Federal Banking Regulations
Below is a searchable list of U.S. banking regulations from 2022-24 (final, interim final, open for comment, or proposed). Federal Banking Regulations is not currently being populated with new information. Please view the Federal Reserve Board of Governors’ website for a list of Board regulations.
As a public service, the Federal Reserve Bank of St. Louis tracked and provided these summaries of current regulations and provided links to published material and federal agency websites. This included significant rules and interpretations affecting U.S. depository institutions and their holding companies.
While the St. Louis Fed updated this information regularly, updates correlated with official publication in the Federal Register or agency press releases, where appropriate.
This page attempted to capture significant rulemakings; it did not include all federal guidance, proposals, studies and reports. For example, the following were not included: Federal Register notices pertaining to meetings, roundtable discussions, data collections, studies and reports.
For questions, contact fedbankingregs@stls.frb.org.
Rulemaking is the process by which federal agencies implement laws passed by Congress and signed into law by the president. Since these statutes are broadly drafted to establish basic principles and objectives, agencies must further refine this legislation to ensure that the intent of Congress is carried out in specific circumstances. Here's an overview of the journey from start to finish:
- Optional: Request for Information
The rulemaking process usually begins with a rule proposal, but sometimes an issue is so unique or complicated that the agency seeks public input on which, if any, regulatory approach is appropriate. A concept release is then published, which often seek the views of the public in deciding the best approach. - Open for comment
The regulatory agency publishes a detailed formal rule proposal for public comment in the Federal Register. Defined objectives and requirements to implement the law are defined. The public is encouraged to submit its comments during this period, which is usually between 30 and 60 days after the posting of the rule. The ability to gather comments from the public during this period is considered a vital part of effective rulemaking. - Proposed
Once the open-for-comment period ends, the rule moves into proposed rule status until it is acted upon during the fourth leg of the journey. - Final rule
Incorporating the input of comments from the public, the regulatory agency then publishes the final rule in the Federal Register. It becomes applicable to those covered by the rule on the dates specified.
Key Legislation
Dodd Frank Act | Public Law 111–203, which passed July 21, 2010. View the Dodd-Frank Wall Street Reform and Consumer Protection Act.
EGRRCPA | Public Law 115-174, which passed May 24, 2018. View the Economic Growth, Regulatory Relief, and Consumer Protection Act (PDF).
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CFPB | Truth in Lending (Regulation Z); Consumer credit offered to borrowers in advance of expected receipt of compensation for work. (Open For Comment)
The CFPB is charged with promoting competition and innovation in consumer financial products and services. After careful study of emerging offerings in the paycheck advance marketplace, including those marketed as "earned wage advances" and "earned wage access," the CFPB is proposing this interpretive rule to help market participants determine when certain existing requirements under Federal law are triggered. The proposed interpretive rule would also address certain costs that are in substantial connection with extensions of such credit, such as expedited delivery fees and costs marketed as "tips." Published 7/31/2024. Comments due 8/30/2024.
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CFPB | Streamlining mortgage servicing for borrowers experiencing payment difficulties. (Regulation X) (Open For Comment)
The CFPB is proposing to amend its 2013 regulations regarding the responsibilities of mortgage servicers to streamline existing requirements when borrowers seek payment assistance in times of distress, add safeguards when borrowers seek help, and revise existing requirements with respect to borrower assistance. The proposed rule would also require servicers to provide certain communications in languages other than English, such as when a borrower is seeking payment assistance with their mortgage. Published 7/24/2024. Comments due 9/9/2024.
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OCC | OCC guidelines establishing standards for recovery planning by certain large Insured National Banks, Insured Federal Savings Associations, and Insured Federal Branches. (Proposed)
The OCC is proposing to amend its enforceable recovery planning guidelines to apply to insured national banks, Federal savings associations, and Federal branches with average total consolidated assets of $100 billion or more; incorporate a testing standard; and clarify the role of non-financial (including operational and strategic) risk in recovery planning. Published 7/3/2024.
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CFPB | Consumer Financial Protection Circular 2024-03: Unlawful and unenforceable contract terms and conditions. (Final)
The CFPB has issued Consumer Financial Protection Circular 2024-03, titled, "Unlawful and Unenforceable Contract Terms and Conditions," in which the CFPB confirms that covered persons and service providers that include unlawful or unenforceable terms and conditions in contracts for consumer financial products and services violate the prohibition on deceptive acts or practices in the Consumer Financial Protection Act (CFPA). Published 6/21/2024. Effective 6/4/2024.
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CFPB | Prohibition on creditors and consumer reporting agencies concerning medical information (Regulation V). (Proposed)
The CFPB is proposing to amend Regulation V, which implements the Fair Credit Reporting Act (FCRA): (i) to remove a regulatory exception from the limitation in the FCRA on creditors obtaining or using information on medical debts for credit eligibility determinations, and (ii) to provide that a consumer reporting agency generally may not furnish to a creditor a consumer report containing information on medical debt that the creditor is prohibited from using. Published 6/18/2024.
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CFPB | Request for Information Regarding Fees Imposed in Residential Mortgage Transactions. (Proposed)
The CFPB is seeking information and comments from the public related to fees charged by providers of mortgages and related settlement services. Published 6/6/2024.
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CFPB | Truth in Lending (Regulation Z): Use of Digital User Accounts to Access Buy Now, Pay Later Loans. (Proposed)
The CFPB is issuing this interpretive rule to address the applicability of Regulation Z to lenders that issue digital user accounts used to access credit, including to those lenders that market loans as "Buy Now, Pay Later" (BNPL). This interpretive rule describes how these lenders meet the criteria for being "card issuers" for purposes of Regulation Z. Such lenders that extend credit are also "creditors" subject to subpart B of Regulation Z, including those provisions governing periodic statements and billing disputes. Published 5/31/2024. Effective 7/30/2024.
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FDIC | Proposed statement of policy on bank merger transactions. (Proposed)
The FDIC invites comments on a proposed Statement of Policy (SOP) on Bank Merger Transactions that (i) includes a principles-based overview that describes the FDIC's administration of its responsibilities under the Bank Merger Act and (ii) focuses on the scope of transactions subject to FDIC approval, the FDIC's process for evaluating merger applications, and the principles that guide the FDIC's consideration of the applicable statutory factors. Published 4/19/2024.
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CFPB | Procedures for supervisory designation proceedings. (Final)
The CFPB is updating its procedures for designating nonbank covered persons for supervision, to conform to a recent organizational change. Published and effective 4/23/2024.
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CFPB | Consumer Financial Protection Circular 2024-02: Deceptive marketing practices about the speed or cost of sending a remittance transfer. (Final)
The CFPB has issued Consumer Financial Protection Circular 2024-02, titled, "Deceptive Marketing Practices About the Speed or Cost of Sending a Remittance Transfer," in which the CFPB discusses when remittance transfer providers violate the prohibition on deceptive acts or practices in the Consumer Financial Protection Act (CFPA) in their marketing about the speed and cost of sending a remittance transfer. Published 4/17/2024. Effective 3/27/2024.
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CFPB | Consumer Financial Protection Circular 2023-03: Adverse action notification requirements and proper use of sample forms. (Final)
The CFPB has issued Consumer Financial Protection Circular 2023-03, titled, "Adverse action notification requirements and the proper use of the CFPB's sample forms provided in Regulation B," in which the CFPB discusses whether, when using artificial intelligence or complex credit models, creditors may rely on the checklist of reasons provided in CFPB sample forms for adverse action notices even when those sample reasons do not accurately or specifically identify the reasons for the adverse action. Published 4/17/2024. Effective 9/19/2023.
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FinCEN | Request for comment on Customer Identification Program Rule taxpayer identification number collection requirement. (Proposed)
FinCEN is requesting comment regarding the Customer Identification Program (CIP) Rule requirement for banks to collect a taxpayer identification number (TIN), among other information, from a customer who is a U.S. person, prior to opening an account (the "TIN collection requirement"). FinCEN specifically seeks information to understand the potential risks and benefits, as well as safeguards that could be established, if banks were permitted to collect partial Social Security number (SSN) information directly from the customer for U.S. individuals and subsequently use reputable third-party sources to obtain the full SSN prior to account opening. Published 3/29/2024.