Consumer Financial Protection Bureau (CFPB)
CFPB Proposes Changes to Rule Regarding Payday, Vehicle Title, and Certain High-Cost Installment Loans
The Consumer Financial Protection Bureau proposed rescinding provisions in their “Payday, Vehicle Title, and Certain High-Cost Installment Loans” rule. The proposed change would remove certain parts of the rule requiring lenders to make certain underwriting determinations before the can issue payday, single-payment vehicle title, and longer-term balloon payment loans. It’s hoped that this change will make credit more easily available to consumers.
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 and four other federal agencies issued a final rule that requires certain institutions to accept private flood insurance policies that meet certain specifications outlined in the Biggert-Waters Act. This rule takes effect on July 1, 2019.
Securities and Exchange Commission
SEC Names Deputy General Counsel
The Security and Exchange Counsel released an announcement naming Elizabeth McFadden Deputy General Counsel for General Law and Management of the SEC. In this role, McFadden oversees legal representation of the agency, its members, and its employees. She will also advise the agency in regard to its legal responsibilities, personnel management, and budget.
SEC Extends Public Comment Period for Proposal Amending Rules and Forms
The SEC extended the period for public comment on the proposal to amend rules and forms regarding the “Updated Disclosure Requirements and Summary Prospectus for Variable Annuity and Variable Life Insurance Contracts”. This extends the comment period by one month.
The Federal Reserve Board
FRB Makes Chnages Increasing Stress Testing Transparency
The Federal Reserve Board finalized changes increasing the transparency of their stress testing methods for large banks. These changes will make the process more understandable to the public while allowing the Board to test the resiliency of these banks independently. The first change will provide more information on the models that the board uses during their annual CCAR. The board also finalized a stress testing policy statement and changed the framework used to create its annual hypothetical economic scenarios.