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Compliance-Regulatory

Compliance Index Shows Few Regulatory Changes in First Quarter

April 17 – On the heels of a burdensome fourth quarter in 2016, U.S. financial institutions encountered fewer regulatory changes in Q1 2017 than any quarter in the nearly five-year history of the Banking Compliance Index. Simultaneously, regulatory agencies issued just 57 enforcement actions against financial institutions in the quarter, an unprecedented cooling 64 percent below the average number of EAs per quarter dating back to Q1 2013 when there were 157 EAs. (more…)

OCC Special Interest Charter Draws Responses From ABA and ICBA

April 17 – The two major banking trade groups have weighed in with feedback to the Office of the Comptroller of the Currency on the issue of the proposed special-purpose charter for unregulated financial technology companies. The OCC published a draft supplement in March to its original whitepaper of December 2016, and accepted comments through April 14.

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A Modern Glass-Steagall Act Receives Bipartisan Backing

April 11 – A modern version of the Glass-Steagall Act was reintroduced by Sens. Elizabeth Warren, D-Mass., John McCain, R-Ariz., Maria Cantwell, D-Wash., and Angus King, I-Maine. The 21st Century Glass-Steagall Act, like the Banking Act of 1933, protects American taxpayers, helps community banks and credit unions compete and decreases the likelihood of future financial crises, the senators said in a news release. (more…)

George: Regulatory Environment ‘Misaligned’

April 6 – In remarks at the New York Fed’s Community Banking Conference, Kansas City Fed President Esther George said that the evidence indicates that community banks are extremely important to our economy. (more…)

Government Orders Wells Fargo to Reinstate Whistleblower

April 4 – Wells Fargo Bank N.A. has been ordered to compensate and immediately reinstate a former bank manager who lost his job after reporting suspected fraudulent behavior to superiors and a bank ethics hotline. (more…)

Trade Groups Have Mixed Reviews of EGRPRA Report

March 24 – Trade groups representing banks and credit unions had mixed reactions to a joint report to Congress by member agencies of the Federal Financial Institutions Examination Council about their efforts to reduce regulatory burden. The mandatory review was conducted as part of the Economic Growth and Regulatory Paperwork Reduction Act by the Federal Reserve System Board, the Office of the Comptroller of the Currency and the FDIC, and in conjunction with the National Credit Union Administration. (more…)

White House Meets With Community Bankers

By Toni Lapp

March 9 – Despite recent headlines about health-care reform, immigration bans, the CIA and Wikileaks, regulatory relief remains on President Trump’s agenda, evidenced by his meeting with community bankers from across the country. He later described the meeting in a tweet as a “great listening session.”

The president said he was concerned with the impact of banking regulations on access to credit, and he noted that community banks provide about half of all loans to small businesses.

Donald Trump meets with community banking groups

Representatives of two major community banking groups met with President Trump on March 9.

 

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Thrift Flexibility Bill Backed by ABA Introduced in House, Senate

March 8 – U.S. Reps. Keith Rothfus, R-Pa., and Jim Himes, D-Conn., reintroduced the Federal Savings Association Charter Flexibility Act, supported by the American Bankers Association. The ABA called the bill “the epitome of sensible regulatory relief,” and said it would give greater flexibility to institutions chartered under the Home Owners Loan Act.

According to the ABA, the legislation will allow a federal savings association to elect to function as, and be regulated like, a national bank without having to change charters or governance structure.

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Regulators Release Swap Margin Guidance

February 24 – The Federal Reserve Board and the Office of the Comptroller of the Currency have released guidance explaining how supervisors should examine for compliance with the swap margin rule, which established margin requirements for swaps not cleared through a clearinghouse.

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CSBS Releases BSA/AML Self-Assessment Tool

February 7 – State regulators have released a new, voluntary tool to help banks and non-depository financial institutions better manage Bank Secrecy Act/Anti-money laundering risk. (more…)

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