Written By Digital Content Editor Thomas Ahearn The “National Defense Authorization Act (NDAA) for Fiscal Year 2023” includes Section 5705 titled “Fair Hiring in Banking” which will ease restrictions on financial institutions hiring candidates with criminal records by lessening convictions that prevent employment under Section 19 of the Federal Deposit Insurance Act (FDIA). Section 19…
Written By ESR News Blog Editor Thomas Ahearn On March 31, 2021, the Consumer Financial Protection Bureau (CFPB) – which empowers consumers to take more control over their economic lives – announced it was rescinding seven policy statements issued in 2020 including a “Rescission of Statement of Policy on Supervisory and Enforcement Practices Regarding the…
Written By ESR News Blog Editor Thomas Ahearn A woman living in Lincoln City, Oregon, “was surprised to discover she had been dead since 2019” after being notified about the news of her death in a letter addressed to her estate from her bank – which is among the largest banks in the United States…
Written By ESR News Blog Editor Thomas Ahearn On July 24, 2020, the Consumer Financial Protection Bureau (CFPB) – a government agency that enforces federal consumer financial law –announced plans to issue an advance notice of proposed rulemaking (ANPR) later in 2020 on consumer-authorized access to financial records, according to a news release from the…
Written By ESR News Blog Editor Thomas Ahearn On July 24, 2020, the Federal Deposit Insurance Corporation (FDIC) issued a final rule revising and codifying Section 19 of the Federal Deposit Insurance Act (FDI Act) to allow greater employment opportunities for ex-offenders with certain minor criminal records in the banking industry, according to an FDIC…
Written By ESR News Blog Editor Thomas Ahearn On November 15, 2019, the Consumer Financial Protection Bureau (CFPB) – the agency enforcing federal consumer financial laws – issued an interpretive rule clarifying screening and training requirements for financial institutions which employ loan originators with temporary authority that will be effective on November 24, 2019. The…
Written By ESR News Blog Editor Thomas Ahearn On July 29, 2019, the Financial Industry Regulatory Authority (FINRA) – which regulates brokerage firms doing business with the public in the U.S. – announced it had fined Citigroup Global Markets Inc. (CGMI) $1.25 million for failing to conduct timely or adequate background checks on more than 10,000…
Written By ESR News Blog Editor Thomas Ahearn The United States Senate Committee on Banking, Housing and Urban Affairs is inviting feedback on information security issues that include the collection, use, and protection of sensitive information by financial regulators and private companies, according to a press release on the Committee’s website.
Written By ESR News Blog Editor Thomas Ahearn On December 6, 2018, the Consumer Financial Protection Bureau (CFPB) – the U.S. government agency responsible for consumer protection in the financial sector that may soon be called the Bureau of Consumer Financial Protection (BCFP) – announced a settlement with State Farm Bank for violating the Fair…
Written By ESR News Blog Editor Thomas Ahearn On August 20, 2018, the Federal Deposit Insurance Corporation (FDIC) – an independent agency created by the U.S. Congress to maintain stability and public confidence in the nation’s financial system – issued Modifications to the Statement of Policy (SOP) for Section 19 of the Federal Deposit Insurance…
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