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- 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...June 25, 2018On Monday, June 25, 2018, CBA submitted comments to the Bureau of Consumer Financial Protection’s request for information on inherited regulations and new rulemaking authorities. In the letter, CBA’s comments focused on the need for the Bureau to ensure rules reflect changes in technology and the ways consumers’ bank. CBA also commented on rules ripe for reform and re-examination. “CBA greatly...June 20, 2018On Wednesday, June 20, 2018, CBA submitted comments to BCFP’s request for information on adopted regulations and new rulemaking authorities. In the letter, CBA focused on recommendations designed to promote consumer access to credit, encourage the use of digital channels and improve regulatory compliance. “We applaud the Bureau’s openness to receiving public input regarding the substance of the...June 19, 2018On Tuesday, June 19, 2018, the OCC issued a press release on the Mortgage Metrics Report, First Quarter 2018 . According to the press release , the performance of first-lien mortgages have remained unchanged during the first quarter of 2018 compared with a year earlier. The report showed 95.6 percent of mortgages included in the report were current and performing at the end of the quarter, the...June 15, 2018On Friday, June 15, 2018, the OCC issued a bulletin informing national banks, federal savings associations, and federal branches and agencies (collectively, banks) about clarifications to OCC supervisory policies and processes regarding how examiners evaluate and communicate bank performance under the CRA. The OCC has clarified and simplified these policies and processes to promote the...June 14, 2018On Thursday, June 14, 2018, Comptroller of the Currency Joseph Otting issued a press release discussing his priorities for the agency and the federal banking system during testimony before the Senate Committee on Banking, Housing, and Urban Affairs. The Comptroller’s testimony highlighted agency efforts to: Modernize the regulatory approach to the Community Reinvestment Act to promote investment...June 14, 2018On June 14, 2018, the Fed issued a final rule limiting the credit exposure of large financial institutions to one another. The new rule applies to globally systemically important bank holding companies (GSIBs) – or those with more than $250 billion in total consolidated assets – and caps their credit exposure to one another at 15 percent of tier 1 capital. The rule also covers foreign banks...June 13, 2018On Wednesday, June 13, 2018, the Bureau of Consumer Financial Protection announced a settlement with Security Group Inc . and its subsidiaries. In its Consent Order, the Bureau found alleged Security Group entities violated the Consumer Financial Protection Act by making improper in-person and telephonic collection attempts on consumer installment loans and retail sales installment contracts. The...