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- March 28, 2017On Tuesday, March 28, 2017, the Department of Labor (DOL) sent its final rule to delay the applicability date of its fiduciary rule to the Office of Management and Budget (OMB) for review. The Trump administration in February directed the DOL to review the regulation, which raises investment advice standards in retirement accounts. The DOL subsequently proposed a 60-day delay to the rule's...March 28, 2017On Tuesday, March 28, 2017, the CFPB released their monthly snapshot , highlighting consumer complaints about credit cards, which shows consumers continue to report problems when attempted to dispute charges on their card. The CFPB’s report also highlights trends seen in complaints coming from Massachusetts, and reports the Bureau had handled approximately 1,136,000 consumer complaints across all...March 28, 2017On Tuesday, March 28, 2017, the Senate Banking Committee held a hearing titled “Fostering Economic Growth: The Role of Financial Companies.” In his opening statement, Chairman Mike Crapo (R-ID) called for studying the current state of the economy. Ranking Member Sherrod Brown (D-OH) used his opening remarks to defend against efforts to reform the Dodd-Frank Act. The hearing featured testimony...March 27, 2017On Monday, March 27, 2017, the FDIC reported that deposits across the banking industry grew, while the number of offices shrank among non-community banks and increased among community banks from the previous year, according to an analysis of data from the 2016 Summary of Deposits survey. The number of FDIC-insured institutions totaled 6,058 on June 30, 2016, down from 6,348 the previous year, and...March 24, 2017On Friday, March 24, 2017, the CFPB released a proposal to amend Regulation B to provide additional flexibility for mortgage lenders concerning the collection of consumer demographic information, while supporting the industry’s ability to use consistent forms and practices. The CFPB believes this will help the mortgage industry as it works to adopt new application forms, including the revised...March 24, 2017On Friday, March 24, 2017, the Office of the Comptroller of the Currency (OCC) reported overall performance of first-lien mortgages continues to improve, and the number of loans in delinquency continues to decline. The OCC report , OCC Mortgage Metrics Report, Fourth Quarter 2016, showed 94.7 percent of mortgages were current and performing at the end of the quarter, compared with 94.1 percent a...March 23, 2017On Thursday, March 23, 2017, the CFPB took action against Experian and its subsidiaries for deceiving consumers about the use of credit scores it sold to consumers. Experian claimed the credit scores it marketed and provided to consumers were used by lenders to make credit decisions when in fact, lenders did not use Experian’s scores to make those decisions. The CFPB ordered Experian to pay a...March 21, 2017On Tuesday, March 21, 2017, the House Financial Services Subcommittee on Oversight and Investigations examined whether the CFPB’s structure violates the “Separation of Powers Clause” in Article II of the Constitution. Members discussed possible changes to enhance the constitutionality and accountability of the Bureau, as it is not subject to checks and balances, such as a commission structure,...March 21, 2017On Tuesday, March 21, 2017, the FDIC, OCC, and Federal Reserve published a Joint Report to Congress Economic Growth and Regulatory Paperwork Reduction Act indicating the issues yielding the most comments were capital, appraisals, frequency of safety and soundness exams, the Community Reinvestment Act (CRA), and the Bank Secrecy Act (BSA). Regarding exam frequency, the agencies indicated “support...March 17, 2017On Friday, March 10, 2017, CBA and other trades, filed an amicus brief in the matter of PHH Corporation v. The Consumer Financial Protection Bureau by the D.C. Circuit Court. On Thursday, February 16, 2017, the Court granted a rehearing petition, which will be en banc, meaning the full circuit bench will hear the case. The Court scheduled oral arguments for May 24, 2017, and has provided for a...