Compliance Update - Jan. 6, 2023
Flood Named to Financial Services Committee
Nebraska Rep. Mike Flood has been selected to join the House Financial Services Committee. The Committee has jurisdiction over banking, housing and insurance issues and oversees several regulatory agencies, including: the Federal Reserve, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC).
Regulatory Agenda Released
The Fall 2022 Semiannual Regulatory Agenda released last week by the Biden Administration lists the rulemakings federal agencies plan to initiate in the upcoming months.
Items on the Consumer Financial Protection Bureau’s (CFPB) agenda include reviewing whether overdraft fees are finance charges, considering new rules regarding non-sufficient funds fees and a final rule to implement the small business lending data collection of the Dodd-Frank Act.
The OCC, the Federal Reserve and the FDIC plan to issue a joint rule on Community Reinvestment Act modernization in March.
OCC Provides Report to Congress
The banking system experienced a slight decline in profitability but remains strong, the OCC said in its annual report to Congress. The profitability of the 1,084 banks operating in the U.S. dropped to 1% from 1.3% in the previous year.