Don’t wait to battle capital, regulatory demands
Two things suck the life out of banking: Excessive capital demands and over-regulation. [Continue]
CFPB regulatory trends and their impact on community banking
Recently, the Consumer Financial Protection Bureau has directed increased scrutiny on fees that banks charge for various financial products and services. [Continue]
CFPB circular could create significant compliance burdens
On June 4, the Consumer Financial Protection Bureau issued Circular 2024-03 regarding “unlawful and unenforceable contract terms and conditions.” [Continue]
FDIC’s proposed broker deposit changes hurt community banks
On July 30, the FDIC Board of Directors proposed a rule change that could significantly alter how banks classify deposits associated with third-party service providers. [Continue]
What Minnesota’s accelerated cannabis licensing means for banks
The 2024 Legislative Session brought some much needed clarity for cannabis licensing in Minnesota but also provided an unexpected, accelerated timeline. [Continue]
The evolution and impact of the Community Reinvestment Act
Understanding the historical context, staying abreast of recent updates, and leveraging technology are critical steps toward meaningful compliance. [Continue]
Calls for financial accountability spur regulatory actions, feeding class actions
In the past year, the banking crisis has resulted in an increased call for accountability and a growing number of investigations to uncover abuses and misconduct in the financial industry. [Continue]
Finalized CC late fee rule ignores reality
The Consumer Financial Protection Bureau’s recent capping of credit card late fees at $8 continues the bureau’s erroneous view of the expense as an unnecessary “junk fee.” [Continue]
Is charging re-presentment NSF fees ever fair?
Unlike other regulators who have issued guidance on this topic, the Fed has not clarified when non-sufficient fee charges could be considered fair. [Continue]
Reminders for regulators
Regulatory agencies are supposed to enforce laws written by Congress. Activist regulators who want to take matters beyond the letter of the law have a right like anyone else to work the political system to change the law. [Continue]