FEDERAL GOVERNMENT RELATIONS
Proposed bill seeks to establish federal regulation of AI
Two lawmakers have released a draft bipartisan bill to establish a national regulatory framework for artificial intelligence, including increased penalties for AI-enabled fraud and temporary preemption of state laws regulating AI models.
Trump nominates Johnson to lead CFPB
President Trump nominated Brian Johnson to lead the Consumer Financial Protection Bureau, which has been without a full-time leader since the firing of Rohit Chopra last year.
The Clearing House to launch tokenized deposits system for banks
A group of the nation’s largest banks announced last week that the Clearing House is launching an initiative to enable the clearing and settlement of tokenized deposits between banks.
FinCEN issues advisory on suspicious activity linked to employment of undocumented immigrants
FinCEN issued an advisory warning financial institutions “to be vigilant against risks presented by the unlawful employment of illegal aliens.” The advisory was jointly issued with the Federal Deposit Insurance Corp., Office of the Comptroller of the Currency, National Credit Union Administration and Internal Revenue Service.
CFPB: Creditors may be required to check immigration status
Creditors may be legally obligated to check a consumer's immigration status for mortgage loans and credit cards, especially where removal from the U.S. may disrupt the consumer's income, the Consumer Financial Protection Bureau said.
NCUA adopts rule to assert federal preemption over state interchange laws
The National Credit Union Administration is issuing an interim final rule to clarify the powers of federal credit unions to charge certain fees, much like the Office of the Comptroller of the Currency recently did for national banks.
FDIC’s Hill outlines proposed changes to resolution planning, DIF assessments
The Federal Deposit Insurance Corp. is exploring whether to “significantly” slim down its resolution planning requirements for large banks and make several adjustments to the Deposit Insurance Fund's assessment framework, including reducing assessment rates, FDIC Chairman Travis Hill said.