FDIC: Comment Period Extension Announced for Deposit Insurance Recordkeeping Rule for Banks’ Third-Party Accounts
The Federal Deposit Insurance Corporation (FDIC) today announced a 45-day extension to the public comment period for the FDIC’s proposed rule on recordkeeping for custodial accounts. The proposal seeks to address risks related to certain third-party arrangements, protect depositors, and promote public confidence in insured deposits. Comments on the proposal must be received by the FDIC…
ABA: Associations Representing Banks and Credit Unions of All Sizes Call on Congress to Reject New Credit Card Mandates
Any legislative initiatives to expand the power of the federal government to intervene in the U.S. credit card market would harm small businesses and consumers across the country, the American Bankers Association, America’s Credit Unions, Bank Policy Institute, Consumer Bankers Association, Electronic Payments Coalition, Independent Community Bankers of America, Mid-Size Bank Coalition of America, and…
CFPB: Personal Financial Data Rights Rule Finalized to Boost Competition, Protect Privacy, and Give Families More Choice in Financial Services
Rule will help lower prices on loans and empower people to more easily fire financial companies that provide bad service Today, the Consumer Financial Protection Bureau (CFPB) finalized a rule that will give consumers greater rights, privacy, and security over their personal financial data. The rule requires financial institutions, credit card issuers, and other financial providers to…
FHFA: Rule Proposed to Improve Federal Home Loan Bank Governance
The Federal Housing Finance Agency (FHFA) issued a notice of proposed rulemaking which addresses boards of directors and executive management of the Federal Home Loan Banks (FHLBanks) and the FHLBank System’s Office of Finance. The proposed rule will update and clarify regulatory requirements on a variety of corporate governance topics. “The Federal Home Loan Bank…
FDIC: Comment Period Extended for Proposed Changes to Brokered Deposit Regulations
The Federal Deposit Insurance Corporation (FDIC) is extending the comment period on its notice of proposed rulemaking (NPR) to strengthen the important prudential protections of the agency’s safety and soundness rule on brokered deposits (12 CFR 337.6) that implements Section 29 of the Federal Deposit Insurance Act. To provide additional opportunity for the public to prepare comments…
FDIC: Comment Period Extended on Request for Information on Deposits
The Federal Deposit Insurance Corporation (FDIC) is extending until December 6, 2024, the comment period on the agency’s Request for Information (RFI) on deposit data that is not currently reported in the Call Report or other regulatory reports, including for uninsured deposits. The FDIC issued the RFI to seek information on the characteristics that affect…
Agencies Announce Dollar Thresholds for Applicability of Truth in Lending and Consumer Leasing Rules for Consumer Credit and Lease Transactions
The Consumer Financial Protection Bureau and the Federal Reserve Board today announced the dollar thresholds used to determine whether certain consumer credit and lease transactions in 2025 are subject to certain protections under Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing). By law, the agencies are required to adjust the thresholds annually based…
Agencies Announce Dollar Thresholds for Smaller Loan Exemption from Appraisal Requirements for Higher-Priced Mortgage Loans
The Consumer Financial Protection Bureau, the Federal Reserve Board, and the Office of the Comptroller of the Currency today announced that the 2025 threshold for higher-priced mortgage loans that are subject to special appraisal requirements will increase from $32,400 to $33,500. The threshold amount will be effective January 1, 2025, and is based on the…
SBA: Final Rule Issued to Lower Costs for Small Businesses
After Interest Rate Cuts Generate Automatic Savings for Hundreds of Thousands of SBA Borrowers, 504 Program Changes Will Lower Costs Further for More Small Businesses Today, Administrator Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice in President Biden’s Cabinet for America’s more than 34 million small businesses, announced a new rule that…
FHFA: Rule Proposed to Expand Access to Liquidity for the Federal Home Loan Banks
The Federal Housing Finance Agency (FHFA) issued a notice of proposed rulemaking on Federal Home Loan Bank (FHLBank) Unsecured Credit Limits. The proposed rule would improve the FHLBanks’ ability to provide liquidity to members by aligning the treatment of interest-bearing deposit accounts (IBDAs) and other authorized overnight investments with the treatment of Federal Funds sales….