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- February 3, 2017On Tuesday, January 31, 2017, Ranking Member Maxine Waters (D-CA) and Democrats on the House Committee on Financial Services elected Rep. Daniel T. Kildee (MI-05) to serve as Vice Ranking Member of the Committee. Democrats also selected their Subcommittee assignments for the 115th Congress. Democrats assigned to the Subcommittee on Financial Institutions and Consumer Credit are: *Wm. “Lacy” Clay...February 3, 2017On Monday, January 30, 2017, the Federal Reserve Board finalized a rule adjusting its capital plan and stress testing rules, effective for the 2017 cycle. The final rule removes large and noncomplex firms from the qualitative assessment of the Fed’s Comprehensive Capital Analysis and Review (CCAR). This represents an effort to reduce the burden on large and noncomplex firms and focus the...February 3, 2017On Friday, January 27, 2017, state and federal regulators announced BB&T agreed to a consent order over weaknesses in its Bank Secrecy Act (BSA) and anti-money-laundering (AML) programs. According to the order, BB&T’s board of directors must submit a plan outlining how it will strengthen its program, including details on how the bank will fund its compliance infrastructure; ensure it...February 3, 2017This afternoon, President Trump issued an Executive Order (EO) identifying the “Core Principles for Regulating the United States Financial System,” which included: Empowering Americans to make independent financial decisions and informed choices in the marketplace, save for retirement, and build individual wealth; Preventing taxpayer-funded bailouts; Fostering economic growth and vibrant...February 2, 2017On Thursday, February 2, 2017, the D.C. Circuit denied (Attached) intervention motions from congressional parties and consumer groups to intervene in PHH Corp. v. CFPB . In January, Ranking Member of the Senate Banking Committee Sherrod Brown (D-OH), and Ranking Member of the House Financial Services Committee Maxine Waters (D-CA), filed a motion to intervene in the case. The case is pending the...February 2, 2017On Thursday, February 2, 2017, the CFPB and Virginia Attorney General filed a Truth in Lending Act (TILA) action against Woodbridge Gold & Pawn for allegedly misstating the charges associated with pawn loans. Woodbridge issues closed-end loans secured by personal property and charges consumers a finance charge on their loans, which includes four fees: “maintenance,” “interest,” “storage,” and...February 1, 2017On Wednesday, February 1, 2017, the CFPB took action against Mastercard and UniRush for failures by both companies leaving customers unable to use their RushCards to get paychecks and direct deposits, withdraw cash, make purchases, pay bills, or get accurate balance and account information. The CFPB stated after the October of 2015 failure, UniRush did not provide customer service sufficient...February 1, 2017On Wednesday, February 1, 2017, Sen. David Perdue (R-GA) submitted a resolution to the Senate’s Committee on Banking, Housing, and Urban Affairs seeking repeal of the CFPB’s prepaid card rule under the Congressional Review Act. The resolution, currently with seven co-sponsors, is the Senate’s first attempt to use the Congressional Review Act against the CFPB. The Bureau issued the new prepaid...February 1, 2017On Wednesday, February 1, 2017, the OCC issued an interim final rule to implement changes to the Freedom of Information Act (FOIA) mandated by the FOIA Improvement Act of 2016 and the OPEN FOIA Act of 2009. The OCC adopted the following changes, among others, under the new rule: Grants additional time to requesters to appeal denials of information requests; Provides requestors with access to...January 31, 2017Two announcements about regulation have emerged from the Trump White House in the past few days. On Friday, January 20, 2017, Assistant to the President and Chief of Staff Reince Priebus issued a memo for the heads of executive departments and agencies, entitled: "Regulatory Freeze Pending Review." The memo generally calls for agencies to do three things affecting the release of new regulations:...