Yesterday, eight federal agencies joined together to issue an “Interagency Statement on Special Purpose Credit Programs Under the Equal Credit Opportunity Act and Regulation B” (Interagency Statement). The agencies consist of the CFPB, FDIC, OCC, Federal Reserve Board, NCUA, HUD, DOJ, and FHFA. The Interagency Statement indicates that it is intended “to remind
Interagency Statement
Five federal regulators issue statement clarifying role of supervisory guidance; Ballard Spahr to discuss interagency statement in Oct. 10 webinar on CFPB’s Summer 2018 Supervisory Highlights
By Ballard CFS Group on
Posted in Federal Agencies, Regulatory and Enforcement
In what seems to be a response to the Government Accountability Office’s (“GAO”) determination that the Consumer Financial Protection Bureau’s indirect auto finance bulletin (the “Bulletin”) was a rule subject to the Congressional Review Act (“CRA”) and a rebuke to the Bureau’s prior approach of “rulemaking by enforcement,” the Board of Governors of the Federal…