The OCC is hoping to issue a long-awaited advance notice of proposed rulemaking on the Community Reinvestment Act in the coming weeks, Comptroller of the Currency Joseph Otting said today, and it has been waiting in order to build consensus with other banking agencies.
Signaling a significant shift in the OCC’s approach to small-dollar lending, the agency today issued a bulletin encouraging banks to make “responsible short-term, small-dollar installment loans, typically two to 12 months in duration with equal amortizing payments” to help meet the credit needs of their customers.
The Consumer Financial Protection Bureau yesterday updated its rulemaking agenda for the remainder of 2018.
The OCC’s top policy priorities are changing regulations on the Community Reinvestment Act, the Bank Secrecy Act and small-dollar lending, Comptroller of the Currency Joseph Otting said today at ABA’s Government Relations Summit.
The Consumer Financial Protection Bureau is revisiting several rules as it considers whether they impose “unnecessary burden or restrict consumer choice,” Acting Director Mick Mulvaney told the House Financial Services Committee today.
The House Financial Services Committee today approved three ABA-backed bills.
The Consumer Financial Protection Bureau’s Consumer Advisory Board will hold two subcommittee calls in the coming weeks, both of which are open to the public.
ABA today urged the Consumer Financial Protection Bureau to protect small-dollar “accommodation loans” that many banks make for their customers.
The Consumer Financial Protection Bureau today said it would begin a rulemaking under which the CFPB “may reconsider” its rule intended to short-term, small-dollar loans.
In a letter to the FDIC today, ABA called on the agency to rescind its 2013 guidance on direct deposit advance services.