In this issue...
S.2155 has been signed into law. It passed the House of Representatives this week on a bipartisan vote exactly as passed by the Senate in March. The bill:
The President signed into law S.J.Res. 57, repealing the CFPB's 2013 indirect auto lending guidance.
CFPB Acting Director Mulvaney stated the Bureau would identify for review previously issued guidance that, like the indirect auto lending guidance, might be considered rules under the Congressional Review Act. He also said the Bureau would reexamine the requirements of the ECOA in light of a recent Supreme Court decision on antidiscrimination statues.
The OCC issued a bulletin to remind banks of the core lending principles for managing the risks associated with short-term, small-dollar installment lending programs.
The Federal Reserve and the OCC extended the comment period for their joint proposed rule on the enhanced supplementary leverage ratio.
The SEC proposed rules and amendments to promote research on investment funds and establish a safe harbor for brokers or dealers to publish or distribute those research reports under certain conditions.
The Senate confirmed Jelena McWilliams to serve as Chairman of the FDIC.
Federal Reserve Board Governor Lael Brainard outlined five principles for updating the Community Reinvestment Act; she stressed continued branch importance but also additional channels for service delivery.
New reports indicate two large money services businesses have established a "Terminated Agent Database" to track representative "agents" whom they have terminated. The initiative is contingent upon approval by FinCEN.