Links in “Agencies”
- Do Not Pass Go: Bank of America Required to Resubmit Capital Plan
The FRB is requiring that Bank of America Corporation resubmit its capital plan and suspend planned increases in capital distributions. The decision is based on incorrectly reported data used in the calculation for regulatory capital ratios submitted for the most recent stress tests conducted by the Federal Reserve. [4/28]
- FDIC Releases March Enforcement Actions
The FDIC issued a total of 40 orders including four consent orders, six removal and prohibition orders, two CMPs, one PCA and 14 terminating consent orders and C&Ds. [4/28]
- OCC Seeks Increase in Fees for $40 Billion+ Banks
The Office of the Comptroller of the Currency published a notice of proposal for increasing assessments on national banks and federal savings associations with total assets over $40 billion. The proposed 14.5% increase would take affect 9/30/2014. [4/28]
- CFPB Issues Proposal for EFTA Remittance Rules
The CFPB issued its proposal to Regulation E that will extend the temporary exception rule by five years to July 2020 and provide clarifying amendments and technical corrections to the final rule. [4/28]
- NCUA Board Actions: Associational Common Bonds and More
NCUA board actions include the final rule on required capital planning, stress testing for credit unions with assets greater than $10 billion, and clarification requirements for associational common bond groups for federal credit union membership with streamlined approval of recognized groups and expansion of CME Federal Credit Unionâs community charter to serve eight counties in the vicinity of Columbus, Ohio. [4/25]
- Coordinated Remarks of CFPB Highlight Mortgage Closing Problems and Potential Solutions
CFPB Director Cordray's address at the Mortgage Closing Forum highlights the four primary challenges facing consumers and what steps the Bureau is taking to address those challenges including key principles of "Know Before You Owe," advance review of closing documents (August 2015) and pilot programs on expanding "eclosing." [4/24]
- CFPB Presents 4 Mortgage Closing Challenges for Consumers
CFPB blog and report on the challenges of mortgage closing notes four primary areas including lack of sufficient time, quantity of paperwork, complexity of documents and errors in documents. Report further notes upcoming CFPB solutions to aspects of the closing process aimed at addressing those challenging areas. [4/24]
- FDIC to Hold Discussion on Expanding Consumer Banking Access
The open-session webcast for the FDIC Advisory Committee on Economic Inclusion (ComE-IN) will be held on Thursday, April 24, 2014 and will include key topics of safe accounts, mobile financial services, financial education opportunities, and consumer demand for small dollar loans. [4/23]
- Southern Banks Show Substantive Growth Levels
The OCC reported strong loan growth among community national banks and federal savings associations located in the nine states that make up the OCCâs Southern District from 2012 to 2013. Growth levels were 4% in 2013 led by the 11% growth in Texas and Oklahoma from oil and gas lending as well as 7% growth for Florida. [4/23]
- CFPB’s Mid-Year Report on Private Student Loans Released
17-page report notes the receipt of 4,600 complaints over six-month period associated with direct funding of student loans as well as debt collection related to such loans. Key topics including impact of co-signers default on student loans and complications with co-signer releases. [4/22]
