Financial regulations

N.Y. regulator is first to issue climate guidance for banks, credit unions

10/29/20

The New York State Department of Financial Services says banks and credit unions under its supervision should limit loan concentrations in vulnerable geographic areas, avoid overexposure to fossil fuel and other legacy businesses and develop financial disclosures detailing climate-related risk.

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NCUA board OKs interagency guidance proposal

10/28/20

The rule, which will go up for a 60-day comment period, codifies existing NCUA policies and is not expected to change how the agency operates.

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Credit unions want CECL changes, but NCUA's hands are tied

10/28/20

The industry called for modifications to the regulator's phase-in proposal on the new credit loss standard while acknowledging the broader changes it wants are up to the Financial Accounting Standards Board.

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Barrett could cement court’s restrictive view of debt collection cases

10/27/20

A 2019 decision by Amy Coney Barrett, then a 7th Circuit judge, cited an earlier Supreme Court ruling suggesting a high bar for plaintiffs to claim harm. But other jurists have favored a less onerous standard.

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Gene Ludwig's plan for saving the American Dream

10/26/20

Ludwig, an ex-banking regulator and CEO of Promontory Financial Group, describes how economic conditions for middle- and low-income Americans have declined and advocates a living wage, investment in infrastructure, smart regulation and other solutions.

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OCC chief says agency is close to proposing new CRA scoring benchmarks

10/26/20

The agency's May rule modernizing the Community Reinvestment Act had deferred action on establishing numeric metrics for meeting the law's requirements, but acting Comptroller of the Currency Brian Brooks said banks will soon get more clarity in a follow-up proposal.

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Week ahead: PPP bill in Congress and surprise NCUA meeting

10/26/20

A recently introduced bill concerning the Paycheck Protection Program loans could hint at what lawmakers will focus on when the House and Senate reconvene next month.

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NCUA announces unplanned board meeting next week

10/23/20

The credit union regulator will meet for a second time this month when the board holds an open meeting on Wednesday.

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CFPB staff shake-up seen hampering investigations

10/22/20

The agency’s consolidation of supervision and enforcement policy into one office could compromise the independence of those deciding when to investigate alleged wrongdoing by banks and others, critics of the move say.

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Should consumer protection failures play a bigger role in CRA grades?

10/21/20

USAA Federal Savings Bank’s downgrade shows how customer mistreatment stemming from flaws in internal controls can hurt Community Reinvestment Act scores. Some want consumer compliance to carry more weight in the CRA calculus.

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