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- 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...August 22, 2018On Wednesday, August 22, 2018, the Federal Reserve Board, FDIC and OCC issued a press release regarding an interim final rule amending the agencies' liquidity rules to treat certain eligible municipal securities as high-quality liquid assets, as required by the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018 (EGRRCPA). The EGRRCPA requires the agencies to treat a municipal...August 10, 2018On Friday, August 10, 2018, the Bureau issued a press release regarding a federal district court in the Western District of Missouri that entered an Order effectuating a settlement between the Bureau and Richard Moseley, Sr., Richard Moseley, Jr., and 20 interrelated corporate entities controlled by Moseley, Sr. and Moseley, Jr., in the Bureau’s lawsuit regarding the unlawful origination and...August 10, 2018On Friday, August 10, 2018, the Bureau announced final amendments to implement legislation allowing financial institutions meeting certain requirements to be exempt from sending annual privacy notices to customers. In December of 2015, Congress amended the Gramm-Leach-Bliley Act (GLBA) as part of the Fixing America’s Surface Transportation Act (FAST Act). The amendment provided financial...August 8, 2018On Wednesday, August 8, 2018, a Texas federal judge again turned down a request from the Bureau and two payday lender trade groups to stay the August 2019 compliance date of the agency’s so-called payday rule. U.S. District Judge Lee Yeakel declined Tuesday to reconsider his June order that stayed a lawsuit challenging the rule , nor did he stay the rule’s compliance date.August 7, 2018On Tuesday, August 7, 2018, the Bureau announced that they will be collaborating with 11 financial regulators and related organizations to create the Global Financial Innovation Network (GFIN). The network will seek to provide a more efficient way for innovative firms to interact with regulators, helping them navigate between countries as they look to scale new ideas. It will also create a new...July 31, 2018On Tuesday, July 31, 2018, the Treasury Department released a report on Fintech and Innovation, issuing broad and specific recommendations to empower consumers and to facilitate innovation in the U.S. financial system. This is the fourth report from Treasury as part of its effort to implement the President's Executive Order on Core Principles for Regulating the United States Financial System. In...July 9, 2018On Monday, July 9, 2018, CBA submitted comments to the Bureau of Consumer Financial Protection’s request for information on its financial education programs. To complement the work already being done by banks, CBA recommended the Bureau partner with community organizations, like churches and youth centers, as well as the U.S. Department of Education to ensure financial literacy resources help...