Fair and responsible banking regulations: How prepared are you? has been saved
Perspectives
Fair and responsible banking regulations: How prepared are you?
Perspectives on regulatory change and marketplace developments
Fair and responsible banking practices continue to be enhanced and modernized within the industry through recent regulatory changes. From managing fair lending practices and Unfair, Deceptive, or Abusive Acts or Practices (UDAAP) risks to meeting new demands for data collection and reporting requirements as well as addressing and analyzing consumer complaints, financial institutions may need to look beyond the traditional approach for fair and responsible banking. Explore our report collection to track regulatory updates as they arise.
Our Fair and Responsible Banking Collection follows our understanding of the regulatory developments within the industry and the impact new requirements may have on your financial institution. Take a closer at rules that regulators are imposing to better prepare your compliance frameworks.
On December 12, 2024, the CFPB issued a final rule, largely as proposed, that amends Regulations E and Z to update applicable regulatory exceptions for overdraft credit provided by financial institutions with more than $10 billion in assets.
On October 22, 2024, the Consumer Financial Protection Bureau (CFPB) finalized section 1033 of the CFPA and its highly anticipated ruling around consumer-authorized financial data sharing, which aims to provide consumers with greater rights, privacy, and security over their personal financial data.
On May 16, 2024, the Supreme Court of the United States ruled in the Consumer Financial Protection Bureau v. Community Financial Services Association of America that the funding mechanism of the Consumer Financial Protection Bureau (CFPB) did not violate the Appropriations Clause of the US Constitution.
On March 5, 2024, the Consumer Financial Protection Bureau (CFPB) released a final rule to amend Regulation Z, which implements the Truth in Lending Act (TILA), banning excessive credit card late fees and closing a 2010 loophole.
On January 17, 2024, the Consumer Financial Protection Bureau (CFPB) released a proposed rule to amend Regulations E and Z to update applicable regulatory exceptions for overdraft credit provided by financial institutions with more than $10 billion in assets.
On October 24, 2023, Board of Governors of the Federal Reserve System (FRB), the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC) (collectively "the agencies") modernized the Community Reinvestment Act (CRA).
The 1033 rule proposed by the Consumer Financial Protection Bureau (CFPB) addresses how consumer financial data is managed and shared across the industry.
The finalization of Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act and proposed updates to the Community Reinvestment Act (CRA) will create new data expectations across products and services.
Updates to the CRA mark a shift toward regulations that are more digitally focused, including four performance tests for banks with assets of more than 2 billion.
The CFPB/s rule requires banks, nonbanks, and other financial institutions to enhance data collection and reporting related to small business lending information. This rule serves a significant shift in the credit life cycle for small business lending.
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