Read below for the FFIEC's opinion on exam modernization, the CFPB teaming up with the FTC, possible regulatory relief for community banks, fintech companies in Arizona, the FDIC announces enforcement action against Cross River Bank for unfair and deceptive practices and more.
Industry News for the Week of March 26
Regulatory alliance – CFPB to work with FTC to address debt collectors: Read here
How the regulatory relief may/could/hopefully/might trickle down to community banks: Read here
Arizona becomes first state to allow a fintech sandbox – but the Arizona attorney general’s office will manage it: Read here
A different tone in the CFPB’s annual report on Fair Debt Collections Practices: Read here
FDIC announces enforcement action against Cross River Bank for unfair and deceptive practices: Read here
Seems counter intuitive but it’s true – regulatory relief may drive up compliance costs – adapting to the changes, among other things: Read here
CFPB goes silent on complaints: Read here
From a BSA perspective, considering the business justification for contracting with a third party is a requirement: Read here
Tougher PCI standards may be on the way following Equifax breach: Read here
Fed chief says banks should overhaul internal cultures:
William C. Dudley, the outgoing President of the Federal Reserve Bank of New York, says regulators should encourage finance firms to review their corporate cultures to reduce risk-taking and misbehavior. He said regulators should not be required to shine a spotlight on bad behavior - rather, internal cultures could be overhauled through closer self-examination. He said that too many rules could in fact create a culture of over-observance whereby banks felt able to do anything that fell within the ambit of regulation, even if it was counter to the actual spirit of the rules. “If you have a good culture, you’d say, ‘I could do this, but it’s misleading, it’s unethical and therefore it’s inappropriate,’” he said.
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