#2024-1, January 5, 2024

President Biden Vetoes Resolution to Overturn CFPB’s Section 1071 Rule

In late December, President Biden vetoed a bipartisan resolution to overturn the Consumer Financial Protection Bureau’s Section 1071 rule. The resolution is before Congress where it faces the unlikely possibility of garnering a two-thirds majority in each chamber to overturn the President’s veto.

MBA, New England State Associations Convey Concerns on Debit Card Interchange Fee Proposal

In a letter to Susan Collins, President & CEO of the Federal Reserve Bank of Boston, Kathleen Murphy, President & CEO of the MBA joined the CEOs of each New England State Bankers Association to express industry concern regarding the Federal Reserve Board of Governor’s recent proposal to lower the maximum fee that a large debit card issuer can receive for debit card transactions. To read the letter, click here.

The Federal Reserve is accepting comments on the proposal until February 12, 2024.

The Association plans to submit a formal comment on the proposal and will keep you updated on any developments. For more information on the proposed rule see the links below:

Federal Reserve Board - Regulation II (Debit Card Interchange Fees and Routing)

Federal Register: Debit Card Interchange Fees and Routing

U.S. Department of the Treasury Seeks Comment on Financial Inclusion Strategy

The U.S. Department of the Treasury invites public input to inform its development of a national strategy for financial inclusion. This request for information (RFI) offers the opportunity for interested individuals and organizations to identify opportunities to advance financial inclusion through policy, government programs, financial products and services, technology, and other tools and infrastructure.

Written comments and information are requested on or before February 20, 2024.

You may submit comments electronically through the Federal eRulemaking Portal: www.regulations.gov.  In general, all comments will be available for inspection at www.regulations.gov. Comments, including attachments and other supporting materials, are part of the public record. Do not submit any information in your comments or supporting materials that you consider confidential or inappropriate for public disclosure. For more information, click here.

FDIC, OCC 2024 Community Reinvestment Act (CRA) Exam Schedules

The FDIC and the OCC issued the lists of institutions scheduled for a Community Reinvestment Act examination during the first and second quarters of 2024.

FDIC CRA 2024 Exam Schedule

OCC CRA 2024 Exam Schedule