Bank Notes

  • October 11, 2017
    On Wednesday, October 11, 2017, the FDIC announced that they will be sponsoring the 7th Annual Consumer Research Symposium on October 13, 2017. The conference will feature welcoming remarks by FDIC Chairman Martin J. Gruenberg, presentations of selected research papers, and a Keynote Address by Dr. Christopher Herbert, Managing Director of the Joint Center for Housing Studies of Harvard...
  • October 6, 2017
    On Wednesday, October 4, 2017, the CFPB released an interim final rule amending the Mortgage Servicing Rule, which allows for more flexibility around the timing of early intervention notices sent to borrowers who have invoked their cease communication rights under the FDCPA. Under the 2016 Mortgage Servicing Final Rule, a servicer subject to the FDCPA with respect to a borrower’s loan must...
  • October 6, 2017
    On Friday, October 6, 2017, the OCC is requesting comment on a proposed rule to shorten the standard settlement cycle for securities purchased or sold by national banks or federal savings associations (collectively, banks). The proposal was issued jointly with the FDIC. The OCC initially posted the proposal to its website on September 1, 2017. It was published in the Federal Register on September...
  • October 5, 2017
    On Thursday, October 5, 2017, the OCC released a list of Community Reinvestment Act (CRA) performance evaluations which became public during the period of September 1, 2017 through September 30, 2017. The list contains only national banks, federal savings associations, and insured federal branches of foreign banks that have received ratings. The possible ratings are outstanding, satisfactory,...
  • October 5, 2017
    On Thursday, October 5, 2017, the FDIC issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in July 2017. A consolidated list of all state nonmember banks whose evaluations have been made publicly available since July 1, 1990, including the rating for each...
  • October 5, 2017
    On Thursday, October 5, 2017, the CFPB is releasing its long-awaited small dollar lending rule . According to the CFPB, the rule aims to stop debt traps and apply to loans that require consumers to repay all or most of the debt at once. Under the new rule, lenders must conduct a "full-payment test" to determine upfront that borrowers can afford to repay their loans without re-borrowing. (The OCC...
  • October 5, 2017
    On Thursday, October 5, 2017, the OCC announced Acting Comptroller of the Currency Keith A. Noreika approved the rescission of the agency’s Guidance on Supervisory Concerns and Expectations regarding Deposit Advance Products that was published in the Federal Register on November 26, 2013 and its accompanying OCC Bulletin 2013-40 .
  • October 5, 2017
    On Thursday, October 5, 2017, the Federal Reserve Board extended the comment periods for its proposal to enhance the effectiveness of boards of directors, as well as its related proposal to implement a new ratings system for large financial institutions that would be aligned with the post-crisis supervisory program. The new deadline is November 30, 2017,
  • October 3, 2017
    On Tuesday, October 3, 2017, the FDIC released the results of its annual survey of branch office deposits for all FDIC-insured institutions. The latest data are as of June 30, 2017. The FDIC's Summary of Deposits (SOD) provides deposit totals for each of the more than 89,000 domestic offices operated by more than 5,700 FDIC-insured commercial and savings banks, savings associations, and U.S...
  • September 29, 2017
    On Friday, September 29, 2017, the OCC reported that their Performance of first-lien mortgages improved during the second quarter of 2017 compared with a year earlier. The OCC Mortgage Metrics Report , Second Quarter 2017, showed 95.4 percent of mortgages included in the report were current and performing at the end of the quarter, compared with 94.7 percent a year earlier. The report also showed...

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