For Members
Resource Available at the Federal Reserve Bank of San Francisco to Assist with Fintech
Do you need help navigating the regulatory and supervisory system in support of your business model or involvement with financial technologies? SF Fed Navigate fintech analysts can assist.
Their goal is simple: to help facilitate responsible innovations while protecting consumers and ensuring the safety and soundness of banks. SF Fed Navigate fintech analysts are available to help answer questions from fintech companies and banks to build an understanding of the financial regulatory environment so innovative ideas thrive.
Reminder: Comments on Volcker Rule Exception for Qualifying Community Banks Due April 9
The financial regulatory agencies have issued a proposed rule to implement a section of S.2155 that grants an exemption from the Volcker rule for community banks that meet certain qualifications; for instance, banks that have $10 billion or less in total consolidated assets as well as trading assets and liabilities of 5 percent or less of total consolidated assets.
Federal Reserve Seeks Comments on Faster Payment System
The Federal Reserve is considering the creation of the first new payment system in more than 40 years and it is important for your bank to be heard. The Federal Reserve issued a Request for Comment on whether it should consider creating a new, faster settlement infrastructure to support real time payments in the United States. The Fed seeks comment on the benefits of it creating a new Real Time Gross Settlement System (RTGS) that would operate 24/7/365 enabling payments to clear and settle on a real time basis at any time.
ACTION NEEDED! Community Reinvestment Act Reform and Modernization: OCC Request for Public Comment
On August 28, 2018, the Office of the Comptroller of the Currency (OCC) issued an Advance Notice of Proposed Rulemaking (ANPR) concerning modernization of the Community Reinvestment Act (CRA). CRA modernization can become a reality, but achieving it requires the involvement of as many financial institutions as possible. The first step is to comment on the ANPR. The ANPR can be reviewed here.
FDIC Seeks Comment on the Treatment of Reciprocal Deposits
The FDIC is seeking comment on a proposed rule to implement an amendment to the Federal Deposit Insurance Act (FDIA) that would exempt certain reciprocal deposits from being considered brokered deposits. The amendment to the FDIA was one of the provisions of S.2155.
Comments on the proposed rule are due on or before October 26, 2018.
ABA Frontline Compliance Training Now Available!
As part of our partnership with the ABA, we are excited to announce a completely free online compliance training resource, Frontline Compliance, now available to our California based WBA member banks. This special offering also allows your bank access to the ABA’s Learning Management System (LMS) that has everything you need to train your entire workforce, track their progress and produce reports for both internal and bank examiner use.
California Bankers Sign Letter to CFPB Regarding TRID Disclosure
On July 3, the ABA sent a letter, co-signed by several California bankers, to Consumer Financial Protection Bureau Director Mick Mulvaney, urging the bureau for regulatory relief from rules affecting residential construction lending. Specifically, the letter requests immediate action to exempt residential construction-only loans from the TRID disclosure regulation.
The California Bankers Association Applauds Senate Passage of Bipartisan Regulatory Reform Legislation
SACRAMENTO, Calif. – On a strong bipartisan vote, the U.S. Senate approved 67-31, S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act. The bill, which will now advance to the House, is designed to right-size banking regulations to allow banks to better serve their customers and their communities, while maintaining appropriate safety and soundness controls.
Disaster Planning and Recovery Resources
The California Bankers Association has provided the following resources for disaster planning and business resumption:
Equifax Breach: Resources to Communicate with Your Customers
As the Equifax breach continues to dominate headlines, you may begin to get questions from your customers and the media. Here are a few resources you might find helpful as you decide how to communicate about the breach:
California Bankers Association Joins ABA Foundation’s Safe Banking for Seniors Campaign
SACRAMENTO – The California Bankers Association (CBA) is joining the American Bankers Association Foundation’s Safe Banking for Seniors campaign. Through this campaign, the CBA will mobilize bankers across California to educate older Americans and their caregivers about elder financial abuse and how to prevent it.
CBA Resources to Get Prepared for .bank Domain Name Availability
Thousands of new domains – including .bank – are making their way to the Internet. The American Bankers Association partnered with banking industry participants to establish fTLD Registry Services to operate .bank and ensure it is governed in the best interests of banks and their customers. Only verified members of the banking community will be able to register .bank domains.