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Last week Comptroller of the Currency Joseph M. Otting issued a statement after meeting with Mick Mulvaney, Acting Director of the Consumer Financial Protection Bureau. According to the news release (NR 2018-14) from the Office of the Comptroller of the Currency (OCC)  Comptroller Otting stated “Acting Director Mulvaney has helped reduce the burden on the banking system by delaying implementation of his agency’s Home Mortgage Disclosure Act rule, committing to reconsider its payday lending rule, and

On February 2, 2018 the Consumer Financial Protection Bureau (CFPB) updated its Resources for HMDA Filers page by adding a 2018 LAR Formatting Tool, and making minor updates to the 2018 Filing Instructions. The 2018 LAR Formatting Tool is designed to assist financial institutions create an electronic file that can be submitted to the HMDA platform. It can be used to collect 2018 data that is to be reported in 2019. The CFPB also updated

In a recent wide-ranging memo to the staff of the Consumer Financial Protection Bureau (CFPB) Acting Director Mick Mulvaney clarified the status of the agency. “When I arrived at CFPB, I told folks that despite what they might have heard, I had no intention of shutting down the Bureau. Indeed, the law doesn’t allow that, and as members of the Executive Branch we are charged with faithfully executing the laws. So let’s be clear: the

On January 25, 2018 the federal bank regulatory agencies (Federal Reserve Board, FDIC, OCC) announced they will give favorable consideration under Community Reinvestment Act (CRA) regulations to institutions that are located outside of the U.S. Virgin Islands and Puerto Rico, which were designated as major disaster areas in the aftermath of Hurricane Maria, for bank activities that help to revitalize or stabilize these areas. The CRA encourages financial institutions to help meet local credit and

On January 25, 2018 the Consumer Financial Protection Bureau (CFPB) announced  final updates to its 2016 prepaid rule. The changes extend the effective date of the rule by one year to April 2019. The changes to Regulations E and Z: Adjust error resolution requirements; and Provide more flexibility concerning credit cards linked to digital wallets. Read more: https://mycomplianceresource.com/prepaid-rule-lives-to-fight-another-day/ https://mycomplianceresource.com/effective-date-of-prepaid-account-rule-delayed/ https://mycomplianceresource.com/prepaid-rule-takes-a-much-needed-pause/ https://mycomplianceresource.com/prepaid-accounts-just-got-kicked-up-to-the-consumer-protection-suite/ A copy of the 325 page final rule is available at:  https://files.consumerfinance.gov/f/documents/cfpb_prepaid_final-rule_2018-amendments.pdf