Bank Notes

  • February 19, 2016
    On Friday, February 19, 2016, the federal banking agencies increased the number of small banks and savings associations eligible for an 18-month examination as opposed to a typical 12-month cycle. The changes are intended to reduce regulatory compliance costs for smaller institutions, while maintaining safety and soundness protections. Under the interim final rules, qualifying well-capitalized...
  • February 18, 2016
    On Thursday, February 18, 2016, the CFPB issued its final policy on No-Action Letters (NALs). First proposed in October of 2014, this policy is part of the Bureau’s Project Catalyst Initiative, which seeks to promote marketplace innovation by providing new or emerging products with “regulatory certainty.” Under the new policy, the CFPB has established a process for applicants to submit NAL...
  • February 18, 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 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...

Pages