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June 21, 2024 |
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 Features
ABA President and CEO Rob Nichols warned bankers that the ABA will remain vigilant about legislation at the state level that threatens to undermine national bank preemption. In his opening remarks at the ABA Risk and Compliance Conference in Seattle, he observed that "we’re seeing both blue states and red states pass laws that would interfere with national bank operations, violate preemption and tread squarely onto the OCC’s turf."
In a time of heightened regulatory risk and business challenges, "that’s where the risk professionals become very important," says David Kelly, CERP, who recently retired as chief risk officer at Denver-based FirstBank. In part one, Kelly discusses the evolving role of technology in risk and compliance professionals and how soft skills contribute to risk and compliance career development.
Banking agencies are likely to advance several potentially major regulations in the final six months of 2024, although the timing on some of the proposals under consideration remains uncertain, ABA policy experts said recently at the Risk and Compliance Conference in Seattle.
Risk and Compliance News
ABA, along with the American Fintech Council and the Community Development Bankers Association, sent a letter today to the CFPB urging the bureau to consider the unique position of small banks and fintech firms in complying with the requirements outlined in its proposed rule on personal financial data rights.
In recent comments, the ABA said that while it appreciates recent updates to Office of Foreign Assets Control reporting requirements related to blocked and rejected transactions, further revisions are needed to ease the compliance burden on banks.
The Consumer Financial Protection Bureau released a circular that warns against unlawful or unenforceable terms and conditions in contracts for consumer financial products or services. In a statement, the bureau said that many contracts include terms and conditions claiming to limit consumer rights and protections.
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