NBA Legislative Update - April 8
NBA Joins Letter to CFPB on Fees
The NBA and 50 state banking associations provided comments to the Consumer Financial Protection Bureau (CFPB) regarding fees charged by financial services providers. The letter provided evidence that the market for consumer financial services is competitive and refuted the CFPB's assertion that institutions charge fees that are hidden, exploitative and unavoidable.
Read the Letter
FDIC Asks for Notice of Bank Crypto-Related Activities
The Federal Deposit Insurance Corporation (FDIC) recently sent a letter to FDIC-insured banks asking that any institution considering crypto-related activities notify the agency and provide "all necessary information that would allow the FDIC to engage with the institution regarding related risks."
The American Bankers Association (ABA) President and CEO Rob Nichols said the guidance “runs counter to the administration’s intent to foster responsible innovation, and risks tilting the playing field even more in favor of unregulated crypto firms that are not subject to rigorous oversight and supervision that banks face.”
Ask the Regulators: Computer-Security Incident Notification Rule
On Thursday, April 28, 2022, at 1:00 CDT, The federal banking agencies will host an Ask the Regulators webinar regarding the new Computer-Security Incident Notification Rule. During the webinar, the Agencies will respond to questions submitted in advance from banking organizations and bank service providers. Please email questions to firstname.lastname@example.org.