Consumer Financial Protection Bureau (CFPB)
CFPB Announces Actions Against Fraudulent Debt Relief Companies
The Consumer Financial Protection Bureau filed charges against several companies and individuals associated with illegal student debt relief practices. These companies and individuals were illegally obtaining consumer reports, charging illegal advance fees, and engaging in fraudulent conduct. These actions were filed against Chou Team Realty, LLC, which does business as Monster Loans, Land Tech Loans, and Docu Prep Center Inc.
The Office of the Comptroller of the Currency (OCC)
OCC and Other Agencies Announce Annual CRA Asset-Size Threshold Adjustments for Small and Intermediate Small Institutions
The Office of the Comptroller of the Currency and the other federal banking regulatory agencies announced the annual adjustments to the thresholds that are used to define which institutions are a small bank, small savings association, intermediate small bank, and intermediate small savings association. These definitions are based on asset-size thresholds set in the CRA, which requires they be adjusted each year.
Securities and Exchange Commission
SEC Proposes Improved Market Data Plan Governance
The Securities and Exchange Commission proposed a plan to modernize the governance of National Market System (NMS). The proposed order would require equities exchanges and FINRA to file a new NMS plan with the SEC to increase transparency and reduce conflicts of interest. The SEC is seeking public comment on this proposal.
Federal Deposit Insurance Corporation (FDIC)
The FDIC Updates Money Smart for Small Business Curriculum
The Federal Deposit Insurance Corporation and the US Small Business Association announced updates to the Money Smart for Small Business curriculum, which focuses on helping small business owners and entrepreneurs understand their relationship with their bank and how it can help them reach their goals. The updates focus on banking and credit and are now available.
Federal Reserve Board (FRB)
FRB Releases Preliminary Treasury Data for 2019
The Federal Reserve Board announced preliminary data showing that in 2019, Reserve Banks made approximately $54.9 Billion in payments to the US Treasury. The final financial statements for the 2019 audit of Reserve Banks will be published in March. The data released in March may adjust these preliminary figures.