Bank Notes

  • February 17, 2016
    On Thursday, February 18, 2016, the CFPB issued file specifications for the Home Mortgage Disclosure Act (HMDA) collection for 2017 and 2018. This resource for HMDA filers outlines the fields to be reported annually and explains how each field should be reported under the final HMDA rule. Beginning in 2017, HMDA data will be submitted electronically, but will include the data reported prior to...
  • February 16, 2016
    CBA and co-petitioners filed a joint Reply Brief on Tuesday, February 16, 2016, in the Telephone Consumer Protection Act (TCPA) litigation being considered by the D.C. Circuit Court of Appeals. In the Reply Brief, Petitioners countered arguments raised in the Federal Communication Commission’s (FCC) Response Brief and reiterated: 1. Dialing equipment must have the present ability to store or...
  • February 16, 2016
    On Tuesday, February 16, 2016, the Government Accountability Office (GAO) published a report analyzing the implications of the proposed Remittance Status Verification Act, which would require remittance transfer providers to request proof of legal immigration status from those sending remittances outside the U.S. A fine would be assessed to those without proof of immigration status. The Act does...
  • February 16, 2016
    On Tuesday, February 16, 2016, the U.S. Department of Homeland Security (DHS) released its initial guidance on the implementation of the Cybersecurity Information Sharing Act of 2015. The legislation, which passed Congress and was signed into law in December of 2015, seeks to encourage the private sector and federal entities to share cyber threat indicators with the federal government by...
  • February 12, 2016
    On Friday, February 12, 2016, the OCC issued the “Installment Lending” booklet of the Comptroller’s Handbook. This revised booklet updates and replaces the “Installment Loans” booklet issued in March of 1990 (and examination procedures issued in March of 1998). The updated booklet: Rescinds OCC Bulletin 2004-59, “Retail Lending: Interim Examination Procedures;” Provides updated guidance to...
  • February 11, 2016
    On Thursday, February, 11, 2016, the House Financial Services Subcommittee on Financial Institutions and Consumer Credit held a hearing entitled: “Short-term, Small-dollar Lending: The CFPB’s Assault on Access to Credit and Trampling of State and Tribal Sovereignty.” Members of the Committee heard testimony from two panels of witnesses including CFPB Acting Deputy Director David Silberman , who...
  • February 10, 2016
    On Wednesday, February 10, 2015, the CFPB published a notice in the Federal Register to correct a typo regarding tolerances for property taxes and certain other property-related costs. The error was found in the “Supplementary Information” to the TILA-RESPA Integrated Disclosure rule. According to the CFPB’s addendum, the supplementary information to the TILA-RESPA Final Rule, which was released...
  • February 10, 2016
    On Wednesday, February 10, 2016, Federal Reserve Chair Janet Yellen testified before the House Financial Services Committee on the Semi-Annual Monetary Policy Report to Congress. The following day, she went before the Senate Banking Committee for a second round of questions . In her economic and monetary policy review, Chair Yellen committed to continuing the Fed’s accommodative policies. In...
  • February 9, 2016
    On Tuesday, February 9, 2016, President Obama released his Fiscal Year 2017 budget proposal , which would spend $4.1 trillion while increasing taxes by $3.4 trillion next fiscal year. At this rate of spending, the budget projects adding $6.1 trillion to the deficit over the next 10 years, increasing the debt to $24.8 trillion. While the budget blueprint was viewed as dead-on-arrival on Capitol...
  • February 9, 2016
    On Tuesday, February 9, 2016, the White House announced its plans to implement a new Cybersecurity National Action Plan (CNAP). Through additional investment, public education, and coordination with the private sector, the plan seeks to strengthen the nation’s cybersecurity. Paired with the release of the President’s final budget proposal, the plan provides a 35 percent increase in cybersecurity...

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