Congress and the agencies began to get up to speed last week although most of their work will not start to become apparent until this coming week. In the meantime, the developments over the last week are as follows:

Community Development

  • Urban stabilization and revitalization: remarks of Comptroller Curry at the City Club of Cleveland (Sept. 9).
    • Praise for use of land banks, nonprofit, government-affiliated entities, that acquire and dispose of foreclosed-upon properties.
    • OCC response to lack of available mortgage lending:
      • Supervisory 90% LTV ceiling does "not create an ironclad ban on lending above that limit, even if there are no credit enhancements."
      • OCC efforts to support urban rehabilitation through programs that include LTV exception loans.
    • Remarks available at http://www.occ.gov/news-issuances/news-releases/2015/nr-occ-2015-125.html.

BSA/AML

  • FinCEN enters into consent order with Caesars Palace for several violations at "private gaming salons" for high-end patrons (Sept. 8).

Credit Card Add-On Products

  • FDIC enters into consent orders with Comenity Bank and Comenity Capital Bank relating to deceptive practices in  the marketing and servicing of add-on products (Sept. 8).
    • Misrepresentations regarding fees, refunds for cancellation within first 30 days, and conditions on gift cards or account statements offered as incentives to buy.
    • Comenity Bank: Restitution of approximately $53 million and $2 million CMP.
    • Comenity Capital Bank: Restitution of approximately $8.5 million and $450,000 CMP.
    • Consent orders available at https://www.fdic.gov/news/news/press/2015/pr15073.html.

Debt Collection

Deposit Insurance

Disaster Recovery

  • September is National Preparedness Month.

Marijuana

Personal Finance

Repurchase Agreements and Securities Lending

Servicemembers

  • FDIC issues FIL-37-2015 summarizing recent Defense Department rule implementing Military Lending Act of 2006 (Sept. 8).

Congressional Activity – Recent

Congressional Activity – Upcoming

  • Sept. 17
    • House Financial Services Committee hearings.
      • "The Dodd-Frank Act Five Years Later: Are We More Free?"
      • "Strengthening U.S. Leadership in a Turbulent Global Economy."
    • Senate Banking Committee hearing on nomination of Adam J. Szubin to be Under Secretary for Terrorism and Financial Crimes.

Upcoming Events

  • Sept. 16-17
    • FOMC meeting.
  • Sept. 28-30
    • OCC workshop, "Building Blocks for Directors", New York, NY.
  • Sept. 29
    • OCC director workshop, "Risk Governance", Albuquerque, NM.
  • Sept. 30
    • OCC director workshop, "Compliance Risk", Albuquerque, NM.
  • Oct. 15-16
    • FDIC, 5th Annual Consumer Research Symposium, Arlington, VA.
  • Oct. 20
    • OCC director workshop, "Compliance Risk," Dallas, TX.
  • Oct. 21
    • OCC director workshop, "Credit Risk," Dallas, TX.
  • Oct. 27-28
    • FOMC meeting.
  • Nov. 8-10
    • ABA National Conference.
  • Nov. 19-20
    • National Community Investment Fund, 2015 Development Banking Conference, Chicago, IL.
  • Dec. 15-16
    • FOMC meeting.

Regulatory Comment Deadlines

  • Sept. 14 – SEC: disclosure of policy on clawback of erroneously awarded incentive compensation.
  • Sept. 24 – Federal Reserve: changes to capital planning and stress testing rules.
  • Sept. 30 – Treasury: RFI for study of online lending.
  • Oct. 30 – CFTC: reporting obligations of swap counterparties and registered entities.
  • Nov. 2 – FinCEN: BSA/AML requirements for registered investment advisers.