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- 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...November 20, 2017On Monday, November 20, 2017, the CFPB, Federal Reserve and OCC announced an increase to the threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans. During 2018, the threshold will increase from $25,500 to $26,000 effective January 1, 2018, according to the Federal Register . The threshold change was based on the annual percentage increase in the...November 20, 2017On Monday, November 20, 2017, the Federal Reserve, FDIC and OCC announced amendments to their respective Community Reinvestment Act (CRA) regulations. The changes conform to conforming to amendments made by the CFPB to Regulation C, implementing the Home Mortgage Disclosure Act (HMDA). In addition, the final rule contains technical corrections and removes obsolete references to the Neighborhood...November 17, 2017On Friday, November 17, 2017, the Federal Reserve Board (Fed) announced it would extend, until February 15, 2018, the comment periods for two related proposals allowing interested parties additional time to analyze the issues and respond. The proposals included Legal Financial Institution Rating System; Regulation K and LL ( Docket No. R-1569 ) and Proposed Guidance on Supervisory Expectations...November 13, 2017On Monday, November 13, 2017, the Federal Reserve Board issued an announcement regarding the approval of fee schedules, effective January 2, 2018, for payment services the Federal Reserve Banks provide to depository institutions (priced services). According to the announcement, the Reserve Banks project that they will recover 100 percent of their priced services costs in 2018. The Reserve Banks...November 9, 2017On Thursday, November 9, 2017, the OCC issued the “ Background Investigations ” booklet of the Comptroller’s Licensing Manual, which revises the booklet of the same title issued in April 2009. The revised booklet incorporates updated procedures and requirements following the integration of the functions of the Office of Thrift Supervision into the OCC in 2011, and the issuance of revised...November 8, 2017On Wednesday, November 8, 2017, the OCC issued a bulletin on guidance to provide transparency regarding its framework for evaluating certain types of licensing applications when an applicant bank has an overall Community Reinvestment Act (CRA) rating of “Needs to Improve” or “Substantial Noncompliance” (together, less than satisfactory CRA performance rating) or a less than satisfactory CRA...