Consumer Financial Protection Bureau (CFPB)
CFPB and Regulatory Bodies Encourage Institutions to Work with Consumers During Shutdown
The Consumer Financial Protection Bureau and several other regulatory bodies encouraged financial institutions to work with consumers who may not be able to make payments on loans and debts because of the US federal government shutdown. These regulatory bodies urge workers affected by the shutdown to contact their lenders if they’re dealing with strain on their finances.
CFPB asks for Authority to Review Compliance with the Military Lending Act
The Consumer Financial Protection Bureau proposed to congressional leaders that Congress grant the CFPB the “authority to conduct examinations specifically intended to review compliance with the MLA” according to Bureau Director Kathleen L. Kraninger. The hope is that this authority would help the CFPB with the current work being done to enforce the MLA.
The Office of the Comptroller of the Currency (OCC)
OCC Releases 31 National Bank and Federal Savings Association CRA Evaluations
The Office of the Comptroller of the Currency released Community Reinvestment Act evaluations for 31 national banks, federal savings associations, and insured federal branches of foreign banks. Of these institutions, 28 received evaluations of satisfactory and 3 received evaluations of outstanding.
Securities and Exchange Commission
SEC Charges Nine Defendants in EDGAR Hacking Case
The Securities and Exchange Commission announced that it was charging nine defendants in the hacking scheme that targeted the SEC’s EDGAR system to attempt to extract nonpublic information to use in insider trading. The charges were brought against a Ukrainian Hacker, two entities, and six traders in California, Ukraine, and Russia. The hacker and some of the traders were also involved with a hacking scheme that targeted newswire as well. In all, the traders generated $4.1 million in illegal profits.
National Credit Union Administration (NCUA)
NCUA Board Approves Performance Plan for 2019
The National Credit Union Administration Board approved two items during their first open meeting of 2019. The two items that were approved were a request from the Illinois Department of Financial and Professional Regulation to revise its member business lending rule, and the agency’s 2019 Annual Performance Plan. The performance plan outlines how the NCUA will improve performance and achieve the goals they set in the 2018-2022 Strategic Plan.