The Consumer Financial Protection Bureau (CFPB)
CFPB Announces NPRM About Remittance Rule
The Consumer Finance Protection Bureau (CFPB) issued a Notice of Proposed Rulemaking (NPRM) that would change the Remittance rule. The new changes would allow certain financial institutions to give estimates rather than exact disclosures where exact disclosures might be economically illogical. The CFPB is also proposing an increase to the safe harbor threshold that currently determines if an entity makes remittance transfers during normal business, making it subject to the rule.
Office of the Comptroller of Currency (OCC)
OCC and FDIC Announce Proposal to Update CRA
The Office of the Comptroller of the Currency (OCC), in cooperation with The Federal Deposit Insurance Corporation (FDIC), announced proposed changes to the Community Reinvestment Act (CRA). It’s hoped that the proposed changes will increase banking activity in low to moderate-income communities where credit, responsible lending, better access to banking products, and infrastructure improvements are greatly needed.
Securities and Exchange Commission (SEC)
SEC Proposes Rule to Require Reporting of Payments Made to Governments by Resource Extraction Issuers
The Securities and Exchange Commission (SEC) announced that it was proposing rules that would mandate the reporting of payments that resource extraction issuers made to both the US Federal Government and foreign governments for the commercial development of oil, natural gas, or minerals.
The Federal Deposit Insurance Corporation (FDIC)
FDIC Issues Brokered Deposit Restrictions Rule
The Federal Deposit Insurance Corporation (FDIC) announced proposed rulemaking updating its brokered deposit regulations. The proposed rule would update the current regulatory framework, making it better suited to the current state of the industry by removing penalties for offering customers deposit accounts by other means.
The National Credit Union Administration (NCUA)
NCUA and Other Regulators Issue Statement Regarding the Use of Alternative Data in Credit Underwriting
The National Credit Union Association and four other financial regulators released a statement that marks the benefits for consumers, such as broadening credit access, when banks and credit unions use information not typically in a consumer’s credit report and other alternative data for underwriting.