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- April 26, 2017On Wednesday, April 26, 2017, the FDIC held its first “Economic Inclusion Summit” focusing on strategies to bring consumers into the financial mainstream. FDIC Chairman Martin J. Gruenberg opened the event by speaking on the benefits of economic inclusion, how banking engagement is measured, the opportunities various institutions have to enhance economic inclusion, as well as an update on other...April 25, 2017On Tuesday, April 25, 2017, the OCC entered into a consent order and assessed a $15 million civil money penalty against U.S. Bank National Association for alleged bankruptcy filing violations. The OCC claims, between 2009 and 2014, the bank engaged in filing practices in bankruptcy courts with respect to proofs of claim, payment change notices, and post-petition fees among others did not comply...April 25, 2017On Tuesday, April 25, 2017, the CFPB released a monthly complaint snapshot highlighting consumer complaints about student loans. The snapshot shows that both private and federal student loan borrowers nationwide report persistent servicing breakdowns that may sideline their path to repayment. April’s report also highlights trends seen in complaints coming from Nevada. As of April 1, 2017, the...April 25, 2017TITLE I – ENDING “TOO BIG TO FAIL” AND BANK BAILOUTS Subtitle A – Repeals orderly liquidation authority found in Title II of the Dodd-Frank Act. (sec. 111) Subtitle B – Financial Institution Bankruptcy Creates an enhanced bankruptcy structure for bank holding companies and other holding companies that have $50B or more in consolidated assets and derive most of their revenue from financial...April 21, 2017On Friday, April 21, 2017, the White House issued an Executive Order directing the Secretary of the Treasury to review all tax regulations issued in 2016 to determine if the regulations have an impact or impose an undue financial burdens on the American taxpayers, add undue complexity, or exceed statutory authority. The Treasury Secretary will then issue a report citing any regulations and...April 21, 2017On Friday, April 21, 2017, President Trump issued a memorandum for the Secretary of the Treasury to review the Orderly Liquidation Authority (OLA) and then report its findings to the President within 180 days. The review must consider the following: the adverse impact of failing financial companies on the financial stability of the US, whether the OLA is consistent with the rules of Executive...April 21, 2017On Friday, April 21, 2017, President Trump issued a memorandum directing the Secretary of the Treasury to conduct a review of the Financial Stability Oversight Council (FSOC), specifically the determination and designation processes, and provide a written report to the President within 180 days of the date of the memorandum. The Treasury Secretary will review the following: whether the...April 20, 2017On Thursday, April 20, 2017, the CFPB released a final rule delaying the general effective date of the rule governing prepaid accounts by six months. The rule will now take effect on April 1, 2018. Additionally, in the coming weeks, the Bureau plans to revisit at least two substantive issues in the prepaid accounts rule through a separate notice and comment rulemaking process. These include: The...April 20, 2017On Thursday, April 20, 2017, the CFPB sued Ocwen Financial, one of the nation’s largest nonbank mortgage loan servicers, and its subsidiaries, for allegedly failing borrowers through the mortgage servicing process. The Bureau alleged a history of errors, shortcuts and lack of customer support by Ocwen cost borrowers monetary losses, and others their homes. Ocwen allegedly failed at basic services...April 19, 2017On Wednesday, April 19, 2017, the Government Accountability Office (GAO) released a report on the fintech industry in response to a request from Sens. Sherrod Brown (D-OH), Jeanne Shaheen (D-NH) and Jeff Merkley (D-OR). The GAO stated there is “universal definition of fintech,” it can be loosely understood to encompass specific subsectors likely to have greatest impact on traditional financial...