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- July 6, 2017On Thursday, July 6, 2017, the Fed appointed Mark E. Van Der Weide as General Counsel, effective later this summer. Mr. Van Der Weide will succeed Scott G. Alvarez, who announced in February his intention to retire after nearly 36 years of service to the Federal Reserve Board, including more than 12 years as head of the Legal Division. Since 2010, Mr. Van Der Weide has held positions in the Board...July 6, 2017On Wednesday, July 5, 2017, the OCC and FDIC released CRA evaluations for over 75 institutions. Of the 59 state nonmember banks the FDIC evaluated, 4 banks (6.7%) received an “Outstanding” rating, 52 banks (88%) received a “Satisfactory” rating, 2 banks (3.3%) received a “Needs to Improve” and 1 bank was in “Substantial Noncompliance”. Of the 25 institutions reviewed by the OCC, 5 banks (20%)...July 2, 2017On Monday, July 2, 2017, OCC report findings indicating trading revenue of U.S. commercial banks and savings associations increased to $7.1 billion in the first quarter 2017, $1.5 billion, or 26 percent, higher than the first quarter a year earlier. In the report, the OCC also noted that trading revenue in the first quarter 2017 grew 18 percent compared with the $6 billion reported in the fourth...June 29, 2017On Thursday, June 29, 2017, the House Appropriations Subcommittee on Financial Services and General Government passed its FY2018 bill , including $20.23B in discretionary funding, which is a six percent reduction from FY2017 funding levels. The bill contained a number of provisions from House Financial Services Committee Chairman Jeb Hensarling’s (R-TX) Financial CHOICE Act, including: Bringing...June 29, 2017On Thursday, June 29, 2017, the House Committee on Small Business Subcommittee on Economic Growth, Tax, and Capital Access held a hearing entitled, “A Review of SBA’s 504/CDC Loan Program.” During the hearing the subcommittee members questioned witnesses about the effectiveness of the program and its functionality. The hearing featured testimonies from: Ms. Natasha Merz, Vice President of Langley...June 27, 2017On Tuesday, June 27, 2017, the Federal Reserve Board announced a $3 million fine against Bank of New York Mellon Corporation (BNY Mellon) for unsafe and unsound practices after the firm improperly assigned a lower risk weighting to a portfolio of assets, reducing the firm's risk-based capital ratios. In 2010, following a change in the relevant accounting rules, BNY Mellon consolidated a portfolio...June 27, 2017On Tuesday, June 27, 2017, the Bureau released a statement regarding its actions against credit repair companies for charging illegal advance fees and misleading customers about credit score repair services. The complaints were filed against four California based credit repair companies, and three individuals, including Prime Credit LLC, IMC Capital, LLC, Commercial Credit Consultants, Park View...June 26, 2017The Federal Reserve (FED) announced the appointment of Ricardo A. Aguilera as Director of the Division of Financial Management and Chief Financial Officer, effective Monday, June 26, 2017. The Division of Financial Management supports the Board's financial decisionmaking and strategic planning. Mr. Aguilera succeeds Bill Mitchell, who retired in April after 24 years of Board service. Mr. Aguilera...June 22, 2017On Thursday, June 22, 2017, the CFPB held an event in Raleigh, N.C. outlining its work with student loan debt, specifically public student loan forgiveness programs. The CFPB released a report spotlighting complaints from borrowers about student loan servicers mishandling public student loan forgiveness programs. The report indicated servicers delayed or denied access to loan forgiveness through...June 22, 2017On Thursday, June 22, 2017, CBA led a joint trade effort with 22 trades representing thousands of banks, credit unions, financial institutions, fintech companies, and businesses of all sizes to House and Senate Appropriators requesting inclusion of CFPB Commission language in the FY2018 Financial Services & General Government Appropriations Bills. CBA stated, “A Senate confirmed, bipartisan...