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January 5, 2024 |
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 Features
We need to strike the right balance between managing risks, pushing back on unfair rules and leaders and keeping ourselves moving forward with innovation.
John Vivian and Hugh Carney explore the agency’s findings, including the way credit risk and leapfrogged liquidity risk over the course of the year and the OCC’s concerns on artificial intelligence, among other topics, and what they portend for bank supervision in 2024.
The CFPB may not proceed with rulemakings on overdraft and NSF fees until it assesses the economic effects of the rulemakings on community banks and credit unions, as it is required to do under the Dodd-Frank Act, ABA asserted in a joint letter with the Independent Community Bankers of America and America’s Credit Unions.
The banking agencies have updated their uniform rules of practice and procedure to recognize the use of electronic communications in all aspects of administrative hearings and to other increase the efficiency and fairness of administrative adjudications.
ABA raised concerns that several aspects of the CFPB’s proposal to implement Section 1033 of the Dodd Frank Act—which governs financial data sharing—"may appear reasonable in the abstract but will break down in practical application." The association offered several recommendations for improving the effectiveness of the proposal, while emphasizing that the CFPB failed to provide adequate time for public comment given the rule’s scope.
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