Banking

Agencies concern regulative program attending to overdraft, NSF costs, other concerns

The Biden administration today released its Fall 2022 Semiannual Regulatory Agenda—a semiannual listing of rulemakings that departments and companies anticipate to start or continue throughout the next 6 months. The program is present since Sept. 30, 2022.

In the program, the Consumer Financial Protection Bureau forecasted that it will start “pre-rule activity” in November to analyze whether overdraft costs are financing charges, which would subject the costs to the requirements of Regulation Z. The American Bankers Association has actually regularly opposed any recommendation that overdraft costs go through Regulation Z under the suitable statute. The CFPB likewise forecasted that it will start pre-rule activity in November to “consider new rules regarding NSF fees.” The CFPB did not suggest what guidelines it might be considering.

Other forecasted issuances this month consist of a last guideline to carry out area 1071 of the Dodd-Frank Act, which worries small company financing information collection, and a proposed guideline to change the guidelines executing the CARD Act associated to charge costs imposed by card providers, consisting of the safe harbors for those charge costs. Additionally, the bureau forecasted that it will start pre-rule activity in November for prospective modifications to Regulation V, which carries out the Fair Credit Reporting Act, and stated it anticipates to release suggested guidelines In December needing specific nonbanks that are under public enforcement orders to sign up with the company through a public computer registry.

The OCC, Federal Reserve and FDIC forecasted March for issuance of a “joint rule to modernize the Community Reinvestment Act Regulations.” The Department of Labor forecasted May for issuance of a proposed guideline to “update” the wage level utilized to figure out whether a worker undergoes federal base pay and overtime requirements. The Financial Crimes Enforcement Network jobs that it will release a proposed guideline in November to modify Customer Due Diligence requirements for banks, to represent modifications produced by the 2 other rulemakings FinCEN is needed to carry out to develop an useful ownership computer registry.

Gabriel

A news media journalist always on the go, I've been published in major publications including VICE, The Atlantic, and TIME.

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