Compliance

A more active Consumer Financial Protection Bureau, competition from Big Tech and sanctions on Russia are combining to make compliance a much larger concern than in the past, according to legal experts who spoke at American Banker's Payments Forum.

The Consumer Financial Protection Bureau filed more actions against redlining and discriminatory practices in 2021 and is skeptical that that predictive analytics will reduce bias.

During his March Federal Open Market Committee meeting press conference, acting Federal Reserve Chair Jerome Powell said the Fed's supervision and regulatory panel was no longer active and key decisions about stress tests and bank mergers were being handled by the full board.

Several large banks are being investigated for employees’ use of unmonitored messaging software, despite prohibitions that have been in place for years.

The Federal Deposit Insurance Corp. reported a spike in troubled assets, suggesting a fairly large bank may be under heightened scrutiny. But confidentiality rules make it impossible to confirm any details.

The OCC and CFPB are investigating Bank of America for allegedly failing to protect tens of thousands of cardholders who reported fraud or were blocked from accessing their money at the height of the pandemic, according to sources familiar with the matter.

The megabank is dealing with one less regulatory headache following the termination of an enforcement action related to the sale of identity protection products.

The Irvine, California, bank has been beset by compliance woes since early 2021, when state regulators issued an order requiring it to bolster its capital and reduce the concentration of its commercial real estate footprint.

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