IBA Compliance Connection

Illinois bankers are constantly challenged with new laws, regulations, enforcement trends, and other pressing compliance concerns. The IBA is here to help! Your IBA membership includes access to members-only compliance resources, guidance on compliance inquiries, outstanding educational events and networking opportunities, a weekly compliance newsletter, and more!

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CFPB Outlines Options for Rule on Consumer Access to Financial Records. The CFPB has released an outline of options it is considering to implement Section 1033 of the Dodd–Frank Act. The outline describes potential alternative approaches to covered data providers, covered accounts, recipients of financial data, exemptions based on asset thresholds, and more. The proposals under consideration would allow consumers to transfer their account history to new providers and limit reselling of consumer data by third parties. Comments are due by January 25, 2023. Read the announcementoutline, and summary.

October 27, 2022

SEC Adopts Executive Compensation Clawback Rules. The SEC has finalized rules implementing a Dodd–Frank Act provision requiring the recovery of incentive-based compensation from an executive officer whose company has misstated its financial results. The rules are effective sixty days after publication in the Federal Register. Read the announcementfact sheet, and final rule.

October 27, 2022

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Are there any exceptions to disclosing the reasons why the estimated low monthly
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