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- October 26, 2020On Monday, October 26, 2020, the Bureau issued a press release regarding a consent order against Low VA Rates LLC (Low VA Rates) to address the Bureau’s finding that Low VA Rates sent consumers mailers for mortgage loans guaranteed by the U.S. Department of Veterans Affairs (VA) that contained false, misleading, and inaccurate statements. Low VA Rates’ conduct violated the Consumer Financial...October 20, 2020On Tuesday, October 20, 2020, the CFPB issued a final rule to extend the Government-Sponsored Enterprise (GSE) Patch until the mandatory compliance date of the final rule amending the General Qualified Mortgage (QM) loan definition in Regulation Z. The GSE Patch was originally schedule to expire January 10, 2021. The Bureau is not amending the provision in Regulation Z stating the GSE Patch will...October 20, 2020On Tuesday, October 20, 2020, the OCC, Federal Reserve Board, FDIC, NCUA, and CFPB (collectively, the agencies) issued a press release inviting comment on a proposed rule that would codify the Interagency Statement Clarifying the Role of Supervisory Guidance issued by the agencies on September 11, 2018; the so-called “guidance on guidance” document. The proposed rule codifies the 2018 Statement...October 20, 2020On Tuesday, October 20, 2020, the federal bank regulatory agencies issued a press release finalizing a rule to limit the interconnectedness and reduce the impact from failure of the largest banking organizations. The final rule is substantially similar to the proposal announced last year and complements other measures that the agencies have taken to limit interconnectedness among the largest...October 20, 2020On Tuesday, October 20, 2020, the federal bank regulatory agencies issued a press release finalizing a rule strengthening the resilience of large banks by requiring them to maintain a minimum level of stable funding over a one-year period. The final rule is generally similar to the proposal from May 2016 and includes several changes based on further analysis and public input on the proposal. In...October 20, 2020On Tuesday, October 20, 2020, CBA President and CEO Richard Hunt issued the following statement after the Senate held procedural votes on COVID-19 stimulus and Paycheck Protection Program legislation: “While a bipartisan agreement remains elusive for Congress, small businesses are facing an uncertain economic future. The lifelines they received through PPP loans are becoming a knot of red tape...October 19, 2020On Monday, October 19, 2020, CBA President and CEO Richard Hunt issued the following statement after the Federal Deposit Insurance Corporation (FDIC) released results of a survey revealing a record number of American households with bank accounts in 2019: “The nation’s banks are well-capitalized, well-positioned and committed to ensuring Americans have access to safe and sound financial products...October 19, 2020On Monday, October 19, 2020, the Senate rejected a Motion to Proceed on the Congressional Review Act Resolution of the OCC’s final Community Reinvestment Rule by a vote of 48 to 43. With the failure of the Motion to Proceed, the framework proposed by former Comptroller Otting overcomes its first hurdle on the way towards implementation. In June, House Democrats brought the Resolution challenging...October 16, 2020On Friday, October 16, 2020, CBA President and CEO Richard Hunt issued the following statement after the House Select Subcommittee on the Coronavirus Crisis majority issued its report on the Administration’s implementation of the Paycheck Protection Program: “America’s financial institutions invested heavily in implementing the Paycheck Protection Program to help save mom-and-pop small businesses...October 15, 2020Consumer Financial Protection Bureau Settles Lawsuit With Debt Collectors And Debt Buyers Encore Capital Group, Midland Funding, Midland Credit Management, And Asset Acceptance Capital Corp. On Thursday, October 15, 2020, the CFPB issued a press release regarding a filing for a proposed stipulated final judgment and order to settle its lawsuit against Encore Capital Group, Inc., and its...