Consumer Financial Protection Bureau (CFPB)
CFPB Issues Consumer Disclosure Final Rule
The Consumer Financial Protection Bureau issued a final rule regarding certain consumer disclosures required by the Fair Debt Collection Practices Act. The new rule requires debt collectors to provide in-depth disclosures, detailing the existence of a consumer’s debt and rights in debt collection at the very start of collection communications. They must also provide information to help the consumer respond. The rule also stops collectors from threatening consumers with time-barred debt with lawsuits.
The Office of the Comptroller of the Currency (OCC)
OCC Invites Comment on Proposed Rule Modifying Suspicious Activity Report Requirements
The Office of the Comptroller of the Currency recently released a notice of proposed rulemaking that would allow the OCC to issue exemptions from the requirements of suspicious activity reports (SARs), allowing the agency to grant relief to national banks and federal savings associations that develop more efficient and effective solutions to meet Bank Secrecy Act requirements. The OCC has invited comments on the notice for 30 days after publication in the Federal Register.
Securities and Exchange Commission
SEC Adopts New Rule Limiting Chances of Overlapping or Redundant Regulation
The Securities and Exchange Commission announced it’s adoption of a rule that would limit the chances of regulations that overlapped or were duplicates of other regulations regarding their security-based swap regulatory system. The rule makes exemptions for some activities of security-based swap organizations from being required to also register as a clearing agency, similar to rules regarding broker-dealers and national securities exchanges.
Federal Reserve Board
FRB and Other Agencies Propose New Computer Security Incident Notification
The Federal Reserve Board and other federal financial regulatory agencies proposed a new requirement for financial institutions to notify their primary federal regulator if there is a computer security issue as soon as possible. Specifically, banking organizations would be required to issue alerts for incidents that could lead to an inability to deliver services to a large part of its customer base, jeopardize the success of key operations or impact the stability of the financial sector.