Several banking organizations asked a federal court to postpone the compliance deadlines of the CFPB's "open banking" rule, which mandates that banks share customer financial data with third-party Fintech companies and data aggregators. (See previous coverage.)
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The CFTC initiated an internal review of staff compliance with requirements on time and attendance, telework, return-to-office and reasonable accommodation, "in order to identify violations and fraud, waste and abuse."
The Federal Reserve ended its Novel Activities Supervision Program, which focused on "certain crypto and fintech activities in banks." The Board said it will "return to monitoring banks' novel activities through the normal supervisory process."
The FDIC's Inspector General ("OIG") concluded that the agency's program for examining third-party companies providing services to banks lacked clear performance goals and metrics to measure its effectiveness.
In a joint letter, the Bank Policy Institute and American Bankers Association supported the Federal Reserve's proposed changes to the Large Financial Institution rating system and welcomed the Fed's stated intention to consider more comprehensive reforms to the supervisory ratings system.