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- April 13, 2017On Thursday, April 13, 2017, the CFPB issued its proposal to facilitate compliance with the 2015 updates to the Home Mortgage Disclosure Act (HMDA) rule. The changes proposed aim to help financial institutions comply with the 2015 HMDA Final Rule by clarifying the information they are required to collect and report about their mortgage lending. The proposal contains a number of clarifications,...April 12, 2017On Wednesday, April 12, 2017, Office of Management and Budget (OMB) Director Mick Mulvaney issued guidance for reforming the Federal Government and reducing the Federal civilian workforce. The guidance follows-up the administration’s actions aimed at downsizing the federal bureaucracy including a January 2017 hiring freeze and a March 13 Executive Order directing OMB to submit a comprehensive...April 11, 2017House Financial Services Committee (HFSC) Chairman Jeb Hensarling (R-TX) on Tuesday, April 11, 2017, released a summary of changes to his financial regulatory reform bill, The Financial CHOICE Act. (Remember, the HFSC passed the original CHOICE Act in September of 2016). We expect bill language to be released by the end of April with a possible markup and passage in Committee by the end of May...April 3, 2017On Monday, April 3, 2017, the CFPB released its “Consumer Response Annual Report”, providing an overview of complaints the Bureau received in 2016. The Bureau says it has handled approximately 1,136,000 complaints since it began accepting submissions in 2011. Takeaways from this year’s report include: The Bureau handled 291,400 consumer complaints in 2016, a seven percent increase compared to...April 3, 2017On Thursday, April 13, 2017, the CFPB issued a proposal to facilitate compliance with the 2015 updates to the Home Mortgage Disclosure Act (HMDA) rule. The proposed rule aims to help financial institutions comply with the 2015 HMDA Final Rule by clarifying the information financial institutions are required to collect and report about their mortgage lending. “The Home Mortgage Disclosure Act...March 30, 2017On Thursday, March 30, 2017, the National Community Reinvestment Coalition (NCRC) released a report that found a decrease in access to financial services, after the financial crisis caused more than 6,000 bank branches to close. That's created 86 new "banking deserts" in rural areas, according to the NCRC. The study finds that: 6,008 of 95,018 branches were lost between 2008 and 2016. This...March 28, 2017On Tuesday, March 28, 2017, the House Financial Services Subcommittee on Financial Institutions and Consumer Credit held a hearing entitled “The State of Bank Lending in America”. In his opening statement, Subcommittee Chairman Blaine Luetkemeyer (R-MO) stated, “while some small businesses and consumers are optimistic about the future, they are still sitting on the credit sidelines. The purpose...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...