With the arrival of the dog days of August, the agencies have slowed their work. A few potentially important developments emerged last week, however. First, the banking agencies proposed a substantially shorter call report for most community banks – those with less than $1 billion in total assets and without domestic offices. Second, for mortgage servicers, the CFPB finalized several amendments to its Reg X and Reg Y rules on loss mitigation and other foreclosure matters as well as an advisory opinion on Fair Debt Collection Practices Act (FDCPA) issues. Finally, the FDIC extended the comment deadline for its proposed third-party lending guidance to October 27.

The full set of developments over the past week includes:

The Economy

  • July jobs report released (Aug. 5).
    • 255,000 new jobs added to total nonfarm payroll employment.
    • Unemployment rate remains steady at 4.9%.
    • Report available at http://www.bls.gov/.

Call Reports

  • FFIEC proposes streamlined call report for small banks (Aug. 5).
    • New report would be available to banks with less than $1 billion in total assets and with no foreign offices.
    • New report would eliminate approximately 40% of current data items.
    • Proposal arises out of EGRPRA regulatory review process.
    • Proposal available at http://www.ffiec.gov/press/pr080516.htm.
    • Comment deadline: 60 days after publication in Federal Register.

Civil Money Penalties

  • Federal Reserve issues interim final rule making annual adjustment to maximum CMPs (Aug. 1).
    • Comment deadline: Aug. 30.


  • Banking agencies release guidance on submission of self-assessments of diversity policies and practices (Aug. 2).


  • CFPB finalizes amendments to Regulations X and Z and advisory opinion on the FDCPA (Aug. 4).
    • Regulations X and Z.
      • Servicer now required to provide foreclosure protections more than once over life of loan.
      • Expanded definition of successor in interest for purpose of required notices.
      • Servicers now required to provide periodic statements or early intervention loss mitigation information to borrowers in bankruptcy.
      • Servicers now required to notify borrowers when loss mitigation applications are complete.
      • When servicing rights are transferred from one servicer or another while borrower is in the loss mitigation process, transferee usually must pick up where transferor left off.
      • Servicers now required to suspend foreclosure proceedings while timely and complete loss mitigation application is pending.
      • Delinquency clarified to begin on day on which borrower's periodic payment becomes due and unpaid.
      • More flexibility provided to servicers relating to force-placed insurance and periodic statement disclosures.
      • Other clarifications of rules on early intervention, loss mitigation, information requests, and prompt crediting.
      • Clarification of small servicer exemption.
      • Servicers now exempt from providing periodic statements under certain circumstances when servicer has charged off mortgage.
    • Fair Debt Collection Practices Act.
      • Advisory opinion with safe harbors under FDCPA § 805(b), (c) for communications with confirmed successors in interest, providing early intervention notice, and responding to borrower-initiated communications on loss mitigation.
    • Final rule and interpretive rule available at http://www.consumerfinance.gov/about-us/newsroom/consumer-financial-protection-bureau-expands-foreclosure-protections/.

Supervisory Information

  • Federal Reserve Board enters into consent order with Goldman Sachs regarding unauthorized use and disclosure of confidential supervisory information (Aug. 3).


  • Banking agencies finalize rule exempting certain commercial and financial end users from margin requirements for certain swaps not cleared through a clearinghouse (Aug. 1).
    • Rule adopts previous interim final rule (published Nov. 2015) without change.

Third-Party Lending

  • FDIC extends comment deadline on proposed guidance on third-party lending from Sept. 12 to Oct. 27 (Aug. 4).
    • Comment deadline: Sept. 12.

Too Big to Fail

  • Federal Reserve and FDIC extend by one year, from Dec. 31, 2016, to Dec. 31, 2017, for 36 domestic bank holding companies and two designated nonbanks to submit resolution plans (Aug. 2).

Upcoming Events

  • Aug. 16
    • OCC Director Workshop, "Risk Governance," Kansas City MO.
  • Aug. 17
    • OCC Director Workshop, "Credit Risk," Kansas City MO.
  • Sept. 8-9
    • FDIC 16th Annual Bank Research Conference.
  • Sept. 13
    • OCC Director Workshop, "Credit Risk," Duluth MN.
  • Sept. 14
    • OCC Director Workshop, "Compliance Risk," Duluth MN.
  • Oct. 19
    • FDIC Money Smart Train-the-Trainer Online Live Meeting.
  • Oct. 27-28
    • FDIC 6th Annual Consumer Research Symposium.

Regulatory Comment Deadlines

  • Aug. 8 – Treasury/IRS: foreign-owned, single-owner entities required to obtain EIN.
  • Aug. 22 – CFPB: ban on mandatory arbitration clauses.
  • Aug. 29 – FDIC: replacement of references to credit ratings in international banking regulations.
  • 30 days after publication in Federal Register
    • Federal Reserve/CFPB: changes to exemption thresholds under Truth in Lending Act for consumer loans and leases.
    • Federal Reserve/FDIC/OCC/CFPB: changes to threshold for exemption of small loans from higher priced mortgage loan appraisal requirements.
  • Aug. 30
    • OCC: adjustment of maximum CMPs to account for inflation.
    • Federal Reserve: adjustment of maximum CMPs.
  • Sept. 14 – CFPB: payday loans.
  • Sept. 16 – Federal Reserve: capital requirements for certain insurance companies.
  • 60 days after publication in Federal Register – FDIC: appeals of supervisory determinations.
  • 60 days after publication in Federal Register – Federal Reserve, FDIC, OCC: streamlined call report for small banks.
  • Oct. 18 – CFPB: changes to required Know Before You Owe mortgage lending disclosures.
  • Oct. 27 – FDIC: third-party lending guidance.