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.
On July 17, 2019, members of the U.S. House Committee on Financial Services considered testimony on the potential impact of Facebook's proposed cryptocurrency on consumers, investors and the global financial system.
In its Annual Economic Report, dated June 23, 2019, the Bank for International Settlements urged regulators to implement policies and regulations that address the emergence of "big tech" in financial markets.
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.