ICBA Newsroom
The ICBA Newsroom collects and centralizes all the NewsWatch Today articles, press releases, Main Street Matters blogs, advocacy letters and other news that impacts community bankers.
Agencies Planning Resolution Reform: McWilliams
The FDIC and Federal Reserve are reviewing resolution-planning regulations for bank holding companies, FDIC Chairman Jelena McWilliams said. McWilliams said that while the largest financial institutions remain an untested resolution challenge, the agencies are looking to make resolution planning more targeted and will release a proposal in the coming months.
November 30, 2018 |
ICBA NewsWatch Today
Too-Big-To-Fail/Systemic Risk
Visa: EMV Shift Crushing Counterfeit Fraud
The shift to EMV chip technology has reduced card-present counterfeit payment fraud by 82 percent at chip-enabled merchants, Visa said. More than 3.1 million merchants are now accepting chip cards—67 percent of U.S. storefronts—and 98 percent of U.S. payment volume in September was on EMV cards.
November 30, 2018 |
ICBA NewsWatch Today
Payments
Court Delays Bureau’s Small-Dollar Rule
A federal court this week granted the Bureau of Consumer Financial Protection’s request to delay the effective date of its rule on small-dollar loans. The decision delays the August 2019 compliance date as the bureau plans to issue proposed rules in January that will reconsider the rule. The bureau plans to propose revisiting only the ability-to-repay provisions, which it said have greater consequences for consumers and the industry than the payment provisions.
November 09, 2018 |
ICBA NewsWatch Today
Consumer Financial Protection Bureau Compliance
FDIC Call Features S. 2155 Consumer Compliance Provisions
The FDIC is hosting an upcoming teleconference on consumer compliance topics related to the S. 2155 regulatory relief law. Scheduled for 2 p.m. (Eastern time) Thursday, Oct. 25, the teleconference will feature a formal presentation on provisions of the Economic Growth, Regulatory Relief, and Consumer Protection Act as well as a question-and-answer segment.
October 15, 2018 |
ICBA NewsWatch Today
Compliance
FinCEN Issues Advisory on Iran
The Financial Crimes Enforcement Network issued an advisory to help financial institutions better detect and report potentially illicit transactions related to Iran. The advisory provides information on the threats the Iranian regime poses to the U.S. financial system, describes deceptive financial strategies that the Iranian regime uses to evade sanctions, and provides red flag indicators related to specific malign activities and typologies.
October 15, 2018 |
ICBA NewsWatch Today
Compliance
FHFA Seeks Input on ‘Duty to Serve’ Modifications
The Federal Housing Finance Agency is seeking input on proposed modifications to the Underserved Markets Plans for Fannie Mae and Freddie Mac. The “duty to serve” plans require the enterprises to serve three specified underserved markets—manufactured housing, affordable housing preservation, and rural housing.
October 04, 2018 |
ICBA NewsWatch Today
Housing Finance/GSEs
Fannie, Freddie Update PMI Standards
Fannie Mae and Freddie Mac revised eligibility requirements for private mortgage insurers, the Federal Housing Finance Agency announced. The updates include changes to: risk-based asset requirements, the treatment of approved risk-transfer transactions, and risk-transfer credit arising from counterparty risk associated with reinsurance transactions. The standards establish minimum financial and operational requirements for doing business with the enterprises.
October 01, 2018 |
ICBA NewsWatch Today
Housing Finance/GSEs
Agencies Issue Customer Identification Program Exemptions
Federal regulators exempted loans for property and casualty insurance policies from Customer Identification Program rules. Banks engaging in insurance premium finance lending must continue to comply with all other regulatory requirements implementing the Bank Secrecy Act, including the requirement to file suspicious activity reports.
October 01, 2018 |
ICBA NewsWatch Today
Compliance
Boston Fed Encourages Tokenization Collaboration
Federal Reserve Bank of Boston researchers encouraged stakeholders to continue collaborating on the development of payment tokenization. Noting that tokenization mitigates risk by eliminating the need to store and transmit a customer’s primary account number, a new paper says that collaboration will help expand its use in e-commerce, evaluate third-party token service providers, educate consumers, and anticipate future innovations.
October 01, 2018 |
ICBA NewsWatch Today
Payments
FinCEN Wants to Talk BSA Reporting with Hurricane-Affected Banks
The Financial Crimes Enforcement Network said financial institutions affected by Hurricane Florence should contact FinCEN and their functional regulator as soon as practicable to discuss any delays in their ability to file Bank Secrecy Act reports. FinCEN can be reached at FRC@fincen.gov.
October 01, 2018 |
ICBA NewsWatch Today
Advocacy
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