Page 5 - August 2017

CFPB Issues Compliance Bulletin directors for bank holding companies, savings and
Regarding Phone Pay Fees. loan holding companies, state member banks, U.S.
branches and agencies of foreign banking
CFPB has issued Compliance Bulletin 2017-01 to organizations, and systemically important nonbank
provide guidance to covered persons and service financial companies designated by the Financial
providers regarding fee assessments for pay-by- Stability Oversight Council for supervision by FRB.
phone services and the potential for violations of For the largest of the applicable financial companies,
sections 1031 and 1036 of the Dodd-Frank Act’s the proposal would establish principals regarding
prohibition on engaging in unfair, deceptive, or effective boards of directors focused on the
abusive acts or practices when assessing phone pay performance of a board’s core responsibilities. The
fees. The notice may be viewed at: proposal would also better distinguish between the
https://www.gpo.gov/fdsys/pkg/FR-2017-08- roles and responsibilities of an institution’s board of
02/pdf/2017-16188.pdf. Federal Register, Vol. 82, directors and those of senior management. For
No. 147, 08/02/2017, 35936-35938. domestic bank and savings and loan holding
companies, the proposal would eliminate or revise
CFPB Requests Comment on Information supervisory expectations contained in certain existing
FRB Supervision and Regulation Letters. Comments
Collections. are due 10/10/2017. The proposed guidance may be
viewed at: https://www.gpo.gov/fdsys/pkg/FR-2017-
• CFPB has issued a notice to announce it seeks 08-09/pdf/2017-16735.pdf. Federal Register, Vol.
comment on the information collection titled Fair 82, No. 152, 08/09/2017, 37219-37227.
Credit Reporting Act. CFPB is also giving notice
that it has sent the collection to OMB for review. FRB Requests Comment on Information
Comments are due 08/16/2017. The notice may
be viewed at: Collection.
https://www.gpo.gov/fdsys/pkg/FR-2017-07-
17/pdf/2017-14907.pdf. Federal Register, Vol. FRB has issued a notice to announce it seeks
82, No. 135, 07/17/2017, 32686-32687. comment on the information collection titled
• CFPB has issued a notice to announce it seeks Application for Employment with the Board of
comment on the information collection titled Governors of the Federal Reserve System. FRB is
Generic Collection Plan for Consumer also giving notice that it has sent the collection to
Complaint and Information Collection System. OMB for review. Comments are due 09/26/2017. The
CFPB is also giving notice that it has sent the notice may be viewed at:
collection to OMB for review. Comments are https://www.gpo.gov/fdsys/pkg/FR-2017-07-
due 09/18/2017. The notice may be viewed at: 28/pdf/2017-15875.pdf. Federal Register, Vol. 82,
https://www.gpo.gov/fdsys/pkg/FR-2017-07- No. 144, 07/28/2017, 35202-35203.
19/pdf/2017-15105.pdf. Federal Register, Vol.
82, No. 137, 07/19/2017, 33071-33072. FDIC Issues Final Rule on Recordkeeping
Requirements for Qualified Financial
• CFPB has issued a notice to announce it seeks Contracts.
comment on the information collection titled
CFPB’s Consumer Response Intake Form. CFPB The Federal Deposit Insurance Corporation (FDIC) is
is also giving notice that it has sent the collection amending its regulations regarding Recordkeeping
to OMB for review. Comments are due Requirements for Qualified Financial Contracts
09/18/2017. The notice may be viewed at: which require insured depository institutions (IDIs)
https://www.gpo.gov/fdsys/pkg/FR-2017-07- in a troubled condition to keep records relating to
19/pdf/2017-15110.pdf. Federal Register, Vol. qualified financial contracts (QFCs) to which they are
82, No. 137, 07/19/2017, 33070-33071. party. The final rule harmonizes the
recordkeeping requirements for large IDIs and IDIs
FRB Proposes Guidance on Supervisory that are consolidated affiliates of financial
Expectation for Boards of Directors. companies. Additionally, for other IDIs, the final rule
adds and deletes a limited number of data
The Board of Governors of the Federal Reserve requirements and makes certain formatting changes
System (FRB) has issued proposed guidance with respect to the QFC recordkeeping requirements;
addressing supervisory expectations for the boards of requires full scope entities to keep QFC records of
certain of their subsidiaries; provides an exemption

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