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February 14, 2020On Thursday, October 3, 2019, the OCC issued a final rule implementing the stress testing requirements of section 165(i)(2) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, consistent with section 401 of the Economic Growth, Regulatory Relief, and Consumer Protection Act. The new rule is effective as of Nov. 24, 2019, and revises: the minimum threshold for national banks and...
February 12, 2020Federal Reserve Chairman Jerome Powell testified today before the Senate Banking, Housing, and Urban Affairs Committee for his semiannual monetary policy report to Congress. Key Takeaways: Republicans and Democrats alike stressed the importance of Fed independence and encouraged Chairman Powell to maintain that posture in all matters. On economic issues, several Republican Senators lauded the...
February 12, 2020The House Financial Services Subcommittee on Diversity and Inclusion held a hearing today examining diversity and inclusion (D&I) accountability at large banks and reviewed a report conducted by the committee which evaluated D&I practices at the nation's largest banks. A full hearing summary prepared by the CBA Team is available here .
February 5, 2020On Wednesday, February 5, the Consumer Financial Protection Bureau announced a proposed settlement with Think Finance, LLC , and six subsidiaries to resolve a CFPB lawsuit from November, 2017. The Bureau alleged that the Think Finance Entities engaged in unfair, deceptive, and abusive acts and practices in connection with the illegal collection of loans that were void in whole or in part under...
February 4, 2020The House Financial Services Committee held a hearing today titled “Rent-A-Bank Schemes and New Debt Traps: Assessing Efforts to Evade State Consumer Protections and Interest Rate Caps.” Chairwoman Waters (D-CA) opened the hearing by emphasizing the harmful impacts payday lending and rent-a-bank schemes having on consumers, particularly referencing the OCC and FDIC’s proposed rule as providing “...
February 3, 2020On Monday, February 3, 2020, the Bureau and the U.S. Department of Education ED announced a new coordination agreement in order to better serve student loan borrowers. Under the newly signed Memorandum of Understanding (MOU) the agencies will share complaint information from borrowers and meet quarterly to discuss observations about the nature of complaints received, characteristics of borrowers...
February 3, 2020Today, the FDIC Office of Inspector General published an Evaluation Report of the FDIC’s Cost Benefit Analysis Process for Rulemaking. As detailed in the report findings, the OIG concluded the FDIC’s cost benefit analysis process is not consistent with widely recognized best practices. Specifically, the OIG found: The FDIC had not established and documented a process to determine when and how to...
January 30, 2020On Thursday, January 30, 2020, five federal financial regulatory agencies issued a joint press release inviting the public to comment on a proposal to modify regulations implementing the Volcker rule's general prohibition on banking entities investing in or sponsoring hedge funds or private equity funds—known as "covered funds." The joint agency proposal would improve and streamline the covered...
January 13, 2020The Consumer Bankers Association (CBA) today wrote House Financial Services Consumer Protection and Financial Institutions Subcommittee Chair Greg Meeks (D-N.Y.) and Ranking Member Blaine Luetkemeyer (R-Mo.) to discuss efforts to modernize the Community Reinvestment Act. “CBA believes banks have an affirmative obligation to help meet the credit needs of their communities, including low- and...
January 10, 2020On, Friday, January 10, 2020, the CFPB granted a no-action letter (NAL) to Bank of America regarding the bank’s funding arrangements with housing counseling agencies certified by the U.S. Department of Housing and Urban Development (HUD). The more than 1,600 HUD-certified HCAs serve more than one million households annually. They offer pre-purchase homeownership counseling to potential borrowers...Pages
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