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- June 27, 2017On Tuesday, June 27, 2017, the Federal Reserve Board announced a $3 million fine against Bank of New York Mellon Corporation (BNY Mellon) for unsafe and unsound practices after the firm improperly assigned a lower risk weighting to a portfolio of assets, reducing the firm's risk-based capital ratios. In 2010, following a change in the relevant accounting rules, BNY Mellon consolidated a portfolio...June 27, 2017On Tuesday, June 27, 2017, the Bureau released a statement regarding its actions against credit repair companies for charging illegal advance fees and misleading customers about credit score repair services. The complaints were filed against four California based credit repair companies, and three individuals, including Prime Credit LLC, IMC Capital, LLC, Commercial Credit Consultants, Park View...June 26, 2017The Federal Reserve (FED) announced the appointment of Ricardo A. Aguilera as Director of the Division of Financial Management and Chief Financial Officer, effective Monday, June 26, 2017. The Division of Financial Management supports the Board's financial decisionmaking and strategic planning. Mr. Aguilera succeeds Bill Mitchell, who retired in April after 24 years of Board service. Mr. Aguilera...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 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 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 21, 2017On Friday, June 21, 2017, CBA and other financial trades submitted a letter to the U.S. Department of Defense (DoD) recommending changes to the Military Lending Act (MLA). Specifically, the letter requests the DoD: Clarify the exemption for purchase money loans (including vehicle purchase money loans) applies unless the borrower is receiving cash from the proceeds of the loan. Thus, purchase...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...