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On September 13, 2024, Federal regulators (FDIC, OCC, FBR) announced an extension of the comment period for its Request for Information (RFI) concerning partnerships between banks and financial technology (fintech) companies. Originally set to close at the end of  September 2024, the new deadline is now October 30, 2024. Key Highlights of the Announcement Purpose of the RFI: The regulators aim to gather insights on the evolving landscape of bank-fintech partnerships, particularly regarding how these

FDIC Releases Second Set of Q&A on Required Use of FDIC Logo: Key Takeaways for Financial Institutions   In a move to ensure clarity around compliance with its regulations, the Federal Deposit Insurance Corporation (FDIC) has issued a second set of Questions and Answers (Q&A) on its final rule, “Use of the FDIC Official Sign and Advertising Statement” (Part 328). This new release builds on the FDIC’s ongoing efforts to promote transparency and guide banks

  Download our FREE Section 1071  guide, “An Introduction to Section 1071: Small Business Lending Data Collection Requirements,” to understand how the latest regulatory changes will reshape the landscape of small business lending. Written by the experts here at COMPLIANCE RESORUCE, this paper will help you… Comprehensive Overview of Section 1071: Gain a thorough understanding of the key elements of the new regulation and its implications for financial institutions. Implementation Timeline: Learn about the critical

Earlier this week, the Consumer Financial Protection Bureau (CFPB) announced an update to Section 1071, the small business lending rule, extending compliance deadlines following recent court rulings. This move, aimed at providing clarity and additional time for lenders, comes in the wake of the Supreme Court decision in CFPB v. CFSA. Background of the Rule and Legal Proceedings The small business lending rule, initially issued by the CFPB on March 30, 2023, faced a temporary

The CFPB recently issued several press releases that could impact compliance departments in the future.  These include a proposal for removing medical bills from credit reports, initiating a process to set standards for open banking, a warning against the use of fine print in contracts, and the creation of a registry for organizations that have multiple compliance violations. There is nothing that needs to be at this time, but we’ll keep an eye on these