Two issuances on different mortgage lending issues were probably the most important events of the past week for community banks.  The FDIC announced how its examiners would review compliance with the CFPB's integrated disclosure rule, guidance that was presaged in a CFPB industry letter.  For its part, the CFPB published an advisory on RESPA compliance in connection with marketing services agreements.  Separately, the CFPB announced that it was considering a prohibition on arbitration clauses that would block class actions.  Finally, on the virtual currency front, the New York Department of Financial Services approved the second trust company to act as a BitCoin exchange, Gemini Trust Company, an organization operated by the Winklevoss twins.

The full set of developments over the past week is as follows:

The Economy

  • Minutes of Federal Open Market Committee meeting on Sept. 16-17 released (Oct. 8).
    • "Participants agreed that labor market conditions had improved considerably since earlier in the year."
    • 'With the cumulative improvement in labor market conditions, most participants thought that the underutilization of labor resources had been substantially reduced, and a few of them expressed the view that underutilization had been eliminated. But some others believed that labor market slack in addition to that measured by the unemployment rate remained and that further progress was possible before labor market conditions were fully consistent with the Committee’s objective of maximum employment."
    • "The 12-month changes in both the total and core PCE price indexes for August were expected to still be well below the Committee’s 2 percent objective. Participants continued to judge that a significant portion of the shortfall was the result of the transitory effects of declines in prices of oil and non-energy commodities."
    • "After assessing the outlook for economic activity, the labor market, and inflation and weighing the uncertainties associated with the outlook, all but one member concluded that, although the U.S. economy had strengthened and labor underutilization had diminished, economic conditions did not warrant an increase in the target range for the federal funds rate at this meeting."
    • Minutes available at

Arbitration Clauses


Financial Literacy

Mergers and Acquisitions

Monetary Policy

Mortgage Lending – Know Before You Owe

Mortgage Lending – RESPA

Mortgage Lending Performance

Payment Systems

Virtual Currency

  • New York Dep't of Financial Services grants charter to Gemini Trust Company to operate Bitcoin exchange (Oct. 5).
    • Charter is for limited purpose trust company with fiduciary powers.
    • Previous NYDFS approvals:
      • itBit Trust Company (May 7 , 2015).
      • BitLicense to Circle Internet Financial (Sept.22, 2015).
      • 24 BitLicense applications pending.
    • Press release available at

Bank Closings

Congressional Activity – Recent

Congressional Activity – Upcoming

  • Oct. 22
    • House Financial Services Committee hearing, "The Future of Housing in America: 50 Years of HUD and its Impact on Federal Housing Policy."

Upcoming Events 

  • Oct. 14
    • FDIC Chicago Region, Regional Regulatory Conference Call, "Real Estate Appraisals and Evaluations."
  • 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. 26-27
    • OCC workshop, "Building Blocks for Directors," Chicago, IL.
  • Oct. 27-28
    • FOMC meeting.
  • Nov. 8-10
    • ABA National Conference.
  • Nov. 16-18
    • OCC director workshop, "Building Blocks for Directors," New Orleans, LA.
  • Nov. 17
    • OCC director workshop, "Compliance Risk," St. Louis, MO.
  • Nov. 18
    • OCC director workshop, "Credit Risk," St. Louis, MO.
  • Nov. 19-20
    • National Community Investment Fund, 2015 Development Banking Conference, Chicago, IL.
  • Dec. 15-16
    • FOMC meeting.

Regulatory Comment Deadlines

  • Oct. 30 – CFTC: reporting obligations of swap counterparties and registered entities.
  • Nov. 2 – FinCEN: BSA/AML requirements for registered investment advisers.
  • Nov. 13 – CFTC: aggregation of positions.
  • Nov. 17 – Federal Reserve/OCC/FDIC: call report changes.