CFPB: New Proposed Rulemaking Announced to Remove Medical Bills from Credit Reports
Proposals under consideration would help end coercive debt collection tactics, clean up inaccurate data, and improve credit score predictiveness The Consumer Financial Protection Bureau (CFPB) today announced it is beginning a rulemaking process to remove medical bills from Americans’ credit reports. The CFPB outlined proposals under consideration that would help families financially recover from medical…
CFPB: New Guidance Issued on Credit Denials by Lenders Using Artificial Intelligence
Consumers must receive accurate and specific reasons for credit denials Today, the Consumer Financial Protection Bureau (CFPB) issued guidance about certain legal requirements that lenders must adhere to when using artificial intelligence and other complex models. The guidance describes how lenders must use specific and accurate reasons when taking adverse actions against consumers. This means…
SBA: Proposed Rule Empowers Returning Citizens to Start and Grow Businesses
Updated regulations would remove barriers to capital for entrepreneurs with certain types of justice involvement Today, the U.S. Small Business Administration (SBA) invited public comment on a proposed rule that would help expand access to SBA loan programs for people with certain criminal history records. These proposed reforms would open up entrepreneurship opportunities to the one in…
FDIC: Equal Housing Lender Poster Updates Announced
FDIC-supervised institutions are required to maintain up-to-date Equal Housing Lender (EHL) posters in branches, as required by the Fair Housing Act. The FDIC recently amended some details of the posters, including updating the name of the office to which complaints should be addressed, as well as adding the web address of the FDIC’s web-based complaint…
Agencies Propose Guidance to Enhance Resolution Planning at Large Banks
The Federal Deposit Insurance Corporation and Federal Reserve Board today invited public comment on proposed guidance to help certain large bank holding companies further develop their Dodd-Frank Act Title I resolution plans. These resolution plans, also known as “living wills,” describe a bank holding company’s strategy for rapid and orderly resolution under bankruptcy in the…
FDIC: Proposed Rule Issued to Strengthen Resolution Planning for Large Banks
Action part of broader work among regulators to improve resolution of large regional banks The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved a notice of proposed rulemaking to strengthen resolution planning for insured depository institutions (IDIs) with at least $100 billion in total assets. In addition, the FDIC’s Board joined with other…
Agencies Request Comment on Proposed Rule to Require Large Banks to Maintain Long-Term Debt to Improve Financial Stability and Resolution
Federal bank regulatory agencies today requested comment on a proposal that would require large banks with total assets of $100 billion or more to maintain a layer of long-term debt, which would improve financial stability by increasing the resolvability and resiliency of such institutions. This proposal follows an advance notice of proposed rulemaking issued in…
ABA & TBA Call on CFPB to Extend 1071 Stay to All FDIC-Insured Banks
In a new letter to CFPB Director Rohit Chopra, the Texas Bankers Association (TBA) and American Bankers Association (ABA) called on the Consumer Financial Protection Bureau to extend U.S. District Court Judge Randy Crane’s recent court order pausing the CFPB’s 1071 Final Rule implementation to all FDIC-insured banks. “As you know, we requested relief for every entity subject to…
CDFI Fund: CDFI Award Recipients Required to Comply with New Civil Rights Act Compliance Reporting Requirements
Award applicants required to complete a new Title VI Compliance Worksheet The Civil Rights Act of 1964, which ended segregation in public places and banned employment discrimination on the basis of race, color, religion, sex or national origin, also prohibits discrimination on the basis of race, color, or national origin in programs or activities receiving…
ABA: U.S. District Court Grants Injunction on CFPB Section 1071 Final Rule
Court Order Pauses Final Rule Implementation for Texas Bankers Association and American Bankers Association Members The Texas Bankers Association (TBA) and co-plaintiffs, Rio Bank of McAllen, Texas, and the American Bankers Association (ABA), have been successful in their motion to halt implementation of the Consumer Financial Protection Bureau’s (CFPB) Section 1071 Final Rule. In an order…