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- April 21, 2017On Friday, April 21, 2017, the White House issued an Executive Order directing the Secretary of the Treasury to review all tax regulations issued in 2016 to determine if the regulations have an impact or impose an undue financial burdens on the American taxpayers, add undue complexity, or exceed statutory authority. The Treasury Secretary will then issue a report citing any regulations and...April 21, 2017On Friday, April 21, 2017, President Trump issued a memorandum for the Secretary of the Treasury to review the Orderly Liquidation Authority (OLA) and then report its findings to the President within 180 days. The review must consider the following: the adverse impact of failing financial companies on the financial stability of the US, whether the OLA is consistent with the rules of Executive...April 21, 2017On Friday, April 21, 2017, President Trump issued a memorandum directing the Secretary of the Treasury to conduct a review of the Financial Stability Oversight Council (FSOC), specifically the determination and designation processes, and provide a written report to the President within 180 days of the date of the memorandum. The Treasury Secretary will review the following: whether the...April 20, 2017On Thursday, April 20, 2017, the CFPB released a final rule delaying the general effective date of the rule governing prepaid accounts by six months. The rule will now take effect on April 1, 2018. Additionally, in the coming weeks, the Bureau plans to revisit at least two substantive issues in the prepaid accounts rule through a separate notice and comment rulemaking process. These include: The...April 20, 2017On Thursday, April 20, 2017, the CFPB sued Ocwen Financial, one of the nation’s largest nonbank mortgage loan servicers, and its subsidiaries, for allegedly failing borrowers through the mortgage servicing process. The Bureau alleged a history of errors, shortcuts and lack of customer support by Ocwen cost borrowers monetary losses, and others their homes. Ocwen allegedly failed at basic services...April 19, 2017On Wednesday, April 19, 2017, the Government Accountability Office (GAO) released a report on the fintech industry in response to a request from Sens. Sherrod Brown (D-OH), Jeanne Shaheen (D-NH) and Jeff Merkley (D-OR). The GAO stated there is “universal definition of fintech,” it can be loosely understood to encompass specific subsectors likely to have greatest impact on traditional financial...April 19, 2017On Wednesday, April 19, 2017, House Financial Services Committee Chairman Jeb Hensarling (R-TX) released a discussion draft of the Financial CHOICE Act 2.0 . “Republicans are eager to work with the President to end and replace the Dodd-Frank mistake with the Financial CHOICE Act because it holds Wall Street and Washington accountable, ends taxpayer-funded bank bailouts, and unleashes America’s...April 17, 2017On Tuesday, April 17, 2017, the CFPB filed a lawsuit in a federal district court against debt collection firm Weltman, Weinberg & Reis. The Bureau claims the firm sent collection letters to consumers suggesting attorneys were involved in collecting the debt. The law firm allegedly made statements on collection calls and sent collection letters creating the false impression that attorneys had...April 14, 2017On Friday, April 14, 2017, the CFPB released its fair lending report for 2016, focusing on the Bureau’s work to protect consumers and better understand issues facing lenders. To this end, the Bureau reports it engaged in significant outreach with industry, civil rights advocates, consumer groups, and other stakeholders to ensure a diverse set of viewpoints are incorporated into it work; protected...April 14, 2017The OCC recently offered a proposal to charter fintech companies by amending the Comptroller’s Licensing Manual with a new supplement covering fintech companies. On April 14, 2017, CBA offered a comment letter in response to this proposal, crediting the OCC for granting its request for additional information and for making certain adjustments to its original proposal. However, CBA reiterated its...