Bank Directors Seminar, Coeur d'Alene, ID, September 15-17, 2019

There is Some Good News  All the banking agencies are saying the right things  CFPB reconsidering positions  Congress passed a regulatory relief bill last year  Fed’s BETR exam program: “Bank Exams Tailored to Risk”  Congressional Review Act used to overturn CFPB Mandatory Arbitration Rule  Congress also invalidated CFPB “guidance” on auto lending because agencies were enforcing “guidance” the same as regulation  BSA/AML: agencies have issued a proposal on innovative solutions to compliance, exams should be risk-based and Congressional bills to simplify compliance with beneficial ownership rules

There is Some Not So Good News

 The BSA proposal issued by the agencies is vague and short on specific relief

 CRA Modernization – probably lost its window

 Congress likely done with bank reg relief until after the election

 Agencies cannot decide what to do about “innovation,” so banks are on their own on the compliance risk