A quiet week on the regulatory front before we enter the August doldrums.  Most noteworthy was the FOMC meeting, which resulted in no change to the target federal funds rate, although an increase is expected before the end of the year. 

The full set of events over the past week is as follows.

The Economy

  • FOMC meeting, July 28-29.
    • "Information received since the Federal Open Market Committee met in June indicates that economic activity has been expanding moderately in recent months."
    • "Growth in household spending has been moderate and the housing sector has shown additional improvement; however, business fixed investment and net exports stayed soft."
    • "The labor market continued to improve, with solid job gains and declining unemployment. On balance, a range of labor market indicators suggests that underutilization of labor resources has diminished since early this year."
    • "Inflation continued to run below the Committee's longer-run objective, partly reflecting earlier declines in energy prices and decreasing prices of non-energy imports. Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations have remained stable."
    • FOMC reaffirms its view that "the current 0 to 1/4 percent target range for the federal funds rate remains appropriate."
    • FOMC anticipates that "it will be appropriate to raise the target range for the federal funds rate when it has seen some further improvement in the labor market and is reasonably confident that inflation will move back to its 2 percent objective over the medium term."
    • Statement available at http://www.federalreserve.gov/newsevents/press/monetary/20150729a.htm.

CRA

Deposits

Liquidity

Minority- and Women-Owned Businesses

Mortgage Loan Modifications

  • CFPB enters into consent order with Residential Credit Solutions for interfering with modifications (July 30).

Mortgage Servicing

Payments

Regulation

Too Big to Fail

Congressional Activity – Upcoming.

  • August 5
    • Senate Banking Committee hearing, "The Implications of Sanctions Relief under the Iran Agreement."

Congressional Activity – Recent Activity

Upcoming Events

  • Aug. 4
    • EGRPRA field hearing, Federal Reserve Bank of Kansas City.
  • Aug. 12
    • Interagency technical assistance event for minority- and women-owned businesses, Arlington VA.
  • Aug. 13
    • FDIC New York Region teleconference, CRA – Understanding Community Development.
  • Aug. 18
    • OCC Director Workshop, Compliance Risk, Wichita, KS.
  • Aug. 19
    • OCC Director Workshop, Credit Risk, Wichita, KS.
  • Aug. 20
    • FDIC Atlanta Region conference call, Don't Forget About Deposits.
  • Oct. 15-16
    • FDIC, 5th Annual Consumer Research Symposium, Arlington, VA.
  • Nov. 19-20
    • National Community Investment Fund, 2015 Development Banking Conference, Chicago, IL.

Regulatory Comment Deadlines

  • August 10 – Federal Reserve/FDIC/OCC/NCUA/CFPB/SEC: information collection relating to interagency diversity standards.
  • Aug. 11 – SEC:  new and amended reporting requirements for investment advisers.
  • Aug. 11 – SEC: new and amended reporting requirements for mutual funds.
  • Aug. 31 – Treasury: RFI for study of online lending.
  • Aug. 31 – FTC: privacy policies of auto dealers that finance purchases to be posted on line.
  • Sept. 3 – Federal Reserve/FDIC/OCC: EGRPRA review, phase 3.
  • Sept. 11 – FDIC: insurance assessments for small banks.
  • Sept. 11 – Basel Committee: consultative document on interest rate risk.
  • 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.