Federal Reserve: ANPR Issued on Approach to Modernize CRA Regulations

The Federal Reserve Board on Monday issued an Advance Notice of Proposed Rulemaking (ANPR) that invites public comment on an approach to modernize the regulations that implement the Community Reinvestment Act (CRA) by strengthening, clarifying, and tailoring them to reflect the current banking landscape and better meet the core purpose […]

CFPB: Information Requested on the Impact of CARD Act Regulations on Small Entities and the Consumer Credit Card Market

The Consumer Financial Protection Bureau (Bureau) issued today a request for information (RFI) to examine the impact of the rules that implement the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act Rules). The Bureau is required under Section 610 of the Regulatory Flexibility Act to review certain […]

CFPB: Comment Period Extended on Ways to Prevent Credit Discrimintation and Build a More Inclusive Financial System

The Consumer Financial Protection Bureau (Bureau) announced today that it will provide an additional 60 days for public comment on its Request for Information (RFI) on how best to create a regulatory environment that expands access to credit and ensures that all consumers and communities are protected from discrimination in […]

CFPB: New Category of Qualified Mortgages Proposed to Encourage Innovation and Access to Affrodable Mortgage Credit

The Consumer Financial Protection Bureau (Bureau) issued today a notice of proposed rulemaking (NPRM) to create a new category of seasoned qualified mortgages (Seasoned QMs) in order to encourage innovation and help ensure access to responsible, affordable in the mortgage credit market. To be considered a Seasoned QM under the […]

FDIC: Final Rule Issued Revising and Codifying Section 19 to Allow Greater Employment Opportunities for Individuals with Certain Minor Criminal Offenses

The Federal Deposit Insurance Corporation (FDIC) approved a final rule to revise and incorporate into the FDIC’s regulations a longstanding Statement of Policy (SOP) related to individuals with certain criminal offenses on their records who seek employment in the banking industry.  Section 19 of the Federal Deposit Insurance Act (Section […]

CFPB: Plan Announced to Issue ANPR on Consumer-Authorized Access to Financial Data

The Consumer Financial Protection Bureau (Bureau) today announced that it plans to issue an advance notice of proposed rulemaking (ANPR) later this year on consumer-authorized access to financial records. The announcement follows a symposium the Bureau held earlier this year on the topic, which included experts from consumer groups, fintechs, […]

HUD: Secretary Carson Terminates 2015 Affirmatively Furthering Fair Housing Rule

Removal of rule returns power to localities in effort to advance fair housing nationwide U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson today announced the Department will ultimately terminate the Obama Administration’s Affirmatively Furthering Fair Housing (AFFH) regulation issued in 2015, which proved to be complicated, costly, […]

FDIC: Input Sought on Voluntary Certification Program to Promote New Technologies

Public/Private standard-setting partnership could foster innovation and cut costs The Federal Deposit Insurance Corporation (FDIC) today announced that it is seeking the public’s input on the potential for a public/private standard-setting partnership and voluntary certification program to promote the efficient and effective adoption of innovative technologies at FDIC-supervised financial institutions. […]

OCC: Proposed True Lender Rule Issued

The Office of the Comptroller of the Currency (OCC) today proposed a rule that would determine when a national bank or federal savings association (bank) makes a loan and is the “true lender” in the context of a partnership between a bank and a third party. Banks’ lending relationships with […]

CFPB: Final Rule on Small Dollar Lending Issued

The Consumer Financial Protection Bureau today issued a final rule concerning small dollar lending in order to maintain consumer access to credit and competition in the marketplace. The final rule rescinds the mandatory underwriting provisions of the 2017 rule after re-evaluating the legal and evidentiary bases for these provisions and […]