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- September 14, 2017On Thursday, September 14, 2017, the CFPB announced that a no-action letter was issued to Upstart Network, Inc., who uses alternative data to make credit and pricing decisions. The no-action letter mandates that Upstart will regularly report lending and compliance information to the CFPB to mitigate risk to consumers and aid the Bureau’s understanding of the real-world impact of alternative data...September 14, 2017This week Capitol Hill weighed in heavily on the Equifax breach which reportedly affected more than 143 million customers. There were several letters from Members of Congress on both sides of the aisle in the House and Senate. The Senate Commerce Committee sent a letter to Equifax CEO Richard Smith inquiring of the scope and response to the breach. Democrats from the House Energy and Commerce...September 13, 2017On Wednesday, September 13, 2017, the federal bank regulatory agencies issued a joint notice of proposed rulemaking to amend their respective Community Reinvestment Act (CRA) regulations primarily to conform to changes made by the CFPB to Regulation C, which implements the Home Mortgage Disclosure Act (HMDA). In addition, the draft proposal contains technical revisions and would remove obsolete...September 13, 2017On Wednesday, September 13, 2017, CBA submitted comments on the CFPB’s Request for Information about the small business lending market. Section 1071 of the Dodd-Frank Act, which amends the Equal Credit Opportunity Act (ECOA) to require financial institutions to compile, maintain, and report information concerning credit applications made by women-owned, minority-owned, and small businesses. Under...September 12, 2017On Tuesday, September 12, 2017, the CFPB announced in their Supervisory Highlights that supervisory actions taken through June, 2017, have resulted in $14 million going to more than 104,000 consumers. Other issues covered in the Supervisory Highlights include information about checking account fees, overdraft coverage, pay-by-phone fees, vehicle repossession, and consumer communications...September 11, 2017On Monday, September 11, 2017, the OCC announced it will host a public meeting of the Minority Depository Institutions Advisory Committee (MDIAC) on Tuesday, October 3, 2017, beginning at 8:30 a.m. (EDT). The meeting will be held at the Office of the Comptroller of the Currency, 400 7th Street, SW, Washington, DC 20219. Additional information regarding the public meeting and submitting written...September 7, 2017On Thursday, September 7, 2017, the OCC issued the “ Flood Disaster Protection Act ” booklet of the Comptroller’s Handbook. This revised booklet replaces a similarly titled booklet issued in May of 1999. The revised booklet provides information on changes to the flood insurance requirements resulting from recent amendments to the Flood Disaster Protection Act (FDPA) and the flood insurance...September 7, 2017On Thursday, September 7, 2017, the OCC issued the “ Foreword ” booklet of the Comptroller’s Handbook. The revised booklet replaces the booklet titled “Foreword” issued on May 6, 2013. This booklet describes the overall organization and format of the Comptroller’s Handbook and lists the booklet titles that compose the handbook. The list will change over time because the OCC periodically issues...September 6, 2017On September 6, 2017, the OCC, Board of Governors of the Federal Reserve, FDIC, and state bank regulators recognize the serious impact of Hurricane Irma on the customers and operations of many financial institutions and will provide regulatory assistance to affected institutions subject to their supervision. The agencies encourage institutions in the affected areas to meet the financial services...September 6, 2017On Wednesday, September 6, 2017, the OCC, the Board of Governors of the Federal Reserve, the FDIC, and the National Credit Union Administration published additional frequently asked questions to assist financial institutions and examiners with the new accounting standard, Accounting Standards Update 2016-13, Topic 326, “Financial Instruments–Credit Losses,” issued by the Financial Accounting...