OCC Issues Principles for Short-Term, Small-Dollar Installment Lending
In a bulletin released on May 23, 2018, the Office of the Comptroller of the Currency issued core lending principles for short-term, small-dollar installment loans. ... Read More
Federal Regulatory Developments
Trump Signs Dodd-Frank Rollback Legislation
On May 24, 2018, President Trump signed into law the Economic Growth, Regulatory Relief and Consumer Protection Act—a piece of legislation that rolls back many of... Read More
CFPB Statement on Indirect Auto Lending Rule
CFPB Acting Director Mick Mulvaney recently issued a statement addressing the enactment of Senate Joint Resolution 57, which disapproves the 2013 CFPB rule relating to... Read More
HUD to Ask for Public Comment on Disparate Impact Rule
HUD recently announced that it will seek public comment on whether its 2013 Disparate Impact Regulation is consistent with the 2015 U.S. Supreme Court ruling... Read More
FFIEC Issues Customer Due Diligence and Beneficial Ownership Sections of BSA/AML Examination Manual
On May 11, 2018, the Federal Financial Institutions Examination Council (FFIEC) released the customer due diligence and beneficial ownership sections of its Bank Secrecy Act/Anti-Money... Read More
Mulvaney Reorganizes the CFPB’s Student Loan Office
According to several major news outlets, CFPB Acting Director Mick Mulvaney recently indicated in an e-mail to CFPB staff that the Bureau’s Office of Students and... Read More
Federal Banking Agencies Issue Notice of Proposed Rulemaking Concerning Regulatory Capital Rules
The OCC, Board of Governors for the Federal Reserve, and the FDIC (Agencies), are inviting public comment to a proposed rule that addresses changes to... Read More
FFIEC Releases 2017 HMDA Data
The Federal Financial Institutions Examinations Council (FFIEC) released the 2017 Home Mortgage Disclosure Act (HMDA) data on mortgage lending transactions at 5,852 financial institutions. FFIEC... Read More
FHA Requests Additional Funding for Information Technology Upgrades in Fiscal Year 2019 Budget
In recent testimony before the House Committee on Appropriations, Subcommittee on Transportation, Housing and Urban Development and Related Agencies, the acting FHA commissioner, Dana Wade,... Read More
Freddie Mac Introduces New Conventional Mortgage Program with Low Down Payment Requirements
Freddie Mac has announced a new conventional mortgage program called HomeOne that will provide a 3% down payment option for qualified first-time homebuyers. Freddie Mac... Read More
Mobile Phone Manufacturer Settles with FTC Over Privacy and Data Security Concerns
The Federal Trade Commission (FTC) announced that it settled with a mobile phone manufacturer for alleged privacy and data security violations which occurred when the... Read More
FDIC Rescinds Certain Regulations Dealing with Capital Rules
The FDIC has removed certain capital rules that were superseded by revised capital regulations in 2014. This rescission removes capital rules that have remained in... Read More
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