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May 10, 2024 |
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 Features
For risk management leaders, the confluence of internal and external factors creates a complicated landscape to navigate when it comes to climate risk. That said, this moment also provides an excellent opportunity for us to ground our organizations on climate change within a traditional risk management construct that resonates with all stakeholders.
Banks reported tightening their commercial real estate lending policies during the first quarter of 2024, according to the Federal Reserve’s senior loan officer opinion survey. The quarterly survey noted that banks reported tighter standards and weaker demand for all types of commercial and industrial loans during the first three months of the year.
The Biden administration will soon propose easing federal restrictions on cannabis by reclassifying the drug for the first time in 50 years. Under the proposal, marijuana would be reclassified so it is no longer a strictly controlled Schedule I drug but instead a Schedule III drug, which would expand the availability of cannabis for medicinal purposes.
The Department of Housing and Urban Development released new guidance warning that the use of artificial intelligence in tenant screenings and housing advertising could result in unlawful discrimination.
The Federal Reserve, FDIC and Office of the Comptroller of the Currency released a new guide to help community banks develop and manage third-party risk management practices. Among other things, the guide states that engaging a third party does not diminish or remove a bank’s responsibility to operate in a safe and sound manner, or to comply with legal and regulatory requirements.
FinCEN needs to accurately calculate the burden that collection currently places on financial institutions, and to consider the parts of the existing rule that work and those that do not, ABA said in a letter to the agency.
The Consumer Financial Protection Bureau published research alleging that when financial institutions attach "complex" pricing structures to products such as credit cards, mortgages and checking accounts, consumers pay more for those products.
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