Links in “Proposals, Requests, & Comments”
- House Attempts to Choke Disparate Impact
The House appropriations bill includes an amendment that prohibits the Department of Justice from using funding to enforce disparate impact actions. The bill now moves to the Senate. [6/13/14]
- Don’t Stress Over Stress Testing
The Federal Reserve Board has invited comments on a proposed rule to modify regulations regarding capital planning and stress testing for institutions. Among other proposed changes, the new rule would shift the start date from October 1 of a calendar year to January 1 of the following year. The change also outlines the filing dates for institutions based on size of assets. Comments on the proposal will be accepted until August 11, 2014. [6/13/14]
- Where the CFPB Wants to Take HMDA
HMDA currently requires reporting of up to 30 points of data for each covered application. Dodd-Frank identified nine more data points and opened the door to other points that the CFPB felt was appropriate. The CFPB's list is up to 20 more. Here's what the CFPB is proposing. [6/12/14]
- HUD Information Collection: Less Is More
In accordance with the Paperwork Reduction Act, HUD is requesting comment from all interested parties on the proposed collection of information. The purpose of this notice is to allow for 60 days of public comment. [6/12/14]
- CFPB Asks: What Are the Good, the Bad, and the Ugly Sides of Mobile Financial Services?
The CFPB seeks information about how consumers are using mobile financial services to access products and services, manage finances, and achieve their financial goals with a focus on economically vulnerable consumers. The 90-day comment period end on  September 10, 2014. [6/12/14]
- House Passes Bill Exempting Title Fees from Counting to QM Rule
While some fear the bill would open the door to irresponsible lending, the House passed a bill amending TILA to exempt fees from affiliated title companies from counting toward the 3% point and fee threshold established by the Qualified Mortgage rule. [6/11/14]
- ABA Supports Bills Calling for More Openness at CFPB
ABA lends its support for H.R. 3770, which would require an independent audit of the CFPB and H.R. 4262, which would require the CFPB to keep its meetings open to the public. The legislation "will ensure that the Bureau remains transparent in its operations." [6/10/14]
- Trade Groups Lobby CFPB for Changes to Remittance Transfer Rule Proposal
The trade groups are generally supportive of the proposal to revise the Remittance Transfer Rule, but outline in this letter a number of clarifications and revisions that are needed, including a clarification that would permit the remittance transfer provider to look at the way in which an account funding a transfer is identified at the time the transfer is requested to help determine whether it is for personal, family or household purposes. [6/10/14]
- OCC Proposes Merger of Rules for National Banks & Federal Savings Associations
Attempting to reduce regulatory duplication, the OCC is proposing the integration of rules governing national banks and Federal savings associations. This effort would also try to revise some of the rules relating to policies and procedures for corporate activities and transactions to eliminate unnecessary requirements pertaining to safety and soundness. [6/10/14]
- Senators Weigh In on RBC
Following on the heels of a letter from House members, Senate Banking Committee leaders have submitted a letter to the NCUA asking the agency to carefully consider any negative impact its proposed risk-based capital rule could have on credit unionsâ agricultural lending and their ability to raise and maintain capital. The Senators also urged that the Agency afford sufficient time for credit unions to adapt to any new standards. [6/5]
