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- July 31, 2017On Monday, July 31, 2017, the CFPB issued a bulletin warning companies about tricking consumers into expensive pay-by-phone fees. The Bureau expressed concerned about companies potentially misleading consumers about the purpose and amount of certain pay-by-phone fees or keeping them in the dark about much cheaper payment options. The bulletin also reviews guidelines to help consumer financial...July 28, 2017On Friday, July 28, 2017, the FDIC released a list of orders of administrative enforcement actions taken against banks and individuals in June. The FDIC issued a total of 23 orders. The administrative enforcement actions in those orders consisted of one consent order; four removal and prohibition orders; 13 Section 19 orders; two civil money penalties; two terminations of consent orders; and one...July 25, 2017On Tuesday, July 25, 2017, the House of Representatives passed H.J. Res. 111, a resolution to reject the CFPB’s final arbitration rule under the authority provided by Congressional Review Act, by a vote of 231-190. The companion resolution in the Senate, S.J. Res. 47, has not yet received consideration. “Today’s House vote is a resounding victory for consumers. Consumers’ access to arbitration,...July 24, 2017On Monday, July 24, 2017, the OCC named William A. Rowe as its Chief Risk Officer, effective immediately. He fills the position which has been vacant since April, 2017. As Chief Risk Officer, he will lead the agency’s Office of Enterprise Risk Management and the agency’s Enterprise Risk Committee. Under his direction, the Office of Enterprise Risk Management supports an agency-wide view of risks...July 21, 2017On Friday, July 21, 2017, the FED, OCC, FDIC, Securities and Exchange Commission, and Commodity Futures Trading Commission announced they are coordinating their respective reviews of the treatment of certain foreign funds under section 619 of the Dodd-Frank Act, commonly known as the Volcker Rule, and the agencies’ implementing regulations. These foreign funds are investment funds organized and...July 20, 2017On Thursday, July 20, 2017, the CFPB released its Spring Unified Agenda , which includes rulemaking actions in pre-rule, proposed rule, final rule, long-term, and completed stages. The Bureau's rulemaking work is focused on achieving the objectives established in the Dodd-Frank Act, which are: Providing consumers with timely and understandable information to make responsible decisions about...July 19, 2017On Wednesday, July 19, 2017, Acting Comptroller of the Currency, Keith Noreika addressed the Exchequer Club regarding responsible innovation, as well as updating the audience about the OCC’s Office of Innovation and its work granting national bank charters to fintech companies. In his statement, the Acting Comptroller also emphasized his priority of ensuring the OCC minimizes unnecessary...July 19, 2017On Wednesday, July 19, 2017, the FDIC, Fed, and OCC jointly issued a notice of proposed rulemaking titled: “Real Estate Appraisals” to be published in the Federal Register for a 60-day comment period. The Appraisal Rule aims to increase the current appraisal threshold for commercial real estate transactions from $250,000 to $400,000. The Appraisal Rule also aims to address comments received...July 18, 2017“The CFPB’s anti-arbitration rule hurts consumers and it’s another example of the problems caused by this rogue and unaccountable agency,” stated Rep. Rothfus upon introduction. In response, House Financial Services Committee Ranking Member Maxine Waters (D-CA) stated, “The Consumer Bureau’s forced arbitration rule ensures that consumers are not required to sign away their legal rights in order...July 17, 2017On Monday, July 17, 2017, Sen. Cory Booker (D-NJ) sent a letter to 13 banks inquiring about their overdraft programs. “I’m concerned that too many of our nation’s banks are increasingly driven to accumulate these [overdraft] fees, rather than pursue a business model that serves their communities, and are adopting certain practices to drive participation in so-called ‘overdraft protection’...