Last week was fairly quiet from a regulatory perspective.  The banking agencies' EGRPRA/regulatory reform meeting in Boston on May 7 yielded useful summaries from agency heads about the progress they have made in reducing the regulatory burden on community banks.  Banks that make mortgage loans to or receive applications from participants in the HUD Section 8 Homeownership Program should review carefully a bulletin that the CFPB released last week on the program. FDIC Director Jeremiah Norton announced his resignation, effective June 5.

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

The Economy

Community Banking


Credit Reports


Financial Literacy

Mortgage Lending

Regulatory Reform/EGRPRA

Bank Closings

  • Edgebrook Bank (Chicago IL) (May 8).

Congressional Activity – Upcoming

  • May 13
    • House Financial Services Committee hearings.
      • "The Dodd-Frank Act and Regulatory Overreach."
      • "Legislative Proposals to Enhance Capital Formation and Reduce Regulatory Burdens, Part II."
  • May 14
    • House Financial Services Committee hearings.
      • "Protecting Consumers: Financial Data Security in the Age of Computer Hackers."
      • "TILA-RESPA Integrated Disclosure: Examining the Costs and Benefits of Changes to the Real Estate Settlement Process."
  • May 21
    • Senate Banking Committee mark-up.
      • Executive session to mark up S. __, "The Financial Regulatory Improvement Act of 2015."

Upcoming Events

  • May 19
    • OCC Director Workshop, Risk Governance, Birmingham, AL.
  • May 20
    • OCC Director Workshop, Compliance Risk, Birmingham, AL.
  • May 20 – 21
    • Federal Reserve Bank of New York, Mortgage Contract DesignImplications for Households, Monetary Policy, and Financial Stability.
  • May 21
    • FDIC teleconference on implementation of CFPB mortgage rules.
  • June 2
    • OCC Director Workshop, Risk Governance, Detroit, MI.
  • Jun. 2 – 3
    • NACHA Payments Innovation, Alliance Meeting.
  • June 3
    • OCC Director Workshop, Credit Risk, Detroit, MI.
  • June 8-10
    • OCC Director Workshop, Building Blocks for Directors, Raleigh, NC.
  • Jun. 14 – 17
    • ABA National Regulatory & Compliance Conference.
  • June 16
    • OCC Director Workshop, Risk Governance, Jacksonville, FL.
  • June 17
    • OCC Director Workshop, Compliance Risk, Jacksonville, FL.
    • FDIC Chicago Region regulatory conference call, "Intermediate Small Ban k CRA: Maximizing Your Bank's Success."
  • June 16-17
    • FOMC meeting.
  • July 13-15
    • 2015 Interagency Minority Depository Institution and CDFI Conference, Washington, DC.
  • 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

  • May 11 – CFTC: Supplementation of rulemaking on eight swaps-related rules, per D.C. Circuit decision in SIFMA v. CFTC.
  • May 14 – Federal Reserve/OCC/FDIC: EGRPRA review of regulations covering banking operations, capital, and CRA.
  • May 18 -- Federal Reserve: technical amendments to Regulation D.
  • May 19 – Federal Reserve: inclusion of legal entity identifiers in certain FR Y reports.
  • May 25 – FTC: proposed settlement with Nomi Technologies in connection with consumer tracking.
  • June 12 – Federal Reserve: statements of interest for membership in Community Advisory Council.
  • June 16-17 – Federal Open Market Committee meeting.
  • June 23 – CSBS/AARMR: prudential regulatory standards for non-bank mortgage servicers.
  • 90 days after publication in Federal Register – FDIC: ANPR on deposit account recordkeeping by large banks.