Three actions by the CFPB last week warrant particular attention by community banks: an enforcement action that invoked the agency's "unfair, deceptive, or abusive" practices authority, an interpretive rule on ability to repay, and implementation of the Supreme Court's decision on same-sex marriages.  Community banks also should be aware of several webinars and workshops that the FDIC and OCC are sponsoring. Otherwise, formal regulatory action -- new rules proposed and other rules finalized -- appears to have slowed for the summer.

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

The Economy

Community Banking

Call Reports



Examination Fees

Mortgage Brokers

Mortgage Servicing

Payday Lending

Qualified Mortgages

  • Heirs and successors in interest and Ability-to-Repay Rule (July 8).

Same-Sex Married Couples

  • CFPB to interpret terms such as "spouse," "marriage," "married," "husband," "wife," and similar terms to include same-sex marriages and married same-sex spouses in lawful marriages valid at the time of marriage in the jurisdiction where the marriage took place (July 8).

Unfair, Deceptive, or Abusive Acts or Practices

  • Prohibition invoked by CFPB in enforcement action against payday lender (July 10).  SeePayday Lending above.

Bank Closings

  • None.

Congressional Hearings

Upcoming Events

  • July 15
    • House Banking Committee hearings.
      • "The Department of Justice's 'Operation Choke Point'" (10:00 a.m.).
      • "Examining Regulatory Relief Proposals for Community Financial Institutions, Part II" (2:00 p.m.).
    • Senate Banking Committee hearing
      • "The Semiannual Monetary Policy Report to the Congress" (10:00 .am.).
  • July 16
    • House Financial Services Committee hearing.
      • "Monetary Policy and the State of the Economy" (10:00 a.m.).
    •  Senate Banking Committee hearing.
      • "What Makes a Bank Systemically Important?" (10:00 a.m.).
  • July 17
    • SEC full Commission closed meeting.
    • Interagency webinar on revised CRA Q&A and updated examination procedures for large institutions.
    • House Financial Services Committee hearing.
      • "A Legislative Proposal Entitled the 'Bank Account Seizure of Terrorist Assets (BASTA) Act" (9:45 a.m.).
    • CFPB field hearing on consumer complaints, El Paso TX.
  • July 22-23
    • OCC bank director workshops, "Compliance Risk" and "Risk Assessment" (Minneapolis MN).
  • July 23
    • FDIC Advisory Committee on Community Banking open meeting.
    • OCC Mutual Savings Association Advisory Committee public meeting.
  • July 23-24
    •  Joint Mutual Forum hosted by FDIC and OCC.
  • July 28-30
    • OCC bank director workshop, "Mastering the Basics: A Director's Challenge" (Columbus OH).
  • July 29-30
    • FOMC meeting.
  • July 29
    • Don't Forget About Deposit Regulations, FDIC Chicago Region regulatory conference call.
  • July 31
    • Model Approaches to Community Bank/CDFI Partnerships, FDIC webinar.
  • Aug. 5-6
    • OCC workshops, Compliance Risk and Risk Assessment, for directors of national community banks and federal savings associations, Syracuse NY.
  • Sept. 23-24
    • Community Banking in the 21st Century, Federal Reserve System/CSBS Second Annual Community Banking Research Conference.
  • Oct. 16-17
    • FDIC annual Consumer Research Symposium.

Regulatory Comment Deadlines

  • Aug. 4 – FHFA: Fannie and Freddie guarantee fees.  
  • Aug. 4 – CFTC: position limits on physical commodity derivatives and aggregation.  
  • Aug. 11 – OCC: integration of national bank and federal savings association rules on corporate activities and transactions.  
  • Aug. 11 – Federal Reserve: shift in 12-month cycle for capital planning and stress testing.  
  • Aug. 22 – Federal Reserve/FDIC/OCC: changes to Schedules RC-R and RC-L of call report.  
  • Sept. 2 – Federal Reserve/FDIC/OCC: regulatory burden with respect to applications and reporting, powers and activities, and international operations.  
  • Sept. 2 – OCC/FDIC: shift in 12-month cycle for capital planning and stress testing.  
  • Sept. 10 – CFPB: request for information on mobile financial services.