- CBA on
- CBA Media
- May 31, 2017The Federal Reserve Board on Wednesday, May 31, 2017, announced final amendments to the check collection and return provisions in Regulation CC (Availability of Funds and Collection of Checks) and also requested further public comment on an additional proposed amendment to Regulation CC's liability provisions. The final amendments update Regulation CC to reflect the evolution of the nation's...May 26, 2017On Wednesday, May 24, 2017, the FDIC reported commercial banks and savings institutions insured by the FDIC reported aggregate net income of $44 billion in the first quarter of 2017, up $5 billion (12.7 percent) from a year earlier. The FDIC claims the increase in earnings was mainly attributable to an $8.8 billion (7.8 percent) increase in net interest income and a $2.1 billion (3.4 percent)...May 24, 2017On Wednesday, May 24, 2017, the U.S. Court of Appeals for the D.C. Circuit held en banc oral argument in the rehearing of PHH Corp., et al. v. Consumer Financial Protection Bureau (PHH). On October 11, 2016, Court held that the structure of the CFPB, headed by a single director removable only for cause, is unconstitutional. The decision also overturned the CFPB interpretation of the anti-kickback...May 24, 2017On Wednesday, May 24, 2017, the Federal Reserve released minutes from the May meeting of the Federal Open Market Committee (FOMC). Information received since FOMC met in March indicates the labor market has continued to strengthen even as growth in economic activity slowed. Job gains were solid, on average, in recent months, and the unemployment rate declined. Household spending rose only...May 23, 2017On Tuesday, May 23, 2017, CBA and other trades submitted comment in response to the Bureau’s notice and Request for Information (RFI) regarding its planned assessment of regulations pertaining to consumer remittance transfers under the Electronic Fund Transfer Act (subpart B of Regulation E). CBA provided comments with respect to both the methodology of the Bureau’s Remittance Rule assessment...May 23, 2017On Tuesday, May 23, 2017, CBAand other trades, submitted a letter to the CFPB asking it extend its Small Business Lending Request for Information (RFI) comment period by 60 days. As previously reported by CBA, on Wednesday, May 10, 2017, the CFPB held a field hearing in Los Angeles focused on the small business lending marketplace. At the hearing, the agency introduced the RFI to learn more about...May 23, 2017On Tuesday, May 23, 2017, the OCC updated its policies and procedures regarding violations of various laws and regulations, which will become effective on July 1, 2017. Updates were made to the “Bank Supervision Process,” “Community Bank Supervision,” “Federal Branches and Agencies,” and “Large Bank Supervision” booklets and other sections of the Comptroller’s Handbook and internal guidance. The...May 22, 2017On Monday, May 22, 2017, U.S. Secretary of Labor Alexander Acosta confirmed the fiduciary rule will be applicable on June 9, 2017, after its initial delay. However, the Department of Labor (DOL) still will seek comment on whether to move, eliminate or reform the rule. While acknowledging the Fiduciary Rule as written may not align with President Trump’s deregulatory goals, Secretary Acosta found...May 19, 2017On Friday, May 19, 2017, CBA responded to the CFPB’s Request for Information on the use of alternative data and modeling techniques in the credit process. The agency held a field hearing in February of 2017 regarding how financial institutions and credit reporting agencies are using sources of alternative data, and alternative modeling techniques to increase access to credit for the millions of...May 16, 2017On Tuesday, May 16, 2017, the CFPB released a student loan data analysis stating 9 in 10 of highest-risk borrowers were not enrolled in federal affordable repayment plans. Additionally, the study also showed of the 9 in 10 not enrolled, nearly half re-defaulted, compared to less than 10 percent of those who were enrolled. "For far too many student loan borrowers, the dream of a fresh start turns...