FDIC Climate-Risk Principles Set for Public Comment
Today’s Federal Register includes the final text of the FDIC’s request for public comment on climate-risk management principles.
FRB-NY Reasserts that Disasters Don’t Damage Bank Resilience
The Federal Reserve Bank of New York today released a blog post on its earlier staff paper finding that weather events triggering federal disaster declaration did not pose significant risk to bank resiliency, even for the most damaging of disasters.
GOP Demands Disclosure, Not Rules, Govern Stablecoins
Republicans last week outlined their preferred, disclosure-based approach to stablecoin regulation, a sharp contrast to the PWG’s recommendations (see Client Report CRYPTO21) calling for new chartering restrictions.
HFSC Presses Financial Industry for Reparations
The HFSC memo today on tomorrow’s hearing about the need for reparations from the financial-services industry indicates that the Oversight Subcommittee will focus on the extent to which banks provided financing for slavery, allowed for enslaved persons to be used as collateral, and how insurers covered enslaved people’s work or sales value.
Nonbank Small-Business Lenders Face Possible CFPB Sanction
House Small Business Chair Velasquez (D-NY) has introduced H.R. 7351 to force nonbank small-business lenders into the CFPB’s efforts to identify patterns of racial, ethnic, or gender bias via ECOA disclosures.
CFPB Demands Lenders Give Consumers Data in Servicing, Other Disputes
Building on its mortgage servicing initiatives, the CFPB today not only filed an amicus brief in a case against Wells Fargo, but also reiterated that banks must participate in “relationship banking” and respond promptly …