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- February 16, 2018Hot Out of the CFPB CFPB Embraces New Strategic Plan – Laying out the CFPB’s vision through fiscal year 2022, the Bureau, under Acting CFPB Director Mick Mulvaney, issued its new strategic plan. Here are the Bureau’s three long-term goals: Ensure that all consumers have access to markets for consumer financial products and services; Implement and enforce the law consistently to ensure that...
- February 14, 2018On Wednesday, February 14, 2018, the Bureau issued its fourth in a line of requests for information (RFIs) meant to assess the overall efficiency and effectiveness of the Bureau, with this RFI focusing specifically on the Bureau’s supervision processes. The Bureau seeks information on the overall efficiency of its supervision program, and whether any changes to the program are needed. Submissions...February 14, 2018After more than five years at the helm for the Financial Services Roundtable (FSR), former Minnesota Gov. Tim Pawlenty recently announced that he will step down from his post in March. Pawlenty indicated in a press release that he believes he is leaving the advocacy organization as it is well-positioned for future success.February 12, 2018Consumer Financial Protection Bureau Attention: Office of Financial Education 1700 G Street NW Washington, D.C. 20552 Re: Request for Information Regarding Consumers’ Experience with Free Access to Credit Scores Docket No. CFPB-2017-0037 82 FR 52284 (November 13, 2017) Dear Sir or Madam, The American Bankers Association  and Consumer Bankers Association  (collectively, the Associations) are...February 6, 2018WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt issued the following statement after Tim Pawlenty announced he was retiring as CEO of the Financial Services Roundtable: “Under his trademark ‘Minnesota nice’ demeanor, Tim has always been a dedicated fellow advocate for the banking industry and a leader on cybersecurity initiatives during his time at FSR. “I enjoyed working...February 5, 2018On Monday, February 5, 2018, five federal agencies (Board of Governors of the Federal Reserve, Farm Credit Administration, Federal Housing Finance Agency, FDIC and OCC) proposed to amend swap margin requirements to conform with recent rule changes that impose new restrictions on certain qualified financial contracts (QFCs) of systemically important banking organizations. Under the proposed...February 2, 2018On Thursday, February 2, 2018, the OCC released economic and financial market scenarios for use in the upcoming stress tests for covered institutions with more than $10 billion in assets. The supervisory scenarios include baseline, adverse, and severely adverse scenarios, as described in the OCC’s final rule that implements stress test requirements of the Dodd-Frank Wall Street Reform and...February 2, 2018Hot Out of the CFPB Court Overrules CFPB Overreach – Picture this: You receive a traffic ticket and all of a sudden, a clerk in the courthouse decides to increase your fine by 1,500 percent. Well, that is what the CFPB did when it amplified a penalty levied against mortgage lender PHH Corp. by nearly $100 million. Thankfully, the U.S. Court of Appeals decided to repeal the amplified penalty on...January 31, 2018A duo of bills passed in the U.S. House of Representatives on Monday (Jan. 29) that would curb financial abuse of senior citizens and also ease the way for consumers residing in rural areas to open their bank accounts via remote means. As reported on Tuesday (Jan. 30) in American Banker , the law targeting elder abuse , which was part of previously introduced legislation, titled the Senior Safe...January 31, 2018A federal appeals court Wednesday ruled that the structure of the U.S. Consumer Financial Protection Bureau is constitutional, dealing a legal defeat to many Republicans and business groups that say the watchdog is too powerful. The much-watched decision by the U.S. Court of Appeals for the District of Columbia Circuit said the bureau's leadership by a single director who can only be removed by...