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- February 22, 2017On Wednesday, February 22, 2017, the Fed released minutes from its Open Market Committee meeting in January of this year, highlighting the labor market continued to strengthen and economic activity continued to expand at a moderate pace. The Committee also found job gains remained solid, the unemployment rate remained near its recent low, household spending continued to rise moderately, while...February 21, 2017On Tuesday, February 21, 2017, CBA submitted comment on the CFPB’s Request for Information on Consumer Access to Financial Data. CBA supported the innovation and implementation of data aggregation services, and the ability of consumers to access personal data in order to efficiently manage finances. “If implemented correctly, we believe data aggregation can be a useful consumer tool to protect...February 17, 2017On Friday, February 17, 2017, the CFPB held a briefing call to announce a proposed study on increasing transparency in the student loan servicing market. The Bureau seeks comment on an initiative evaluating student debt repayment methods, and tracking behaviors when consumers experiencing financial distress. The CFPB hopes to collect student loan data from the nation’s largest student loan...February 16, 2017On Thursday, February 16, 2017, the D.C. Circuit Court granted a rehearing petition in PHH Corporation v. The Consumer Financial Protection Bureau . The hearing will be en banc, meaning the full circuit bench will hear the case. The Court has scheduled oral arguments for May 24, 2017, and has provided for a new round of briefings. The Court also has directed the parties to address specific...February 16, 2017On Thursday, February 16, 2017, the CFPB released a request for information aimed at expanding access to credit for consumers using alternative data sources. Traditional credit histories, which include information such as a borrower’s debts payments for mortgages, credit cards, and other loans, are used by lenders to decide whether to extend credit to an individual and at what cost. The Bureau...February 15, 2017On Wednesday, February 15, 2017, the FDIC released its 2016 Annual Report , highlighting its efforts to rebuild the Depositors Insurance Fund (DIF), manage FDIC resources, focus on interest-rate risk and credit risk, strengthen bank resilience and public confidence, address cybersecurity risk, and review regulation. The FDIC also highlighted its community banking initiative, focused heavily on...February 10, 2017This month, the OCC and FDIC released their 2017 Dodd-Frank Act Stress Test Scenarios . The agencies released economic and financial market scenarios to be used in upcoming stress tests for covered institutions with more than $10 billion in assets. The supervisory scenarios include baseline, adverse, and severely adverse scenarios. They also include key variables reflecting economic activity,...February 9, 2017On Friday, February 9, 2017, CBA and the American Bankers Association filed a joint TCPA petition support letter . In the 2015 Bipartisan Budget Act, Congress included a provision directing the Federal Communications Commission (FCC) to exempt autodialed and prerecorded calls “made solely to collect a debt owed to or guaranteed by the United States” from the TCPA’s prior express consent...February 8, 2017On Wednesday, February 8, 2017, the CFPB released its monthly complaint snapshot highlighting consumer complaints about mortgages. The snapshot shows consumers continue to report experiencing problems with mortgage servicers, specifically when making mortgage payments. As of January 1, 2017, the CFPB handled approximately 260,500 mortgage-related complaints. Some complaints involved funds being...February 7, 2017On Tuesday, February 7, 2017, the CFPB and New York Attorney General filed a lawsuit against RD Legal Funding, LLC, two related entities, and Roni Dersovitz, the companies’ founder and owner, for allegedly scamming 9/11 heroes out of money intended to cover medical costs, lost income, and other critical needs. According to the Bureau, RD Legal also allegedly “conned” National Football League (NFL...