Bank Notes

  • November 13, 2018
    On Tuesday, October 30, 2018, the three federal banking agencies (Federal Reserve Board, FDIC, and the OCC) jointly issued a press release inviting the public to comment on a proposal to update their standards for how firms measure counterparty credit risk posed by derivative contracts under the agencies’ regulatory capital rules. The proposed changes are designed to better reflect the current...
  • November 8, 2018
    On Thursday, November 8, 2018, the OCC renewed the charter of its Mutual Savings Association Advisory Committee . The MSAAC provides advice to the Comptroller of the Currency about mutual savings associations and assesses their current condition, regulatory changes that may promote their health and viability, and other issues affecting these institutions. The committee includes officers and...
  • November 7, 2018
    On Wednesday, November 7, 2018, the FED, FDIC, and OCC jointly released a proposal aimed to reduce the regulatory reporting burdens on small institutions by expanding the number of regulated institutions eligible for streamlined reporting, under Section 205 of the Economic Growth, Regulatory Relief, and Consumer Protection Act. The proposal would permit insured depository institutions with total...
  • October 31, 2018
    On Wednesday, October 31, 2018, the Federal Reserve Board invited the public to comment on two proposals creating a tiered structure for holding companies with over $100 billion of assets. At a meeting, the Fed voted 3-1 to issue separate proposals to restructure several key aspects of its post-crisis regulatory framework, thereby reducing capital, liquidity and procedural requirements for many...
  • October 26, 2018
    On Friday, October 26, 2018, the Bureau issued a press release that it is expecting to issue proposed rules in January 2019 that will reconsider the Bureau's rule regarding Payday, Vehicle Title, and Certain High-Cost Installment Loans and address the rule's compliance date. The Bureau will make final decisions regarding the scope of the proposal closer to the issuance of the proposed rules...
  • October 25, 2018
    On Wednesday, October 25, CBA and the American Bankers Association sent a request to the Bureau of Consumer Financial Protection (Bureau) to immediately extend the compliance date of its finalized rule on Payday, Vehicle Title, and Certain High-Cost Installment Loans (rule) in light of the Bureau’s announced review of the rule. The current compliance date of the rule is August 19, 2019. Under its...
  • October 24, 2018
    On Wednesday, October 24, 2018, the Bureau of Consumer Financial Protection issued press release announcing a settlement with Cash Express, LLC , a small-dollar lender that offers payday and title loans, as well as cash-checking services. In the consent order, the Bureau found that Cash Express violated the Consumer Financial Protection Act (CFPA) by deceptively threatening in collection letters...
  • October 23, 2018
    On Tuesday, October 23, 2018, the OCC issued a press release regarding an assessed $100 million civil money penalty against Capital One for deficiencies in the bank’s BSA/AML programs. The deficiencies, cited in the OCC’s 2015 order against the bank, included weaknesses in its compliance program and related controls; deficiencies in its risk assessment, remote deposit capture and correspondent...
  • October 23, 2018
    On Tuesday, October 23, 2018, the Bureau released a complaint snapshot compiling consumer complaint database data from January 1, 2015 to June 30, 2018. More than 30% of total complaints were from California, Florida and Texas, though the District of Columbia had the most complaints per capita. Between January 2017 and June 2018, the Bureau has received 494,540 complaints. The Bureau noted...
  • October 23, 2018
    On Tuesday, October 23, 2018, the FDIC issued a press release regarding the results of the 2017 biennial National Survey of Unbanked and Underbanked Households claiming that for the third consecutive survey period, the number of U.S. households without a bank account fell, according to the results of the 2017 biennial National Survey of Unbanked and Underbanked Households. "The good news is that...

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