Section 1033 of the Dodd-Frank Act. In the letter, ABA commends the CFPB’s leadership for recognizing the need to revise the November 2024…
Agencies Announce Withdrawal of Principles for Climate-Related Financial Risk Management
The federal bank regulatory agencies today announced the withdrawal of interagency Principles for Climate-Related Financial Risk Management for Large Financial Institutions. The agencies do not believe principles for managing climate-related financial risk are necessary because the agencies’ existing safety and soundness standards require all supervised institutions to have effective risk management commensurate with their size,…
ICBA: ICBA Supports Bill to Strengthen Deposit Insurance While Minimizing Costs to Community Banks
The Independent Community Bankers of America (ICBA) expressed support for legislation to strengthen the nation’s deposit insurance system while minimizing additional costs for community banks. Introduced by Sens. Bill Hagerty (R-Tenn.) and Angela Alsobrooks (D-Md.), the Main Street Depositor Protection Act would provide expanded deposit insurance coverage of up to $10 million per depositor for noninterest-bearing transaction…
Agencies Issue Proposal to Focus Supervision on Material Financial Risks
The Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation (the agencies) today issued a joint notice of proposed rulemaking that would continue their effort to focus supervision on material financial risks. Among other things, the proposal would define the term “unsafe or unsound practice” for purposes of section 8 of the…
Agencies Issue Proposal to Prohibit Use of Reputation Risk by Regulators in Supervisory Programs
The Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation (the agencies) today issued a joint notice of proposed rulemaking that would codify the elimination of reputation risk from their supervisory programs. The proposed rule would define “reputation risk” and prohibit the agencies from criticizing or taking adverse action against an…