Independent Banker - January 2024 - 26
PORTFOLIO
ā—ˇFOCUS COMPLIANCE
The regulatory
year ahead
With many proposed rules to sections of well-known acts, there will
be plenty of compliance and regulatory news for community banks
to keep up with this year. By Mary Thorson Wright
new year, and many things
old are new again, including
the Dodd-Frank Act (DFA); data
privacy; Community Reinvestment
Act (CRA); Unfair, Deceptive,
or Abusive Acts or Practices Act
(UDAAP); and benefi cial ownership
disclosure. There's new activity, too,
including calculating, disclosing and
implementing fees on accounts.
In late 2023, the Federal
Reserve, Federal Deposit Insurance
Corporation (FDIC) and Offi ce of the
Comptroller of the Currency (OCC)
announced a fi nal CRA rule. While
it was a long time in the making
and compliance dates are staggered,
banks will be challenged in 2024
to analyze the changes made to the
framework and begin preparations
for the fi nal rule's implementation.
" In many areas of regulation, we
are seeing changes and uncertainty
around data collection, " says
Jenna Burke, ICBA executive
vice president, general counsel,
government relations and public
policy. " The CRA requires banks to
collect a lot of data, and with the new
interagency rule now fi nalized, banks
will be subject to a new framework
for the fi rst time in decades.
" The CFPB's fi nal rule
implementing Section 1071 of the
DFA is on the horizon but subject
to uncertainty and legal changes, "
she adds. " We may see the Supreme
Court publish an opinion in 2024 on
the constitutionality of the CFPB's
funding structure that could have a
far-reaching eff ect on the 1071 and
other CFPB rulemakings. "
Responsibilities for banks
in 2024
Proposed rulemaking on DoddFrank
Section 1033 for a customer's
access to their fi nancial data is in
play. Comments are due at the end
of January, and the regulators will
A
26 // ICBA Independent Banker // January 2024
Illustration by DavArt1995/Adobe
Independent Banker - January 2024
Table of Contents for the Digital Edition of Independent Banker - January 2024
Contents
Independent Banker - January 2024 - Cover1
Independent Banker - January 2024 - Cover2
Independent Banker - January 2024 - Contents
Independent Banker - January 2024 - 2
Independent Banker - January 2024 - 3
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