Agencies Remind Banks of Potential Risks Associated with Third-Party Deposit Arrangements and Request Additional Information on Bank-Fintech Arrangements
The federal bank regulatory agencies today issued a statement reminding banks of potential risks associated with third-party arrangements to deliver bank deposit products and services. The agencies support responsible innovation and banks engaging in these arrangements in a safe and sound manner and in compliance with applicable law. While these arrangements can provide benefits, supervisory…
Agencies Announce Public Outreach Meeting on September 25th as Part of Review of Regulations
Federal bank regulatory agencies will hold a virtual public outreach meeting on September 25, 2024, as part of their review of regulations under the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA). EGRPRA requires the agencies, with input from the public, to review their regulations at least once every 10 years to identify…
Federal Banking Regulatory Agencies Seek Comment on Interagency Effort to Reduce Regulatory Burden
The federal bank regulatory agencies today announced their second notice requesting comment to reduce regulatory burden. The Economic Growth and Regulatory Paperwork Reduction Act of 1996 requires the Federal Financial Institutions Examination Council and federal bank regulatory agencies to review their regulations every 10 years to identify outdated or otherwise unnecessary regulatory requirements for their…
CFPB: New Report Highlights Junk Fees Charged by School Lunch Payment Platforms
Families are paying costly and hard-to-avoid transaction fees The Consumer Financial Protection Bureau (CFPB) today released a report on payment processing companies that help school districts process children’s school lunch payments. These private companies process payments made by parents who may have limited or zero payment alternatives. With a captive customer base, these companies can…
FEMA: President Biden Approves Major Disaster Declaration for Kentucky
FEMA announced that federal disaster assistance is available to the Commonwealth of Kentucky to supplement recovery efforts in the areas affected by severe storms, straight-line winds, tornadoes, landslides and mudslides from May 21- 27, 2024. The President’s action makes federal funding available to affected individuals in Butler, Caldwell, Calloway, Christian, Clay, Greenup, Hopkins, Knox, Logan,…
FEMA: President Biden Approves Major Disaster Declaration for Chickasaw Nation
FEMA announced that federal disaster assistance is available to the Chickasaw Nation to supplement recovery efforts in the areas affected by severe storms from March 14-15, 2024. Public Assistance federal funding is available to the Tribal Nation on a cost-sharing basis for emergency work and the repair or replacement of facilities damaged by the severe…
FEMA: President Biden Approves Major Disaster Declaration for Puerto Rico
FEMA announced that federal disaster assistance is available to the Commonwealth of Puerto Rico to supplement recovery efforts in the areas affected by the severe storms, flooding, landslides and mudslides from April 29 – May 10, 2024. Public Assistance federal funding is available to the Commonwealth and eligible local governments and certain private nonprofit organizations…
HUD and Census Bureau: New Residential Sales Report Issued for June 2024
The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the following new residential sales statistics for June 2024: New Home SalesSales of new single-family houses in June 2024 were at a seasonally adjusted annual rate of 617,000, according to estimates released jointly today by the U.S. Census Bureau and…
HUD: $6 Million Awarded to Protect Families from Home Health and Safety Hazards
Funding will be used to make low-income families’ homes safer and healthier. The U.S. Department of Housing and Urban Development (HUD) today awarded $6 million to two nonprofit organizations, and a city government to protect children and families from home health hazards. This is the second round of funding announced for this program in addition…
CFPB: New Publication Warns Against Intimidation of Whistleblowers
Forcing workers to sign broad nondisclosure agreements could deter disclosure of misconduct The Consumer Financial Protection Bureau (CFPB) today issued a circular to law enforcement agencies and regulators explaining how companies may be breaking the law by requiring employees to sign broad nondisclosure agreements that could deter whistleblowing. The circular explains how imposing sweeping nondisclosure agreements that do…