CFPB Proposes Updates to 'No-Action Letter' Policy (12/11/18)
The Bureau of Consumer Financial Protection is proposing changes to its so-called no-action letter policy and proposing to establish a regulatory sandbox that would encourage banks to test new, innovative financial products. The revised policy would seek to improve the no-action letter process by eliminating several redundant or burdensome elements, streamlining the Bureau’s processing and review of the applications and expanding the types of relief available, among other things. ABA called on the Bureau to revisit the policy in a comment letter earlier this year. Comments on the proposal are due 60 days after Federal Register publication. For more information, contact ABA's Virginia O’Neill.
ABA Offers Feedback on Federal Reserve Faster Settlement Proposal (12/11/18)
In a comment letter to the Federal Reserve, ABA offered feedback on potential Fed actions to accelerate interbank settlement of faster payments, including the idea of the Fed banks developing a 24/7/365 real-time settlement service and a liquidity management tool to support this service. ABA's comments reflected input received from a number of member bankers that participated in the association's Faster Payments Working Group. For more information, contact ABA's Steve Kenneally.
Bureau Releases Beta Version of HMDA Platform for 2018 Data (12/11/18)
The Consumer Financial Protection Bureau has launched the beta version of its Home Mortgage Disclosure Act platform for data collected in 2018. The beta release allows banks an opportunity to familiarize themselves with the platform and ensure their sample loan/application registers (LARs) data complies with reporting requirements. Banks may test and retest their data files as often as desired during the beta period.