The 2023 financial ecosystem has been nothing short of tumultuous. Rising interest rates and soaring inflation have increased the cost of liabilities while decreasing investment values.
As if all that turmoil wasn’t enough, aggressive regulatory changes have resulted in tougher supervision of the banking community as a whole. Beginning this year, banks will face heightened obligations to collect, maintain and analyze mass amounts of data stemming from multiple reform measures.
- CRA is on the brink of substantial modernization, with a final rule expected soon and a 12-month implementation period to follow.
- In March, the CFPB issued a final rule amending Regulation B to implement changes to the ECOA under Section 1071 of the Dodd-Frank Act.
- The CFPB is expected to issue a proposal later this year for section 1033 of the Dodd-Frank Act, with a final rule slated for 2024.
- Meanwhile, the possibility of tightening of regulations by the Federal Reserve is a real threat.