Links in “Proposals, Requests, & Comments”
- Senators Propose Changes to Privacy Notices
Senators Sherrod Brown and Jerry Moran are urging adoption of their Privacy Notice Modernization Act, which eliminates the requirement to send privacy notices on an annual basis. In exchange, credit unions and other financial institutions would have to make their privacy notices always available for their account holders. [5/9]
- 3 CFPB Proposals: Reason for Optimism?
Three CFPB proposals provide a rare bright spot for those who have been navigating complex compliance regulations lately. A look at proposed rules on privacy disclosures, Ability-to-Repay/Qualified Mortgage rules, and Remittance Rule. [5/9]
- Bankers’ Group Lends Support for CFPB Rule of Privacy Notices
It's not often that bankers and the CFPB see eye to eye, but when it comes to the CFPB's proposal to let banks post privacy notices online, instead of having to mail paper-based copies to their customers, the ICBA lends its full support. [5/9]
- NY’s Debt Collection Reforms: Cutting Edge or Too Consumer Friendly?
A look at how NY's proposed debt collection reforms stack up against other states, including Maryland. Some consider the revisions cutting edge; others see it as the court giving legal advice to consumers. [5/9]
- ATR? Yes! Everything Else? Not Yet.
The House Financial Services Committee passed the CFPB-amended final Ability to Repay rule this past Wednesday, while putting holds on other bills such as the Mortgage Choice Act of 2013, the Portfolio Lending and Mortgage Access Act, and more. [5/8]
- NASCUS Champions Rural CUs through Various House Bills
The National Association of State Credit Union Advisors (NASCUS) notes efforts in introducing various House bills that allow state-chartered, privately insured CUs to join the Federal Home Loan Bank system, provide the National Credit Union Share Insurance Fund coverage for trust accounts, and ensure rural FIs can provide credit to consumers and small businesses. [5/8]
- Bankers Seek Presence on Fed Board
ICBA lends its support for Community Bank Preservation Act, which would require at least one member of the Federal Reserve Board of Governors to have experience as a community banker or community bank supervisor. [5/8]
- Money Services Businesses Bill Passes
The Money Remittances Improvement Act passes in the House and is on its way to the Senate. The bill would make it easier for well-regulated non-banks, such as money services businesses, to provide remittances overseas. [5/8]
- Regulatory Relief Bills Pass through House
The highly anticipated regulatory relief bills have passed through the US House of Representatives. These include bills concerning rural area designations, coverage for trust accounts, and the Capital Access for Small Community Financial Institutions Act. [5/7]
- CFPB’s Privacy Proposal Comes with Strings Attached
The CFPB proposes a rule to promote more effective privacy disclosures from FI to their customers. The proposal includes constant access to privacy policies, limited data sharing, comparison shopping, and being cheaper for companies to notify consumers of privacy practices. If FI's share information unaffiliated third parties they are not eligible. [5/7]
