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- June 14, 2018On June 14, 2018, the Fed issued a final rule limiting the credit exposure of large financial institutions to one another. The new rule applies to globally systemically important bank holding companies (GSIBs) – or those with more than $250 billion in total consolidated assets – and caps their credit exposure to one another at 15 percent of tier 1 capital. The rule also covers foreign banks...June 13, 2018On Wednesday, June 13, 2018, the Bureau of Consumer Financial Protection announced a settlement with Security Group Inc . and its subsidiaries. In its Consent Order, the Bureau found alleged Security Group entities violated the Consumer Financial Protection Act by making improper in-person and telephonic collection attempts on consumer installment loans and retail sales installment contracts. The...June 13, 2018Comptroller Joseph Otting today on Wednesday, June 13, 2018, before the House Financial Services Committee to discuss his agenda at the Office of the Comptroller of Currency and other financial industry regulatory matters. Otting outlined the priorities for his time at the OCC, including: Modernizing the Community Reinvestment Act; Expanding short-term, small-dollar lending; Adjusted bank capital...June 8, 2018On Thursday, June 7, 2018, CBA submitted comments on the Bureau of Consumer Financial Protection’s request for information on its rulemaking process. “CBA recommends the Bureau adopt a standardized rulemaking process that is based on the principles of openness, accessibility and accountability,” CBA Vice President and Senior Counsel Dong Hong wrote.June 6, 2018On Wednesday, June 6, 2018, the Bureau informed interested stakeholders that they would be dismissing current members of the Bureau advisory boards, including the Consumer Advisory Board, and drawing new participants from the current application process to replace them. This comes as a result of the Bureau’s request for information on external engagement. The Bureau noted, “In addition to the...June 6, 2018On Wednesday, June 6, 2018, the House Financial Services Subcommittee on Financial Institutions and Consumer Credit held a hearing on improving transparency and accountability at the Bureau of Consumer Financial Protection. In the Bureau’s Semi-Annual Report to the President and Congress in April, Acting Director Mulvaney requested that Congress enact four changes to establish greater...June 5, 2018On Tuesday, June 5, 2018, the FDIC announced that Jelena McWilliams was sworn in as the 21st Chairman of the FDIC. She succeeds Martin J. Gruenberg, who has served on the FDIC Board since August 22, 2005, as Vice Chairman and Acting Chairman before becoming Chairman on November 29, 2012. "It is an honor and a privilege to join the FDIC as Chairman. I look forward to working closely with my fellow...June 4, 2018On Monday, June 4, 2018, CBA submitted comments on the Bureau of Consumer Financial Protection’s consumer complaint reporting processes. The comments are part of the Bureau’s ongoing requests for information. “CBA members strive to ensure their customers receive a swift and complete review of their complaints and inquiries. In fact, the overwhelming majority of complaints filed with the Bureau...May 30, 2018On Wednesday, May 30, 2018, the Federal Reserve Board issued a press release asking for comment on a proposed rule to simplify and tailor compliance requirements relating to the "Volcker rule." "The agencies responsible for implementing the rule see many opportunities to simplify it and improve it in ways that will allow firms to conduct appropriate activities without undue burden and without...May 29, 2018On Tuesday, May 29, 2018, CBA submitted comments on the Bureau of Consumer Financial Protection’s external engagements. The comments are part of the Bureau’s ongoing requests for information. “CBA and its member institutions believe that informed, transparent governing is the best way to produce informed policy that is good for both banks and consumers. A well-functioning Bureau is critical to...