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- June 21, 2017On Friday, June 21, 2017, CBA and other financial trades submitted a letter to the U.S. Department of Defense (DoD) recommending changes to the Military Lending Act (MLA). Specifically, the letter requests the DoD: Clarify the exemption for purchase money loans (including vehicle purchase money loans) applies unless the borrower is receiving cash from the proceeds of the loan. Thus, purchase...June 16, 2017On Friday, June 16, 2017, the FDIC appointed M. Anthony Lowe to FDIC Ombudsman and Director of the Office of the Ombudsman. Mr. Lowe assumes his duties July 2, 2017, and will be based in Chicago. He replaces Cottrell Webster, who previously retired from the FDIC. Mr. Lowe has been with the FDIC for 32 years and currently services as the agency’s Chicago Regional Director for the divisions of Risk...June 15, 2017On Thursday, June 15, the CFPB announced it is seeking comment on proposed updates to its prepaid rule. The Bureau issued its prepaid rule in 2016 in an attempt to require banks to limit consumers’ losses when funds are stolen or cards are lost. The agency is seeking comment on several adjustments to the prepaid rule. The proposal addresses concerns raised by prepaid companies about what they...June 15, 2017On Thursday, May 15, 2017, the Senate Banking, Housing, and Urban Development Committee held a hearing entitled: “Fostering Economic Growth: Midsized, Regional, and Large Institution Perspective.” The second in a series, the hearing addressed how to foster economic growth through banking reform. In his opening statements, Senate Banking Committee Chairman Mike Crapo (R-ID) stated the $10 billion...June 14, 2017On Wednesday, June 14, 2017, the Federal Reserve (Fed) released minutes and economic projections from the June meeting of the Federal Open Market Committee (FOMC). The Committee indicated the labor market has continued to strengthen and economic activity has moderately risen this year. Job gains have been solid, while unemployment rate has declined. Housing spending has increased, and business...June 14, 2017On Wednesday, June 14, 2017, the Federal Reserve raised its benchmark federal-funds rate by a quarter percentage point to between 1% and 1.25%. This marks the Fed’s third increase in 18 months. According to the Fed’s statement , its intent is to raise the cost of borrowing for consumers and businesses to ensure the economy does not experience a bout of inflation.June 13, 2017On Tuesday, June 13, 2017, the House Judiciary Subcommittee on the Constitution and Civil Justice held a hearing entitled, “Lawsuit Abuse and the Telephone Consumer Protection Act (TCPA).” Hearing witnesses included Rob Sweeney, Founder and CEO of Mobile Media Technologies which facilitates non-profit text communications; Becca Wahlquist, Partner at Snell & Wilmer, representing the Chamber of...June 12, 2017On Monday, June 12, 2017, the House Appropriations Committee Subcommittee on Financial Services and General Government held a hearing to discuss the proposed Treasury budget. In his opening statements, Subcommittee Chairman Tom Graves (R-GA) expressed his support for the budget which he stated prioritizes taxpayers and will allow the United States economy to grow. Several other Representatives,...June 12, 2017On Monday, June 12, 2017, the Supreme Court issued its decision in Henson v. Santander . In a unanimous decision written by Justice Neil Gorsuch, the Court unanimously affirmed the Fourth Circuit decision, the result CBA’s joint-trade amicus brief urged. In particular, the Court held a company may collect debts it purchased for its own account, as Santander did, without triggering the statutory...June 9, 2017On Friday, June 9, 2017, the OCC issued a press release notifying banks to prepare for a change in the regular securities settlement cycle taking effect on September 5, 2017. The regular industry settlement cycle for many U.S. securities including equities, corporate and municipal bonds, and unit investment trusts—and financial instruments composed of these products—will be shortened from the...