The New York Department of Financial Services reminded banking institutions of recent amendments to the New York Community Reinvestment Act that require additional information on activities with respect to minority- and women-owned businesses.
Federal Reserve Board Governor Lael Brainard proposed an approach to Community Reinvestment Act oversight that would use metrics on retail banking services and community development to evaluate banks in low- and moderate-income neighborhoods.
The House Financial Services Committee considered (i) testimony from federal banking regulators on a broad range of concerns and (ii) several proposed bills imposing additional requirements on financial institutions.
At a roundtable discussion hosted by the Federal Reserve Board, bankers and community groups described their experiences with Community Reinvestment Act implementation and proposed amendments to better address underserved areas.
The Consumer Financial Protection Bureau proposal to rescind the mandatory underwriting provisions of a final rule governing "Payday, Vehicle Title and Certain High-Cost Installment Loans" was published in the Federal Register.
In a Bulletin, the Office of the Comptroller of the Currency reminded banks of annual adjustments, which took effect on January 1, 2019, amending the asset-size thresholds used to define "small bank," "small savings association," "intermediate small bank" and "intermediate small savings association" under the Community Reinvestment Act.
Federal Reserve Board Governor Lael Brainard urged a "holistic" approach to improve financial access for underserved families and small businesses that combines innovative FinTech platforms and other technological developments.
The Federal Reserve Board Division of Consumer and Community Affairs introduced a new publication that is intended to provide industry members with guidance on relevant supervisory issues related to consumer protection.
The Office of the Comptroller of the Currency notified national banks, federal savings associations, and federal branches and agencies of clarifications to supervisory policies and processes for Community Reinvestment Act exams.
In testimony before the House Financial Services Committee, Comptroller of the Currency Joseph Otting identified the top priorities of the Office and detailed operational and compliance risks faced by the banking industry.
In a blog post, the Consumer Financial Protection Bureau listed "the regulatory matters that the Bureau reasonably anticipates having under consideration during the period from May 1, 2018, to April 30, 2019."
The Office of the Comptroller of the Currency provided risk management guidance to banks and federal savings associations concerning high loan-to-value lending programs in communities that are targeted for revitalization.