FEDERAL GOVERNMENT RELATIONS
FHLBs: Treasury Department’s affordable housing proposal not sustainable
A Treasury Department request to have federal home loan banks voluntarily raise the percentage of net income they set aside for affordable housing “will not address the underlying complexities of the housing crisis,” the FHLB chairs said in a joint letter.
Basel Committee: Permissionless blockchains pose ‘novel’ risk challenges for banks
Banks that engage in digital asset transactions face risks that may require new approaches to risk management, according to a new working paper by the Basel Committee on Banking Supervision.
Agencies issue guidance on Cybersecurity Assessment Tool sunsetting
The Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency issued bulletins on last week’s interagency announcement that regulators are sunsetting the Cybersecurity Assessment Tool on Aug. 31, 2025. In a statement the Federal Financial Institutions Examination Council said: “While the fundamental security controls addressed throughout the maturity levels of the CAT are sound, several new and updated government and industry resources are available that financial institutions can leverage to better manage cybersecurity risks.”
Banks can use the National Institute of Standards and Technology Cybersecurity Framework 2.0, the Cybersecurity and Infrastructure Security Agency’s Cybersecurity Performance Goals, and CISA’s pending Cybersecurity Performance Goals for the Financial Sector.
CFPB targets rental, medical debt in latest report
The Consumer Financial Protection Bureau issued its annual report to Congress on debt collection, which focuses on medical debt and rental debt. The report says:
- Problems with real estate companies’ revenue management software can result in improperly inflated rental debt amounts.
- Debt collectors are attempting to collect medical bills already satisfied by nonprofit hospitals’ financial assistance programs.
- Many medical bills from low-income consumers are not addressed by financial assistance.
The CFPB has proposed a rule to remove medical debt information from credit reporting.