On March 4, the Consumer Financial Protection Bureau (CFPB) released an Advanced Notice of Proposed Rulemaking (ANPR) to seek information from the public about certain issues related to Property Assessed Clean Energy (PACE) financing. In particular, the CFPB issued the ANPR to obtain more information (1) about the relationship between an assessment of a consumer’s “ability to repay” and the terms of a PACE financing agreement, and (2) related to the extension of Truth In Lending Act (TILA) general civil liability to PACE transactions.

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On October 3, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network, the National Credit Union Administration and the Office of the Comptroller of the Currency released a joint statement related to the permissible sharing of Bank Secrecy Act (BSA) resources.

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On September 6, the Federal Deposit Insurance Corporation (FDIC) issued revised guidelines entitled “Guidelines for Appeals of Material Supervisory Determinations”, which govern appeals by all FDIC-supervised institutions to Division Directors and the Supervision Appeals Review Committee. These revised guidelines expand the circumstances under which banks may appeal a material supervisory determination, enhance consistency with the appeals processes of other federal banking agencies, and include other limited technical and conforming changes.
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On June 15, the Consumer Financial Protection Bureau (CFPB), announced that it is seeking comments on proposed updates to its prepaid rule, “Prepaid Accounts under the Electronic Fund Transfer Act (Regulation E) and the Truth In Lending Act (Regulation Z)” (Prepaid Rule). The Prepaid Rule incorporates prepaid accounts under Regulations E and Z and was originally published in the Federal Register on November 22, 2016 (81 FR 83934) and amended on April 25, 2017 (82 FR 18975).
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On June 7, the Office of the Comptroller of the Currency (OCC) issued frequently asked questions (FAQs) to supplement OCC Bulletin 2013-29, “Third-Party Relationships: Risk Management Guidance,” which was originally issued on October 30, 2013. These FAQs address questions from national banks and federal savings associations. The FAQs and underlying OCC Bulletin 2013-29 apply to

On May 31, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and the National Credit Union Administration jointly issued an advisory addressing concerns from the financial industry regarding its perceived shortage of state certified and licensed appraisers, particularly in rural areas. The advisory addresses the appraiser shortage and the subsequent delays in obtaining an appraisal by highlighting two existing options: temporary practice permits and temporary waivers.
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On May 10, the Consumer Financial Protection Bureau (CFPB) held a field hearing and issued a notice and request for information related to the small business lending market. Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act amended the Equal Credit Opportunity Act to require “financial institutions” (as defined in Section 1071) to compile, maintain and report information concerning credit applications made by women-owned, minority-owned and small businesses. The purpose of the data collection is to facilitate enforcement of fair lending laws and to enable communities, governmental entities and creditors to identify business and community development needs and opportunities of women-owned, minority-owned and small businesses.
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On Thursday, June 2, the Consumer Financial Protection Bureau (CFPB) released proposed rules affecting the payday and short-term loan industry as part of its authority to prohibit the use of unfair or abusive acts and practices in connection with the provision of consumer financial products and services under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
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On March 21, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union Administration and the Financial Crimes Enforcement Network (collectively, the “regulators”) issued new guidance related to the application of customer identification (CIP) program requirements to prepaid card customers. The regulators issued the guidance in connection with their authority under Section 326 of the US Patriot Act.
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