The Federal Reserve Board, the Office of the Comptroller of the Currency, the FDIC, the Consumer Financial Protection Bureau, the National Credit Union Administration and the Conference of State Bank Supervisors encouraged financial institutions to work with consumers impacted by the federal government shutdown.
Federal banking regulators testified before the U.S. Senate Committee on Banking, Housing and Urban Affairs on progress toward implementing the Economic Growth, Regulatory Relief and Consumer Protection Act.
In an interagency statement, several banking agencies addressed instances in which banks may decide to enter into collaborative arrangements to share resources to manage their Bank Secrecy Act and anti-money laundering obligations.
In a Joint Report submitted to Congress, member agencies of the Federal Financial Institutions Examination Council and the National Credit Union Administration outlined interagency and agency actions to reduce regulatory burdens on financial institutions.
The Board of Governors of the Federal Reserve System, FDIC, National Credit Union Administration and the Office of the Comptroller of the Currency provided guidance on a new accounting standard introducing a methodology for estimating allowances for credit losses.
Multiple agencies requested comment on a joint proposal that would limit incentive-based compensation arrangements at covered institutions. The request for comment was published in the Federal Register.
The Office of the Comptroller of the Currency, the CFPB, the FDIC, and the National Credit Union Administration outlined supervisory expectations regarding deposit reconciliation practices for customer accounts.
The Board of Governors of the Federal Reserve System, FDIC, National Credit Union Administration, Office of the Comptroller of the Currency and U.S. Treasury Financial Crimes Enforcement Network issued guidance on applying customer identification program requirements to prepaid cards issued by banks.
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