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- July 18, 2017“The CFPB’s anti-arbitration rule hurts consumers and it’s another example of the problems caused by this rogue and unaccountable agency,” stated Rep. Rothfus upon introduction. In response, House Financial Services Committee Ranking Member Maxine Waters (D-CA) stated, “The Consumer Bureau’s forced arbitration rule ensures that consumers are not required to sign away their legal rights in order...July 17, 2017On Monday, July 17, 2017, Sen. Cory Booker (D-NJ) sent a letter to 13 banks inquiring about their overdraft programs. “I’m concerned that too many of our nation’s banks are increasingly driven to accumulate these [overdraft] fees, rather than pursue a business model that serves their communities, and are adopting certain practices to drive participation in so-called ‘overdraft protection’...July 14, 2017On Wednesday, July 12, 2017, the Federal Reserve Board released its most recent “Beige Book” report on economic growth. The report indicates overall economic activity expanded across all twelve Federal Reserve Districts in June, with the pace of growth ranging from slight to moderate. In addition, the majority of Districts expected modest to moderate gains in the months ahead. Consumer spending...July 13, 2017On Thursday, July 13, 2017, the House Financial Services Committee, Subcommittee on Capital Markets, Securities, and Investments held a hearing entitled “ Impact of the DOL Fiduciary Rule on the Capital Markets.” During the hearing, members discussed the recently enacted fiduciary rule from the Department of Labor, as well as a draft bill proposed by Congresswoman Ann Wagner (R-MO) to replace...July 12, 2017On Wednesday, July 12, 2017, the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit held a hearing entitled “ Examining Legislative Proposals to Provide Targeted Regulatory Relief to Community Financial Institutions .” The hearing discussed nine bills seeking to tailor the regulatory framework for financial institutions serving consumers and small...July 10, 2017On Monday, July 10, 2017, the CFPB issued a final arbitration rule pursuant to section 1028 of the Dodd-Frank Act. Under this section, the CFPB is required to study the use of arbitration agreements in the consumer financial markets. Once completed, the Bureau is then authorized to prohibit, condition, or limit the use of arbitration agreements if it is in the public interest, for the protection...July 10, 2017ON Monday, July 10, 2017, the FDIC announced it is releasing and seeking public comment on a procedures manual developed to assist FDIC staff as they evaluate and process deposit insurance applications. The manual addresses each stage of the insurance application process: from pre‑filing activities to application acceptance, review, and processing; pre‑opening activities; and post‑opening...July 7, 2017On Friday, July 7, 2017, the OCC reported strategic, credit, operational, and compliance risks remain top concerns for the federal banking systems in its Semiannual Risk Perspective for Spring 2017. Highlights from the report include: Strategic risk remains elevated as banks make decisions to expand into new products or services or consider new delivery channels and continue merger and...July 6, 2017On Thursday, July 6, 2017, the Fed appointed Mark E. Van Der Weide as General Counsel, effective later this summer. Mr. Van Der Weide will succeed Scott G. Alvarez, who announced in February his intention to retire after nearly 36 years of service to the Federal Reserve Board, including more than 12 years as head of the Legal Division. Since 2010, Mr. Van Der Weide has held positions in the Board...July 6, 2017On Wednesday, July 5, 2017, the OCC and FDIC released CRA evaluations for over 75 institutions. Of the 59 state nonmember banks the FDIC evaluated, 4 banks (6.7%) received an “Outstanding” rating, 52 banks (88%) received a “Satisfactory” rating, 2 banks (3.3%) received a “Needs to Improve” and 1 bank was in “Substantial Noncompliance”. Of the 25 institutions reviewed by the OCC, 5 banks (20%)...