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- February 21, 2018On Wednesday, February 21, 2018, the CFPB released its fifth in a series of requests for information (RFI). The series of RFI's is part of Acting Directory Mick Mulvaney’s call for evidence to ensure the Bureau is properly fulfilling its function to protect consumers. This RFI will focus the Bureau’s external engagements, and the Bureau has also released the topics for the remainder of the RFIs...February 14, 2018On Wednesday, February 14, 2018, the Bureau issued its fourth in a line of requests for information (RFIs) meant to assess the overall efficiency and effectiveness of the Bureau, with this RFI focusing specifically on the Bureau’s supervision processes. The Bureau seeks information on the overall efficiency of its supervision program, and whether any changes to the program are needed. Submissions...February 12, 2018On Monday, February 12, 2018, the Bureau released its revised strategic plan which sets to establish its mission, strategic goals, and objectives. This plan revises the draft strategic plan former Director Richard Cordray released in October of 2017. In the opening statement, Acting Director Mick Mulvaney stated, “If there is one way to summarize the strategic changes occurring at the Bureau, it...February 7, 2018On Wednesday, February 7, 2017, the CFPB issued its third in a line of Requests for Information (RFI) on the Bureau’s enforcement processes. The Bureau is collecting information to assess the effectiveness of its processes related to enforcement of federal consumer financial laws. This is the third RFI in three weeks from the CFPB as part of Acting Director Mick Mulvaney’s call for evidence to...February 5, 2018On Monday, February 5, 2018, five federal agencies (Board of Governors of the Federal Reserve, Farm Credit Administration, Federal Housing Finance Agency, FDIC and OCC) proposed to amend swap margin requirements to conform with recent rule changes that impose new restrictions on certain qualified financial contracts (QFCs) of systemically important banking organizations. Under the proposed...February 2, 2018On Thursday, February 2, 2018, the OCC released economic and financial market scenarios for use in the upcoming stress tests for covered institutions with more than $10 billion in assets. The supervisory scenarios include baseline, adverse, and severely adverse scenarios, as described in the OCC’s final rule that implements stress test requirements of the Dodd-Frank Wall Street Reform and...January 17, 2018On Wednesday, January 17, 2018, the CFPB announced it is issuing a “call for evidence” to ensure the Bureau is properly fulfilling duties to best protect consumers. The Bureau announced that in the coming weeks they will publish a series of Requests for Information (RFIs) to seek comment on enforcement, supervision, rulemaking, market monitoring, and education activities. The Bureau’s first RFI...January 16, 2018In a statement on Tuesday, January 16, 2018, the CFPB said it intends to engage in a rulemaking process to reconsider the Small-Dollar Rule. Compliance with the rule by lenders is not mandatory until August 19, 2019, so the rulemaking would take place between now and then. As a technical matter, today was the official "effective date" of the final rule as published in the Federal Register; and...January 10, 2018Late Wednesday, January 10, 2018, a federal court denied CFPB Deputy Director Leandra English's request for a preliminary injunction to block President Trump's appointment of Office of Management and Budget Director Mick Mulvaney as Acting CFPB Director. English, who was appointed Deputy Director just prior to former CFPB Director Richard Cordray's departure, has maintained the Dodd-Frank Act...January 10, 2018On Wednesday, January 10, 2018, the FDIC issued the Supervisory Insights , which includes articles on credit Management Information Systems (MIS) and recent results from the FDIC's Credit and Consumer Products/Services Survey. "A key component of a bank's risk management program is a strong credit MIS, which uses loan data to develop timely and meaningful reporting for a bank's board and senior...