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- December 8, 2017This week, Congress took the next major step in getting a tax reform bill to the president’s desk. The House passed its version of tax reform the week before Thanksgiving, with the Senate passing its version last week. There are several differences between the two bills. As a result, a conference committee will meet to reconcile the differences. On Monday, December 4, 2017, the House voted on a...December 7, 2017On Thursday, December 7, 2017, the FDIC, OCC and the Federal Reserve Board announced their support for the conclusion of efforts to reform the international bank capital standards initiated in response to the global financial crisis. The agencies will consider how to appropriately apply these revisions to the Basel III reform package in the United States and any proposed changes based on this...December 6, 2017On Wednesday, December 6, 2017, the CFPB Ombudsman’s Office published its annual report highlighting the office’s selection as one of four case studies in an Administrative Conference of the US study on the use of ombudsmen in federal agencies, how the Ombudsman’s Office can assist the Bureau, internal and external engagement, and examples of how the Office resolves issues. In the report, the...November 29, 2017On Wednesday, November 29, 2017, the OCC issued its final rule to address concerns relating to the exercise of default rights of certain financial contracts that could interfere with the orderly resolution of systemically important financial firms. The final rule requires a covered bank to ensure all covered qualified financial contracts (QFC) meet the following criteria: Contain a contractual...November 29, 2017On Wednesday, November 29, 2017, the Fed, OCC, and FDIC issued a final rule revising regulations implementing the Community Reinvestment Act (CRA). The final rule amended the definitions of “home mortgage loan” and “consumer loan” to align with changes to CFPB Regulation C, which implements the Home Mortgage Disclosure Act (HMDA). The final rule also amended CRA public file content requirements...November 28, 2017On Tuesday, November 28, 2017, the Federal Reserve (Fed) issued a consent order against Peoples Bank of Lawrence, KS, claiming the bank engaged in deceptive residential mortgage origination practices which violated the Federal Trade Commission Act (FTCA). According to the Fed, Peoples told borrowers they were paying a certain amount for discount points that would lower the borrower’s interest...November 27, 2017On Monday, November 27, 2017, Joseph M. Otting was sworn in as the 3st Comptroller of the Currency by Treasury Secretary Steven Mnuchin. Mr. Otting was confirmed by the Senate on November 16, 2017, and takes over following Keith Noreika who has served as Acting Comptroller for the past few months. Mr. Otting was President of CIT Bank and Co-President of CIT Group from August to December of 2015...November 21, 2017On Tuesday, November 21, 2017, the Federal Reserve, FDIC and OCC finalized a rule extending existing capital requirements for mortgage servicing assets and other items for certain financial institutions. The rule sought to prevent other policies from taking effect while the agencies consider a broader simplification of the capital rules. The rule will be effective on January 1, 2018. The final...November 21, 2017On Tuesday, November 21, 2017, the CFPB announced action against Citibank, N.A. for alleged student loan servicing issues. According to its press release, the Bureau claims Citibank misled borrowers into believing they were not eligible for a tax deductions on interest paid on certain student loans, incorrectly charged late fees and added interest to the student loan balances of borrowers who...November 20, 2017On Monday, November 20, 2017, the CFPB took action against Conduent Business Services, formerly Xerox Business Services, LLC. The Bureau claims company software errors allegedly led to the reporting of incorrect consumer information about more than one million borrowers. The CFPB also claims the company failed to notify its auto lending clients about known software flaws which caused the...