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Compliance Management - Banking Exchange
A coalition of associations have claimed the proposal infringes on personal privacy rights
The proposed rules would remove automatic bank merger approvals
The BPI and ABA also released a statement saying the “changes would inflict serious harm”
President and CEO Rob Nichols said proposed rules threaten affordable deposit account products
The associations argued the CFPB’s proposal does not go far enough
The banking organizations wrote to the CFPB about the proposed redefinition of digital assets
The bank said it “respectfully disagrees” with the decision
The CFPB has levied the fine for failing to collect information on some mortgage applications
The regulations would ensure nonbank financial companies adhere to the same rules as large banks and credit unions
The ABA and Bank Policy Institute also claim that Section 1071 data rules could negatively impact community-based lending
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