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- 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...October 14, 2020Consumer Financial Protection Bureau Settles With Nissan Motor Acceptance Corporation For Illegal Collections And Repossession Practices On Tuesday, October 13, 2020, the Bureau issued a press release regarding a consent order against Nissan Motor Acceptance Corporation (Nissan), an auto financing subsidiary of Nissan North America, Inc., which services auto loans and leases originated by Nissan...October 14, 2020Federal Reserve requests public comment on technical, clarifying updates regarding the Federal Open Market Committee’s Rules Regarding Availability of Information, which describe its Freedom of Information Act (FOIA) procedures On Wednesday, October 14, 2020, the Federal Reserve issued a press release requesting public comment on technical, clarifying updates regarding the Federal Open Market...October 14, 2020OCC Assesses $85 Million Civil Money Penalty Against USAA On Wednesday, October 14, 2020, the OCC issued a press release about the assessed $85 million civil money penalty against USAA, Federal Savings Bank. The OCC took this action based on the bank’s failure to implement and maintain an effective compliance risk management program and an effective information technology risk governance program...October 13, 2020CBA, SBFE Small Business Data Shows First Full COVID-19 Quarter, PPP Impact On Tuesday, October 13, 2020, CBA and Small Business Financial Exchange released the Small Business Lending Trends report covering the second quarter of 2020. The report, which is released quarterly, examines key credit information for America’s small businesses and shows delinquency peaking for most account types as the...