Government Relations Policy Updates

CFPB & CFSAA Ask Court to Pause Payday Lending Rule

Posted June 5, 2018

The Consumer Financial Protection Bureau and The Community Financial Services Association of America have asked the U.S. District Court for the Western District of Texas to pause the litigation aiming to overturn the bureau’s rules for the industry.

U Turn: OCC Encouraging Banks to Enter Small-Dollar Loans Business

Posted May 23, 2018

On May 23, 2018, the Office of the Comptroller of the Currency (OCC) encouraged banks to offer responsible short-term, small-dollar installment loans, typically two to 12 months in duration with equal amortizing payments, to help meet the credit needs of consumers.

Federal Reserve Board of Governors Nominees Go Before Senate Banking Committee

Posted May 15, 2018

On May 15, 2018, the Senate Banking Committee held a hearing to consider the nominations for the two remaining Board seats. Richard Clarida has been nominated to be Vice Chairman of the Board of Governors of the Federal Reserve System and Michelle Bowman as the community banker nominee to be a Member of the Board of Governors of the Federal Reserve System.

Preview of the Congressional Work Period – May 2018

Posted May 8, 2018

With the House and Senate currently planned to be in session for just 55 total days before the August recess (and the House is scheduled to be in only 40 of those days), Congress comes back for another three-week work period before recessing the last week of the month for Memorial Day.

Gun Sales and Banking

Posted May 8, 2018

On May 1, 2018, several Senate Democrats sent a letter to the CEOs of eleven firms regarding financial entities taking leadership on gun violence.