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- September 6, 2018On Friday, August 31, 2018, the Bureau of Consumer Financial Protection (Bureau) issued a press release regarding an interpretive and procedural rule to implement and clarify the requirements of section 104(a) of the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), which amended the Home Mortgage Disclosure Act (HMDA). The Bureau also released updates to the Filing...September 6, 2018On Tuesday, September 4, 2018, five federal financial regulatory agencies issued a joint press release extending until October 17, 2018, the comment period for a proposed rule to simplify and tailor compliance requirements for the “Volcker Rule.” The Volcker Rule generally restricts banking entities from engaging in proprietary trading and from owning or controlling hedge funds or private equity...September 6, 2018On Thursday, September 6, 2018, the Bureau of Consumer Financial Protection (Bureau) released its 17th edition of Supervisory Highlights . The report covers Bureau supervision activities generally completed between December 2017 and May 2018, and shares observations in the areas of auto loan servicing, credit card account management, debt collection, mortgage servicing, payday lending, and small...September 6, 2018On Thursday, September 6, 2018, the 18 th Annual Bank Research Conference at the FDIC commenced with Chairman McWilliams’ opening remarks. The conference was strictly academic but prestigious and competitive within the field of economics; this year over 450 papers were received and only 20 were selected for presentation. Below are highlights from the remarks: Chairman McWilliams kicked off the...August 31, 2018On Monday, August 27, 2018, Bureau of Consumer Financial Protection Student Loan Ombudsman Seth Frotman resigned in a heated letter to Acting Director Mick Mulvaney. In his resignation, Frotman claimed the new administration’s policies were harming students and families and the Bureau has “abandoned its duty to fairly and robustly enforce the law.” Frotman also alleged the agency’s leadership “...August 31, 2018On Tuesday, August 28, 2018, the OCC released its long anticipated advanced notice of proposed rulemaking (ANPR) on methods to modernize and transform the Community Reinvestment Act (CRA). Based on the 25 questions raised in the ANPR, the OCC seems focused on the following areas to modernize CRA: • Increasing lending and services to people and in areas that need it most, including in LMI areas...August 31, 2018On Monday, August 27, 2018, the OCC announced it is seeking nominations for its Mutual Savings Association Advisory Committee (MSAAC). The MSAAC will provide the OCC with advice and recommendations on the current and future circumstances and needs of mutual savings associations. The OCC is seeking nominations of officers or directors of OCC-regulated mutual savings associations, or officers or...August 31, 2018On Tuesday, August 28,2018, the U.S. Senate confirmed in a 69-26 vote Richard Clarida’s nomination to be vice chairman of the Federal Reserve Board. Clarida will serve a four-year term as a member of the Board, fulfilling the remainder of a 14-year term which began in 2008. Clarida is an economics professor at Columbia University and managing director at Pacific Investment Management Company (...August 23, 2018On Thursday, August 23, 2018, the FDIC issued a press release stating FDIC-Insured institutions reported a $60.2 Billion in Second Quarter of 2018. Highlights of the report include: Quarterly Net Income Rose 25.1 Percent Over Second Quarter 2017 Income, Led by Higher Net Operating Revenue and a Lower Effective Tax Rate; Community Bank Net Income Increased 21.1 Percent from the Second Quarter of...August 22, 2018On Wednesday, August 22, 2018, the Bureau released its latest quarterly consumer credit trends report , indicating one in five consumers has telecommunications-related collections on their credit report in the last five years. The report explored telecommunications-related debt and reporting to credit agencies nationwide. The Bureau outlined the prevalence and dollar value of telecom collections...