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Items about the Consumer Bankers Association and its initiatives, including CBA Advanced Education, CBA LIVE, CBA Team news and more.
- May 31, 2017The Federal Reserve Board on Wednesday, May 31, 2017, announced final amendments to the check collection and return provisions in Regulation CC (Availability of Funds and Collection of Checks) and also requested further public comment on an additional proposed amendment to Regulation CC's liability provisions. The final amendments update Regulation CC to reflect the evolution of the nation's...May 26, 2017On Wednesday, May 24, 2017, the FDIC reported commercial banks and savings institutions insured by the FDIC reported aggregate net income of $44 billion in the first quarter of 2017, up $5 billion (12.7 percent) from a year earlier. The FDIC claims the increase in earnings was mainly attributable to an $8.8 billion (7.8 percent) increase in net interest income and a $2.1 billion (3.4 percent)...May 24, 2017On Wednesday, May 24, 2017, the Federal Reserve released minutes from the May meeting of the Federal Open Market Committee (FOMC). Information received since FOMC met in March indicates the labor market has continued to strengthen even as growth in economic activity slowed. Job gains were solid, on average, in recent months, and the unemployment rate declined. Household spending rose only...May 24, 2017On Wednesday, May 24, 2017, the U.S. Court of Appeals for the D.C. Circuit held en banc oral argument in the rehearing of PHH Corp., et al. v. Consumer Financial Protection Bureau (PHH). On October 11, 2016, Court held that the structure of the CFPB, headed by a single director removable only for cause, is unconstitutional. The decision also overturned the CFPB interpretation of the anti-kickback...May 23, 2017On Tuesday, May 23, 2017, the OCC updated its policies and procedures regarding violations of various laws and regulations, which will become effective on July 1, 2017. Updates were made to the “Bank Supervision Process,” “Community Bank Supervision,” “Federal Branches and Agencies,” and “Large Bank Supervision” booklets and other sections of the Comptroller’s Handbook and internal guidance. The...May 23, 2017May 23, 2017Fate of Elizabeth Warren's CFPB to Be Decided by Legal Showdown An appeals court will hear arguments regarding the Consumer Financial Protection Bureau and its chief Richard Cordray on Wednesday. By Elizabeth Dexheimer (Bloomberg) --Since the day it was created, Democrats loved it, Republicans hated it and Wall Street, at best, tolerated it. The fate of the Consumer Financial Protection Bureau...May 22, 2017On Monday, May 22, 2017, U.S. Secretary of Labor Alexander Acosta confirmed the fiduciary rule will be applicable on June 9, 2017, after its initial delay. However, the Department of Labor (DOL) still will seek comment on whether to move, eliminate or reform the rule. While acknowledging the Fiduciary Rule as written may not align with President Trump’s deregulatory goals, Secretary Acosta found...May 18, 2017 - 2:00PMPastMay 15, 2017Federal Housing Finance Agency Director Mel Watt recently delivered a stark warning about the financial stability of government-sponsored housing enterprises. But some experts doubt lawmakers will move any faster on housing reforms as a result. On Thursday, Watt offered a downbeat view of capital buffer levels at Fannie Mae and Freddie Mac, during a Senate Banking Committee hearing. Still, the...