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Fair Lending/Responsible Banking
Fair lending principles are embraced by CBA members. Regulatory enforcement, however, is an increasingly complex area of compliance, and has become even more challenging with the intense search at the state and federal levels for 'predatory lending' practices. To encourage self-evaluation, CBA helped establish a privilege for self-testing for fair lending compliance. CBA also is responding to new fair lending guidelines and protecting banks from unnecessary and burdensome small business data collection.
- March 31, 2016On Thursday, March 31, 2016, Comptroller of the Currency Thomas Curry in a speech at Harvard Kennedy School's New Directions in Regulation Seminar released a long anticipated white paper entitled: "Supporting Responsible Innovation in the Federal Banking System: An OCC Perspective." The white paper published the OCC's definition of responsible innovation, which is "[t]he use of new or improved...March 29, 2016On Tuesday, March 29, 2016, Federal Reserve Chair Janet Yellen gave a speech on monetary policy to the Economic Club of New York. In her remarks, she reiterated the Federal Open Market Committee (FOMC) "expects that economic conditions will evolve in a manner that will warrant only gradual increases in the federal funds rate." Describing the FOMC’s position as a forecast “not a plan set in stone...March 24, 2016The Evolution of Banking In an address to the National Community Reinvestment Coalition’s (NCRC) Annual Conference last week, Comptroller Thomas Curry of the OCC remarked on how technological innovation is changing the game for the retail banking industry. We agree. Thanks to the ATM, internet, and now smartphone, many consumers complete all of their financial transactions remotely. Some services...February 19, 2016On Friday, February 19, 2016, the federal banking agencies increased the number of small banks and savings associations eligible for an 18-month examination as opposed to a typical 12-month cycle. The changes are intended to reduce regulatory compliance costs for smaller institutions, while maintaining safety and soundness protections. Under the interim final rules, qualifying well-capitalized...February 18, 2016 - 2:00PMPastUS Consumers are a fickle bunch, particularly when it comes to financial services (banking, auto loans, credit cards, even alternative lending). FICO recently completed a study of these consumers and has uncovered some fascinating insights.February 18, 2016On Thursday, February 18, 2016, the CFPB issued file specifications for the Home Mortgage Disclosure Act (HMDA) collection for 2017 and 2018. This resource for HMDA filers outlines the fields to be reported annually and explains how each field should be reported under the final HMDA rule. Beginning in 2017, HMDA data will be submitted electronically, but will include the data reported prior to...February 16, 2016 - 2:00PMPastIndustry expert Andy Walden, Program Manager at Black Knight Data & Analytics will discuss the impact of rising home prices and interest rates on home equity lending along with the ongoing impact of draw period expirations on home equity line of credit performance.February 11, 2016 - 2:00PMPastFebruary 10, 2016 - 2:00PMPastThe first stage of banking transformation primarily focused on distribution and workforce strategies for reducing expenses. Why? Because most banks viewed their branch network and branch staff as expenses. The next stage of banking transformation will focus on strategies for growing revenue as banks turn their branch networks into sales and advice centers rather than transaction centers.February 10, 2016Nearly eight years after the financial crisis, instances of misconduct across the spectrum of the industry continue to be reported in the press with troubling frequency. The coverage strikes an uncomfortable contrast with the intensity of effort the industry and the regulators have focused on reforming and remediating the weaknesses the crisis brought to light. Overall, this environment has...