In a new Policies and Procedures Manual (PPM) issuance (PPM 6300-2), the OCC establishes its framework for evaluating certain types of licensing applications when the applicant bank has an overall Community Reinvestment Act (CRA) rating of “Needs to Improve” or “Substantial Noncompliance.” Both ratings are referred to in the PPM as a “less than satisfactory CRA rating.” … Continue Reading
Will the CFPB issue a final arbitration rule before Jan. 20?
By Alan S. Kaplinsky on
Last week, the Wall Street Journal reported that the CFPB is pushing to finalize its arbitration rule before Donald Trump’s inauguration as President on January 20. The comment period on the proposed rule closed on August 22, 2016.
The article suggested that the CFPB may also attempt to finalize its rule on payday, title, and high-cost installment loans by January 20. … Continue Reading