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.
The Federal Reserve Board adopted final amendments for determining whether, under the Bank Holding Company Act and the Home Owners' Loan Act, a company has the ability to exercise a controlling influence on another company.
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.
The American Banking Association, SIFMA and the Institute of International Bankers proposed revisions to a Federal Reserve Board proposal to modify its regulations for determining "whether a company has the ability to exercise a controlling influence" on another company.
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.
The FDIC adopted a final rule that will rescind regulations concerning the fiduciary powers of state savings associations and amend regulations regarding consent requirements for the exercise of trust powers.
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.