Consumer Financial Protection Bureau (CFPB)
CFPB and U.S. Department of Education Coordinate to Better Serve Student Loan Borrowers
The Consumer Financial Protection Bureau and the U.S. Department of Education announced that the two entities signed a Memorandum of Understanding (MOU) to better serve student loan borrowers. The MOU states that the two agencies will share information about borrower complaints and hold quarterly meetings to discuss the complaints and the resolution of those complaints.
Federal Deposit Insurance Corporation (FDIC)
The Office of the Comptroller of the Currency (OCC)
FDIC and OCC Extend Comment Period for CRA Rule Changes
The Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency announced a thirty-day extension to the comment period for proposed rule changes regarding the Community Reinvestment Act, which will now end on April 8th. The rule changes hope to increase banking activity in areas where credit, responsible lending and better access to banking services are more greatly needed.
FDIC Asks for Public Input on Updating Signage and Advertising Requirements
The Federal Deposit Insurance Corporation Announced that it would be seeking public comment on ways to modernize the current regulations regarding signage and advertising. The idea is to better reflect the current operations of the industry and how customers use banking services, given that the last update was made in 2006 and the industry has changed dramatically since then.
Securities and Exchange Commission
SEC Proposes Modernization of Key Market Infrastructure
The Securities and Exchange Commission announced a proposal to modernize infrastructure used to collect, consolidate and distribute market data for exchange-listed national market system (NMS) stocks. To better serve investors in today’s equity markets, this proposal would expand NMS data and update the contents.
Federal Reserve Board (FRB)
FRB Releases Hypotheticals for 2020 Stress Tests
The Federal Reserve Board announced the release of the 2020 hypothetical scenarios that would be used for stress test exercises. These tests ensure that large banks have the resources to continue serving their customers and communities even if there is a severe recession. The most sever of these hypotheticals includes a global recession and increased stress on corporate debt markets and commercial real estate.