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- October 12, 2017On Thursday, October 12, 2017, the CFPB filed suit in federal court against the Federal Debt Assistance Association, LLC, and the Financial Document Assistance Administration, Inc., service providers from Baltimore, MD, for presenting themselves as affiliated in some way with the federal government. The CFPB also alleged the companies’ debt-validation programs violated the law by falsely...October 12, 2017On Thursday, October 12, 2017, the Federal Reserve issued a press release regarding plans to continue its previously announced periodic testing of the Term Deposit Facility (TDF) with one operation in October. These operations are aimed at ensuring the operational readiness of the TDF and providing eligible institutions with an opportunity to maintain familiarity with term deposit procedures. The...October 11, 2017On Wednesday, October 11, 2017, the OCC issued a press release that Amy Friend, Senior Deputy Comptroller and Chief Counsel, will retire from federal service and step down from her position on November 11, 2017. “Amy has made far-reaching contributions to the OCC and to the federal banking system,” said Acting Comptroller of the Currency Keith Noreika. “Her work at the agency and on Capitol Hill...October 11, 2017On Wednesday, October 11, 2017, the FDIC announced that they will be sponsoring the 7th Annual Consumer Research Symposium on October 13, 2017. The conference will feature welcoming remarks by FDIC Chairman Martin J. Gruenberg, presentations of selected research papers, and a Keynote Address by Dr. Christopher Herbert, Managing Director of the Joint Center for Housing Studies of Harvard...October 11, 2017On Wednesday, October 11, 2017, the Federal Reserve Board and the Federal Open Market Committee released the minutes of the Committee meeting held on September 19-20, 2017. A summary of economic projections made by Federal Reserve Board members and Reserve Bank presidents for the meeting is also included as an addendum to these minutes.October 6, 2017On Wednesday, October 4, 2017, the CFPB released an interim final rule amending the Mortgage Servicing Rule, which allows for more flexibility around the timing of early intervention notices sent to borrowers who have invoked their cease communication rights under the FDCPA. Under the 2016 Mortgage Servicing Final Rule, a servicer subject to the FDCPA with respect to a borrower’s loan must...October 6, 2017On Friday, October 6, 2017, the OCC is requesting comment on a proposed rule to shorten the standard settlement cycle for securities purchased or sold by national banks or federal savings associations (collectively, banks). The proposal was issued jointly with the FDIC. The OCC initially posted the proposal to its website on September 1, 2017. It was published in the Federal Register on September...October 5, 2017On Thursday, October 5, 2017, the OCC announced Acting Comptroller of the Currency Keith A. Noreika approved the rescission of the agency’s Guidance on Supervisory Concerns and Expectations regarding Deposit Advance Products that was published in the Federal Register on November 26, 2013 and its accompanying OCC Bulletin 2013-40 .October 5, 2017On Thursday, October 5, 2017, the Federal Reserve Board extended the comment periods for its proposal to enhance the effectiveness of boards of directors, as well as its related proposal to implement a new ratings system for large financial institutions that would be aligned with the post-crisis supervisory program. The new deadline is November 30, 2017,October 5, 2017On Thursday, October 5, 2017, the OCC released a list of Community Reinvestment Act (CRA) performance evaluations which became public during the period of September 1, 2017 through September 30, 2017. The list contains only national banks, federal savings associations, and insured federal branches of foreign banks that have received ratings. The possible ratings are outstanding, satisfactory,...