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- October 16, 2018On Wednesday, October 16, 2018, the Federal Reserve issued a press release regarding a Federal Reserve Payments Study report that the value of fraudulent noncash payments in the United States rose significantly between 2012 and 2015--outpacing growth in noncash payments overall, according to a new report based on Federal Reserve Payments Study data. The study's survey of depository institutions...October 15, 2018On Monday, October 15, 2018, the FDIC issued a press release announcing the release of a Spanish-language version of Money Smart for Older Adults. The curriculum, now offered in English and Spanish, has been updated to provide new information and resources to help older adults and their caregivers recognize and prevent fraud, scams, and other types of financial exploitation. The curriculum also...October 10, 2018On Wednesday, October 10, 2018, the OCC, the Board of Governors of the Federal Reserve, the FDIC, the Farm Credit Administration, and the Federal Housing Finance Agency (collectively, the agencies) issued a bulletin regarding a final rule in the Federal Register to amend their regulations regarding the minimum margin and capital requirements for registered swap dealers, major swap participants,...October 10, 2018On Wednesday, October 10, 2018, the OCC, the Board of Governors of the Federal Reserve, the FDIC, the National Credit Union Administration, and the state regulators issued a press release to recognize the serious impact of Hurricane Michael on the customers, members, and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject...October 10, 2018On Wednesday, October 10, 2018, CBA along with ABA and the U.S. Chamber of Commerce submitted a joint comment letter to the BCFP in response to its trial disclosure proposal. We are supportive of changes to the trial disclosure program as the current framework offers few incentives or protections for participating companies. In our letter, CBA asks the Bureau to provide greater protections for...September 6, 2018On Friday, August 31, 2018, the Bureau of Consumer Financial Protection (Bureau) issued a press release regarding an interpretive and procedural rule to implement and clarify the requirements of section 104(a) of the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), which amended the Home Mortgage Disclosure Act (HMDA). The Bureau also released updates to the Filing...September 6, 2018On Tuesday, September 4, 2018, five federal financial regulatory agencies issued a joint press release extending until October 17, 2018, the comment period for a proposed rule to simplify and tailor compliance requirements for the “Volcker Rule.” The Volcker Rule generally restricts banking entities from engaging in proprietary trading and from owning or controlling hedge funds or private equity...September 6, 2018On Thursday, September 6, 2018, the Bureau of Consumer Financial Protection (Bureau) released its 17th edition of Supervisory Highlights . The report covers Bureau supervision activities generally completed between December 2017 and May 2018, and shares observations in the areas of auto loan servicing, credit card account management, debt collection, mortgage servicing, payday lending, and small...September 6, 2018On Thursday, September 6, 2018, the 18 th Annual Bank Research Conference at the FDIC commenced with Chairman McWilliams’ opening remarks. The conference was strictly academic but prestigious and competitive within the field of economics; this year over 450 papers were received and only 20 were selected for presentation. Below are highlights from the remarks: Chairman McWilliams kicked off the...August 31, 2018On Monday, August 27, 2018, Bureau of Consumer Financial Protection Student Loan Ombudsman Seth Frotman resigned in a heated letter to Acting Director Mick Mulvaney. In his resignation, Frotman claimed the new administration’s policies were harming students and families and the Bureau has “abandoned its duty to fairly and robustly enforce the law.” Frotman also alleged the agency’s leadership “...