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Posted Date: Tuesday, May 21, 2024
Federal Deposit Insurance Corp. Chair Martin Gruenberg announced he will step down from his role following the results of an independent investigation into workplace misconduct within the agency during his tenure. Gruenberg said he plans to leave once a replacement is confirmed. Read on »
Posted Date: Tuesday, May 21, 2024
Federal agencies are constantly tasked with outlining the regulatory priorities driving their actions with respect to covered entities and various economic sectors. In this roundup, we note some of the latest efforts in that respect, as well as a key change in senior leadership at one agency. Read on »
Posted Date: Friday, May 17, 2024
October Research, LLC debuted its new “Keys to Real Estate” podcast, hosted by Chief Knowledge Officer Mary Schuster, on May 16. Industry professionals can now hear from some of the most knowledgeable thought leaders on topics impacting the real estate transaction while on the go delivered weekly via various podcast platforms and YouTube. Read on »
Posted Date: Friday, May 17, 2024
The Supreme Court’s 7-2 vote upholding the constitutionality of the Consumer Financial Protection Bureau elicited a slew of reactions from financial trade advocates. Common themes among the responses included relief the matter was settled and would not cause disruption in key economic sectors or to consumers. Read on »
Posted Date: Tuesday, May 14, 2024
Nonbank mortgage activity and the use of automated tools in lending decisions are among the main focal points in the Financial Stability Oversight Council’s (FSOC) annual report summarizing key vulnerabilities in the financial system and recommendations for mitigating risks, as well as the council’s activities in 2023. Regulators commented on the need for FSOC to have more tools to help stem emerging financial stability risks. Read on »
Posted Date: Tuesday, May 14, 2024
Executive compensation at some of the country’s largest banks is the subject of a new proposal by federal banking regulators. The proposed rule would implement one of the last remaining provisions of the Dodd-Frank Act and requires approval from six regulatory agencies.
The Federal Deposit Insurance Corp. voted 3-2 in favor of putting the notice of proposed rulemaking out for comment despite having secured support from only four of the six required federal agencies. Read on »
Posted Date: Tuesday, May 14, 2024
U.S. Bancorp, the parent company of U.S. Bank, recently named its new president. She will bring her 27 years of financial services experience to her new role overseeing the company’s three business lines and will be tasked with ensuring the company maintains a shared focus on growth and holistic client experiences across its entire network.
With more than $657 billion in total assets, U.S. Bank ranks fifth among the country’s largest banks, according to Federal Reserve data as of September 2023. Read on »
Posted Date: Friday, May 10, 2024
To support third-party risk management efforts among community banks, the three federal banking agencies unveiled a comprehensive guide to help those institutions navigate the complexities associated with third-party relationships. The guide highlights a host of considerations institutions are encouraged to keep in mind during the third-party relationship lifecycle. Read on »
Posted Date: Friday, May 10, 2024
State and federal regulators entered into a written agreement with First Citizens Bank of Butte requiring the Montana-based financial institution to address deficiencies in its risk management policies and practices to comply with Bank Secrecy Act/anti-money laundering regulations under the Dodd-Frank Act. Read on »
Posted Date: Friday, May 10, 2024
Financial trade advocates joined together to detail their opposition to the treatment of digital assets under a policy enacted by the Securities and Exchange Commission more than two years ago. The four trade organizations called on Congress to do away with the policy in a recent comment letter.
Additionally, a recent hearing about the Consumer Financial Protection Bureau’s rulemaking activities on various fees served as an opportunity for one trade group to reiterate its strong opposition to what it contends to be the bureau’s politically motivated policy agenda.
Read about these industry developments and more in this roundup. Read on »
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