Weekly Rewind...News from Your Regulators

The CFPB Issues Circular on Deposit Accounts

The CFPB issued a new circular affirming that a bank may violate federal law if it unilaterally reopens a deposit account to process transactions after a consumer has already closed it. 

FDIC Approves Notice for Special Assessment

The FDIC approved a notice of proposed rulemaking, which would implement a special assessment to recover the cost associated with protecting uninsured depositors following the closures of Silicon Valley Bank and Signature Bank. “Large banks with large amounts of uninsured deposits benefitted the most from the systemic risk determination. As proposed, it is estimated that a total of 113 banking organizations would be subject to the special assessment. Banking organizations with total assets over $50 billion would pay more than 95 percent of the special assessment. No banking organizations with total assets under $5 billion would be subject to the special assessment.”


OFAC Publishes Technical Notice

The Office of Foreign Assets Control (OFAC) published a Technical Notice to inform users that the SSL certificates on the Treasury’s website are being replaced on May 15th. The Notice states that “if your application pins or otherwise trusts the serial number of the existing certificate as part your application functionality, you may need to update your configuration to trust the renewed certificate.”

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