OMB Memorandum Paves the Way for Increased Congressional Oversight of...
On April 11, 2019, Acting Director of the Office of Management and Budget (the “OMB”) Russell T. Vought sent a memorandum to executive department and federal regulatory agency heads regarding...
View ArticleFDIC Seeks Comment on Improvement of the IDI Rule
On April 16, 2019, the Federal Deposit Insurance Corporation (“FDIC”) announced its approval of an Advance Notice of Proposed Rulemaking (“ANPR”) inviting comment on ways to improve its rule requiring...
View ArticleCFPB Proposes Debt Collection Rule under FDCPA
On May 7, 2019, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) released its long-anticipated proposed rule on debt collection. The proposed rule would amend Regulation F, which...
View ArticleFederal Reserve Issues Notice of Proposed Rulemaking Regarding Confidential...
On June 14, 2019, the Federal Reserve Board (“Federal Reserve”) released a Notice of Proposed Rulemaking (“NPR”) requesting public comment on updates to its regulations governing the disclosure of...
View ArticleFirst CFPB Symposium Focuses on “Abusive” Acts or Practices Standard
On Tuesday, June 25, the Consumer Financial Protection Bureau (the “CFPB”) convened the first in a new series of symposia on consumer protection topics. The symposium series was announced in Director...
View ArticleFederal Reserve Rationalizes Stock Buyback Rules
On July 9, 2019, the federal banking agencies released a final rule to simplify aspects of the regulatory capital rules for banking organizations that are not “advanced approaches” banking...
View ArticleAgency Heads Speak on CRA Reform
In the past few weeks, both Federal Deposit Insurance Corporation (“FDIC”) Chairman Jelena McWilliams and Comptroller of the Currency Joseph Otting have spoken publicly about ongoing efforts by their...
View ArticleCFPB Fall Preview
As we turn the page on the summer, the Consumer Financial Protection Bureau is poised to be active – and actively overseen – in the months ahead. Here’s an overview of some of the issues and events...
View ArticleTreasury and HUD Propose Housing Finance Reforms
On September 5, 2019, the Treasury Department (“Treasury”) and the Department of Housing and Urban Development (“HUD”) released complementary proposals that, if implemented, would result in extensive...
View ArticleCFTC Becomes Third Federal Financial Regulator to Approve Volcker Rule Reforms
On Monday, September 16, the Commodity Futures Trading Commission (the “CFTC” or the “Commission”) announced that it has approved final regulations (the “final rule”) that will streamline and clarify...
View ArticleAgencies Propose CECL Policy Statement
On October 17, 2019, the Board of Governors of the Federal Reserve System, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and National Credit Union Administration...
View ArticleGAO Concludes Three SR Letters Are Rules Under Congressional Review Act
On October 22, 2019, the U.S. Government Accountability Office (“GAO”) issued two letters concluding that three Federal Reserve Supervision and Regulation letters, SR 12-17: Consolidated Supervision...
View ArticleFederal Banking Agencies Permit First Quarter 2020 Adoption of Capital...
The federal banking agencies issued a final rule today that permits banking organizations not subject to the advanced approaches capital rules to adopt simplifications to the calculation of their...
View ArticleCFPB Holds Symposium on Section 1071 of Dodd-Frank
On November 6, the Consumer Financial Protection Bureau (“CFPB”) held a symposium on the prospective implementation of Section 1071 of the Dodd-Frank Act, codified as 15 U.S.C. § 1691c-2, which...
View ArticleFTC and CFPB Host Workshop on Accuracy in Consumer Reporting
On December 10, the Federal Trade Commission (“FTC”) and Consumer Financial Protection Bureau (“CFPB”) held a joint workshop on accuracy in consumer reporting. The workshop included remarks from FTC...
View ArticleFDIC Revamps Brokered Deposit Rules
On December 12, 2019 the Federal Deposit Insurance Corporation (the “FDIC”) issued a notice of proposed rulemaking intended to modernize the regulatory framework applicable to brokered deposits. Since...
View ArticleFDIC and OCC Propose Major Overhaul of Community Reinvestment Act Regulations
On December 12, 2019, the Office of the Comptroller of the Currency (the “OCC”) and the Federal Deposit Insurance Corporation (the “FDIC”) released a notice of proposed rulemaking to overhaul the...
View ArticleFRB Governor Brainard Discusses Path Forward on Community Reinvestment Act...
On January 8, 2020, Federal Reserve Board (“FRB”) Governor Lael Brainard delivered remarks on the state of Community Reinvestment Act (“CRA”) reform before an audience at the Urban Institute. As we...
View ArticleFederal Reserve Finalizes Comprehensive Framework for Determining “Control”
On January 30, 2020, the Board of Governors of the Federal Reserve System unanimously approved a final rule that establishes a comprehensive framework for determining whether a company controls another...
View ArticleProposal Would Simplify Volcker Rule’s “Covered Funds” Provisions
On January 30, 2020, five federal financial regulators jointly issued a proposed rule that would modify existing regulations implementing the Volcker Rule’s general prohibition on banking entities...
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