The Consumer Financial Protection Bureau (CFPB)
CFPB and Others Announce Equifax Data Breach Settlement
The Consumer Financial Protection Bureau, Federal Trade Commission, 48 states, Puerto Rico, and the District of Columbia announced a settlement with Equifax. The settlement would provide up to $700 Million in relief and penalties. This comes after a complaint that Equifax participated in unfair and deceptive practices involved with an Equifax data breach in 2017 that impacted 147 million consumers.
Office of the Comptroller of Currency (OCC)
OCC and Other Agencies Propose Rule Regarding Land Development Loans
The Office of the Comptroller of the Currency and other regulatory agencies asked for public comment on a proposed change to the treatment of land development loans under the agencies’ capital rules. This proposal aims to clarify the treatment of this type of loan and expand on a September 2018 proposal to revise what high volatility commercial real estate (HVCRE) means.
Securities and Exchange Commission (SEC)
SEC and Other Agencies Accept Rule to Exclude Community Banks from Volcker Rule
The Securities and Exchange Commission and the other federal financial regulatory agencies adopted a final rule, excluding community banks from the Volcker Rule. This decision is in line with the stipulations of the Economic Growth, Regulatory Relief, and Consumer Protection Act.
The Federal Deposit Insurance Company (FDIC)
FDIC, Other Regulatory Agencies, and FinCEN Improve BSA/AML Supervision Transparency
The Federal Deposit Insurance Corporation, the other federal financial regulatory authorities, and FinCEN released a statement as part of an ongoing effort to increase transparency regarding risk-based BSA and AML supervision. The statement outlines assessment practices for a bank’s money laundering and terrorist financing risk.
Federal Reserve Board (FRB)
FRB and Other Regulatory Agencies Will Not Take Action on Volcker Rule Restrictions for Certain Foreign Funds
The Federal Reserve Board and other regulatory bodies announced that they would not take action on Volcker Rule Restrictions involving certain foreign funds for an additional two years. These foreign funds are excluded from the definition of covered funds as established by the agencies’ regulations.