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- August 10, 2018On Friday, August 10, 2018, the Bureau announced final amendments to implement legislation allowing financial institutions meeting certain requirements to be exempt from sending annual privacy notices to customers. In December of 2015, Congress amended the Gramm-Leach-Bliley Act (GLBA) as part of the Fixing America’s Surface Transportation Act (FAST Act). The amendment provided financial...August 8, 2018On Wednesday, August 8, 2018, a Texas federal judge again turned down a request from the Bureau and two payday lender trade groups to stay the August 2019 compliance date of the agency’s so-called payday rule. U.S. District Judge Lee Yeakel declined Tuesday to reconsider his June order that stayed a lawsuit challenging the rule , nor did he stay the rule’s compliance date.August 7, 2018On Tuesday, August 7, 2018, the Bureau announced that they will be collaborating with 11 financial regulators and related organizations to create the Global Financial Innovation Network (GFIN). The network will seek to provide a more efficient way for innovative firms to interact with regulators, helping them navigate between countries as they look to scale new ideas. It will also create a new...July 31, 2018On Tuesday, July 31, 2018, the Treasury Department released a report on Fintech and Innovation, issuing broad and specific recommendations to empower consumers and to facilitate innovation in the U.S. financial system. This is the fourth report from Treasury as part of its effort to implement the President's Executive Order on Core Principles for Regulating the United States Financial System. In...July 9, 2018On Monday, July 9, 2018, CBA submitted comments to the Bureau of Consumer Financial Protection’s request for information on its financial education programs. To complement the work already being done by banks, CBA recommended the Bureau partner with community organizations, like churches and youth centers, as well as the U.S. Department of Education to ensure financial literacy resources help...July 6, 2018On July 2, 2018, CBA submitted comments to the Bureau of Consumer Financial Protection’s request for information (RFI) on regulatory and rule guidance and implementation support. The comments focused on ensuring the guidance process is transparent and does not inappropriately circumvent appropriate rulemaking. “CBA’s members frequently rely on the Bureau’s guidance and implementation support to...July 6, 2018On Friday, July 6, 2018, the Federal banking agencies issued a statement detailing rules and associated reporting requirements that are immediately affected by the enactment of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). These changes affect company-run stress testing, resolution plans, the Volcker rule, high volatility commercial real estate exposures,...June 29, 2018On Friday, June 29, 2018, the FDIC and the Federal Reserve Board announced they are seeking public comment on revised resolution plan guidance for the eight largest, most complex U.S. banks. Resolution plans, commonly known as living wills, must describe the company's strategy for rapid and orderly resolution under bankruptcy in the event of material financial distress or failure of the company...June 29, 2018On June 29, 2018, the Bureau of Consumer Financial Protection (BCFP) announced it had settled with Citibank for alleged Truth in Lending Act violations which the company self-reported to the agency. According to the consent order , the Bureau claims the company failed to reevaluate and lower the annual percentage rates (APRs) for approximately 1.75 million consumer credit card accounts and did...June 28, 2018On Thursday, June 28, 2018, the Federal Reserve Board and the Federal Reserve Bank of Cleveland issued a press release regarding the publication of Browsing to Borrow: "Mom & Pop" Small Business Perspectives on Online Lenders . The report examines small business owners' perceptions of online lenders and their understanding and interpretation of the information that online lenders use to...