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- February 10, 2017This month, the OCC and FDIC released their 2017 Dodd-Frank Act Stress Test Scenarios . The agencies released economic and financial market scenarios to be used in upcoming stress tests for covered institutions with more than $10 billion in assets. The supervisory scenarios include baseline, adverse, and severely adverse scenarios. They also include key variables reflecting economic activity,...February 9, 2017On Friday, February 9, 2017, CBA and the American Bankers Association filed a joint TCPA petition support letter . In the 2015 Bipartisan Budget Act, Congress included a provision directing the Federal Communications Commission (FCC) to exempt autodialed and prerecorded calls “made solely to collect a debt owed to or guaranteed by the United States” from the TCPA’s prior express consent...February 8, 2017On Wednesday, February 8, 2017, the CFPB released its monthly complaint snapshot highlighting consumer complaints about mortgages. The snapshot shows consumers continue to report experiencing problems with mortgage servicers, specifically when making mortgage payments. As of January 1, 2017, the CFPB handled approximately 260,500 mortgage-related complaints. Some complaints involved funds being...February 7, 2017On Tuesday, February 7, 2017, the CFPB and New York Attorney General filed a lawsuit against RD Legal Funding, LLC, two related entities, and Roni Dersovitz, the companies’ founder and owner, for allegedly scamming 9/11 heroes out of money intended to cover medical costs, lost income, and other critical needs. According to the Bureau, RD Legal also allegedly “conned” National Football League (NFL...February 3, 2017On Tuesday, January 31, 2017, Ranking Member Maxine Waters (D-CA) and Democrats on the House Committee on Financial Services elected Rep. Daniel T. Kildee (MI-05) to serve as Vice Ranking Member of the Committee. Democrats also selected their Subcommittee assignments for the 115th Congress. Democrats assigned to the Subcommittee on Financial Institutions and Consumer Credit are: *Wm. “Lacy” Clay...February 3, 2017On Monday, January 30, 2017, the Federal Reserve Board finalized a rule adjusting its capital plan and stress testing rules, effective for the 2017 cycle. The final rule removes large and noncomplex firms from the qualitative assessment of the Fed’s Comprehensive Capital Analysis and Review (CCAR). This represents an effort to reduce the burden on large and noncomplex firms and focus the...February 3, 2017On Friday, January 27, 2017, state and federal regulators announced BB&T agreed to a consent order over weaknesses in its Bank Secrecy Act (BSA) and anti-money-laundering (AML) programs. According to the order, BB&T’s board of directors must submit a plan outlining how it will strengthen its program, including details on how the bank will fund its compliance infrastructure; ensure it...February 3, 2017This afternoon, President Trump issued an Executive Order (EO) identifying the “Core Principles for Regulating the United States Financial System,” which included: Empowering Americans to make independent financial decisions and informed choices in the marketplace, save for retirement, and build individual wealth; Preventing taxpayer-funded bailouts; Fostering economic growth and vibrant...February 2, 2017On Thursday, February 2, 2017, the D.C. Circuit denied (Attached) intervention motions from congressional parties and consumer groups to intervene in PHH Corp. v. CFPB . In January, Ranking Member of the Senate Banking Committee Sherrod Brown (D-OH), and Ranking Member of the House Financial Services Committee Maxine Waters (D-CA), filed a motion to intervene in the case. The case is pending the...February 2, 2017On Thursday, February 2, 2017, the CFPB and Virginia Attorney General filed a Truth in Lending Act (TILA) action against Woodbridge Gold & Pawn for allegedly misstating the charges associated with pawn loans. Woodbridge issues closed-end loans secured by personal property and charges consumers a finance charge on their loans, which includes four fees: “maintenance,” “interest,” “storage,” and...