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- June 22, 2017On Thursday, June 22, 2017, the CFPB held an event in Raleigh, N.C. outlining its work with student loan debt, specifically public student loan forgiveness programs. The CFPB released a report spotlighting complaints from borrowers about student loan servicers mishandling public student loan forgiveness programs. The report indicated servicers delayed or denied access to loan forgiveness through...June 22, 2017On Thursday, June 22, 2017, CBA led a joint trade effort with 22 trades representing thousands of banks, credit unions, financial institutions, fintech companies, and businesses of all sizes to House and Senate Appropriators requesting inclusion of CFPB Commission language in the FY2018 Financial Services & General Government Appropriations Bills. CBA stated, “A Senate confirmed, bipartisan...June 22, 2017On Thursday, June 22, 2017, financial regulators testified before a hearing of the Senate Banking, Housing, and Urban Affairs Committee. The hearing, entitled “Fostering Economic Growth: Regulator Perspective,” featured remarks from four federal regulators and one representative from the state regulators. The witnesses included: Jerome H. Powell , Member, Board of Governors of the Federal Reserve...June 21, 2017On Wednesday, June 21, 2017, the Board of Governors of the FED, FDIC, and OCC announced the availability of the 2017 list of distressed or underserved nonmetropolitan middle-income geographies, where revitalization or stabilization activities are eligible to receive CRA consideration under the community development definition. Distressed nonmetropolitan middle-income geographies and underserved...June 16, 2017On Friday, June 16, 2017, the FDIC appointed M. Anthony Lowe to FDIC Ombudsman and Director of the Office of the Ombudsman. Mr. Lowe assumes his duties July 2, 2017, and will be based in Chicago. He replaces Cottrell Webster, who previously retired from the FDIC. Mr. Lowe has been with the FDIC for 32 years and currently services as the agency’s Chicago Regional Director for the divisions of Risk...June 15, 2017On Thursday, June 15, the CFPB announced it is seeking comment on proposed updates to its prepaid rule. The Bureau issued its prepaid rule in 2016 in an attempt to require banks to limit consumers’ losses when funds are stolen or cards are lost. The agency is seeking comment on several adjustments to the prepaid rule. The proposal addresses concerns raised by prepaid companies about what they...June 15, 2017On Thursday, May 15, 2017, the Senate Banking, Housing, and Urban Development Committee held a hearing entitled: “Fostering Economic Growth: Midsized, Regional, and Large Institution Perspective.” The second in a series, the hearing addressed how to foster economic growth through banking reform. In his opening statements, Senate Banking Committee Chairman Mike Crapo (R-ID) stated the $10 billion...June 14, 2017On Wednesday, June 14, 2017, the Federal Reserve (Fed) released minutes and economic projections from the June meeting of the Federal Open Market Committee (FOMC). The Committee indicated the labor market has continued to strengthen and economic activity has moderately risen this year. Job gains have been solid, while unemployment rate has declined. Housing spending has increased, and business...June 14, 2017On Wednesday, June 14, 2017, the Federal Reserve raised its benchmark federal-funds rate by a quarter percentage point to between 1% and 1.25%. This marks the Fed’s third increase in 18 months. According to the Fed’s statement , its intent is to raise the cost of borrowing for consumers and businesses to ensure the economy does not experience a bout of inflation.June 13, 2017On Tuesday, June 13, 2017, the House Judiciary Subcommittee on the Constitution and Civil Justice held a hearing entitled, “Lawsuit Abuse and the Telephone Consumer Protection Act (TCPA).” Hearing witnesses included Rob Sweeney, Founder and CEO of Mobile Media Technologies which facilitates non-profit text communications; Becca Wahlquist, Partner at Snell & Wilmer, representing the Chamber of...