Government Relations Policy Updates

Congress Votes to Scrap CFPB’s Arbitration Rule

Posted October 25, 2017

On Oct. 24, 2017, the U.S. Senate voted to kill a landmark financial regulation that restricts banks and credit card companies from imposing mandatory arbitration on their customers as a means to resolve disputes.

Senator Markey Pens Letter to CFPB on Protecting Consumer Data

Posted October 18, 2017

On Oct. 16, 2017, Sen. Markey (D-Mass.) wrote a letter to the Consumer Financial Protection Bureau to weigh the data security of third-party aggregators allowing consumers to access their financial data.

Cohn Indicates Increased Asset Threshold for Banks Facing Increased Regulation

Posted October 18, 2017

On Oct. 16, 2017, National Economic Council Director Gary Cohn announced at an industry event that there is bipartisan support for raising the $50 billion asset threshold above which banks face increased regulation, and that he expects the final number to be at least $200 billion.

Senator Crapo Questions Regulator Oversight of Credit Reporting Firms

Posted October 17, 2017

On Oct. 12, 2017, Senate Banking Committee Chairman, Mike Crapo (R-Idaho) sent a letter to heads of the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) expressing concern regarding the level of oversight of credit-reporting firms such as Equifax.

Treasury Releases Second Report on the Administration’s Core Principles of Financial Regulation

Posted October 11, 2017

On Oct. 6, 2017, the U.S. Department of the Treasury released a report detailing how to streamline and reform the U.S. regulatory system for the capital markets.

FRB Revises PSR Policy to Allow for Same Day ACH Entries

Posted October 11, 2017

The Board of Governors of the Federal Reserve System (Board) has revised part II of the Federal Reserve Policy on Payment System Risk (PSR policy) related to the transaction posting times used for measuring balances intraday in institutions' accounts at the Federal Reserve Banks (Reserve Banks) to conform to amendments to regulations governing the use of the Automated Clearing House (ACH) Network by Federal agencies announced by the Department of the Treasury, Bureau of the Fiscal Service (Fiscal Service).

Acting Comptroller of the Currency Rescinds 2013 Deposit Advance Products Guidance

Posted October 11, 2017

On Oct. 5, 2017, as the CFPB released regulations impacting some small-dollar loans, the Office of the Comptroller of the Currency did the opposite and rescinded 2013 Deposit Advance Products Guidance, thereby making it easier for national banks to make small, short-term loans to customers who regularly receive direct deposits via ACH.

Senate Confirms Randal Quarles as Federal Reserve Board Governor

Posted October 11, 2017

On Oct. 5, 2017, the U.S. Senate voted (65-32) to confirm Randal K. Quarles as a Federal Reserve Board Governor and as Vice Chairman for Supervision and Regulation, making him the first person to ever officially hold the position created by the 2010 Dodd-Frank Act.

CFPB Issues Final Rule on Payday, Vehicle Title, and Certain High-Cost Installment Loans

Posted October 5, 2017

On Oct. 5, 2017, the Bureau of Consumer Financial Protection issued this final rule to create consumer protections for certain consumer credit products.

White House Releases Tax Reform Framework

Posted October 3, 2017

On Sept. 27, 2017, the White House released a tax reform blueprint entitled “Unified Framework for Fixing Our Broken Tax Code”, to be used as a template for developing tax legislation.