Bank Notes

  • June 27, 2016
    On Monday, June 27, 2016, CBA and other trades sent a letter in response to a FDIC proposal requiring banks with over $2 million in deposit accounts to collect extensive depositor information. The proposal also requires these banks to develop systems the FDIC can use to make deposit insurance determinations should the agency close the bank. The letter noted that the proposal’s cost analysis...
  • June 23, 2016
    On Thursday, June 23, 2016, the OCC held a “ Forum on Supporting Responsible Innovation in the Federal Banking System.” Throughout the four panels and remarks, participants analyzed and discussed the potential benefits and risks posed by emerging Fintech, products, and services. While innovation is not new to the banking industry, its rapid growth is prompting regulators to gather further...
  • June 22, 2016
    On Wednesday, June 22, 2016, the CFPB released a special edition supervision report focused specifically on mortgage servicers. The Bureau found some mortgage servicers allegedly continue to use failed technology which has already harmed consumers, putting the company in violation of the CFPB’s new servicing rules. The agency claims examiners have found violations because of deficient technology...
  • June 22, 2016
    On Wednesday, June 22, 2016, the CFPB released a special edition supervision report focused specifically on mortgage servicers. The Bureau found some mortgage servicers allegedly continue to use failed technology which has already harmed consumers, putting the company in violation of the CFPB’s new servicing rules. The agency claims examiners have found violations because of deficient technology...
  • June 22, 2016
    On Wednesday, June 22, 2016, the U.S. House of Representatives failed to garner the votes needed to override President Obama’s veto of H.J.Res. 88, a resolution to block the implementation of the Department of Labor’s fiduciary rule. The House voted 239-180, falling short of the two-thirds majority needed. The final rule to require financial advisers to abide by a fiduciary duty to act in the...
  • June 22, 2016
    On Wednesday, June 22, 2016, the Office of the Comptroller of the Currency (OCC) announced it had created a new position tasked with developing compliance protocols and enforcing bank supervision policies. Beverly Cole will become the OCC's first Deputy Comptroller for Compliance Supervision in July 2016. Her role will also include instituting examination strategies and schedules. “Cole is...
  • June 22, 2016
    On Tuesday, June 21, and Wednesday, June 22, 2016, Federal Reserve Chair Janet Yellen appeared before the Senate Banking Committee and the House Financial Services Committee, respectively, to provide an economic outlook and monetary policy update in her Semiannual Monetary Policy Report to Congress. In her testimony, Chair Yellen described recent data on sluggish job growth, and stated, “We will...
  • June 20, 2016
    On Monday, June 20, 2016, the Government Accountability Office (GAO) released a report addressing the CFPB’s workplace culture titled “Additional Actions Needed to Support a Fair and Inclusive Workplace.” While the CFPB has implemented recommendations from previous reports, GAO indicated it needs to do more to ensure a sustained commitment to these initiatives. In sum, “GAO's survey found...
  • June 17, 2016
    On Friday, June 17, 2016, the CFPB issued a final rule amending the regulatory text and official interpretations for Regulation Z, which implements the Truth in Lending Act (TILA). The CFPB is required to calculate annually the dollar amounts for several provisions in Regulation Z; this final rule revises, as applicable, the dollar amounts for provisions implementing amendments to TILA under the...
  • June 16, 2016
    On June 16, 2016, the Senate Appropriations Committee approved, by a vote of 30-0, its Fiscal Year 2017 Financial Services and General Government Appropriations bill. The $22.4 billion spending bill provides funding for the Treasury Department, the Securities and Exchange Commission (SEC), the Small Business Administration, and the Internal Revenue Service (IRS), among other agencies and programs...

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