The Consumer Financial Protection Bureau (CFPB)

CFPB Extends Comment Period for Proposal on Debt Collection

The Consumer Financial Protection Bureau announced that it will extend the comment period for its proposal implementing the Fair Debt Collection Practices Act. This choice was made to make sure that commenters can take into consideration issues raised during its Notice of Proposed Rulemaking.

The proposal would provide consumers with protections from harassment by debt collectors and simple options to address and dispute debts.

Office of the Comptroller of Currency (OCC)

Comptroller Approves Volcker Rule Changes

The Comptroller of the Currency signed a final rule amending the Volcker Rule, simplifying the rule, while maintaining the protections it provides.

This rule implements Section 13 of the Bank Holding Company Act of 1956 (BHC Act), which gives the authority to the OCC to implement the prohibitions and restrictions of Section 13.

Securities and Exchange Commission (SEC)

The SEC Votes to Adopt Amendments Codifying Exemption to Credit Rating Agency Rule

The Securities and Exchange Commission voted to adopt amendment that codifies an existing exemption to Rule 17g-5(a)(3), clarifying the conditions of the exemption.

SEC Chairman said that “These appropriately tailored amendments provide needed clarity to NRSROs and other market participants”.

The Federal Deposit Insurance Company (FDIC)

FDIC Issues NPR on Interest Rate Restrictions Applicable to Less Than Well Capitalized Institutions

The FDIC issued a notice of proposed rulemaking (NPR) that would change the way national rate and national rate cap for specific deposit products are calculated. The goal of this proposed change is to create a balanced and dynamic national rate cap.

Federal Reserve Board (FRB)

FRB Announces Seven-Day Term Deposit Results

The Federal Reserve Board announced the results of their operation offering seven-day term deposits with the rate set equal to the sum of the interest rate paid on excess reserves plus a fixed spread of 1 basis point.

Results are as follows:

TDF Operation ID:                   F74

Total Amount Awarded:         $1,668,000,000

Number of Participants:         18