Regulatory Compliance & Agency Engagement

  • June 29, 2018
    On 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 22, 2018
    D.C. DOWNLOAD Court Rules Bureau’s Structure Unconstitutional – The U.S. District Court of the Southern District of New York ruled yesterday the Bureau "unconstitutionally structured." The opinion was in the case of CFPB v. RD Legal Funding, LLC et al. Whether the decision, which disqualified the Bureau as a plaintiff in the case, will be appealed depends on a number of factors. However, it is...
  • June 15, 2018
    CBA's JUNE BOARD OF DIRECTORS MEETING CBA Board Meets With Regulators – Nearly the entire CBA Board of Directors met this week at our World Headquarters in Washington, D.C., and our agenda the past couple days has been nothing short of a whirlwind. We kicked off the visit weaving in-and-out of Washington Capitals fans on the D.C. Metro as we headed to meetings with OCC Comptroller Joseph Otting,...
  • June 14, 2018
    On 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, 2018
    On 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, 2018
    Comptroller Joseph Otting today on Wednesday, June 13, 2018, before the House Financial Services Committee to discuss his agenda at the Office of the Comptroller of Currency and other financial industry regulatory matters. Otting outlined the priorities for his time at the OCC, including: Modernizing the Community Reinvestment Act; Expanding short-term, small-dollar lending; Adjusted bank capital...
  • June 8, 2018
    TESTIFYING ON CAPITOL HILL MY TESTIMONY BEFORE THE HOUSE FINANCIAL SERVICES COMMITTEE SUBCOMMITTEE – I WAS ON CAPITOL HILL ON WEDNESDAY TO TESTIFY BEFORE THE HOUSE FINANCIAL INSTITUTIONS SUBCOMMITTEE ON WAYS TO DEPOLITICIZE AND BRING TRANSPARENCY TO THE BUREAU OF CONSUMER FINANCIAL PROTECTION. AS I MENTIONED BEFORE THE COMMITTEE, CBA AND OUR MEMBERS SUPPORT THE MISSION OF THE BUREAU. THERE ARE...
  • June 6, 2018
    On Wednesday, June 6, 2018, the House Financial Services Subcommittee on Financial Institutions and Consumer Credit held a hearing on improving transparency and accountability at the Bureau of Consumer Financial Protection. In the Bureau’s Semi-Annual Report to the President and Congress in April, Acting Director Mulvaney requested that Congress enact four changes to establish greater...
  • June 5, 2018
    On Tuesday, June 5, 2018, the FDIC announced that Jelena McWilliams was sworn in as the 21st Chairman of the FDIC. She succeeds Martin J. Gruenberg, who has served on the FDIC Board since August 22, 2005, as Vice Chairman and Acting Chairman before becoming Chairman on November 29, 2012. "It is an honor and a privilege to join the FDIC as Chairman. I look forward to working closely with my fellow...
  • May 31, 2018
    On March 22, 2018, Treliant hosted a webinar with Consumer Bankers Association regarding, best practices for conducting risk & control self-assessments (RCSAs)". During the the webinar “RCSAs: Putting it All Together”, there were a large number of questions asked which Treliant thought vital for response. Some major areas of interest include: recommendations on effective tools for automated...

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