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Senate Banking Committee members Tom Cotton (R-Ark.) and Doug Jones (D-Ala.) introduced a bill that would clarify the regulatory treatment of high-  volatility commercial real estate loans intended to address many banker concerns about capital requirements on HVCRE exposures.
The bill would specify that agencies may not impose higher capital standards on HVCRE exposures unless they are for acquisition, development or construction, and it clarifies what constitutes ADC status. The HVCRE ADC treatment would not apply to one-to-four-family residences, agricultural land, community development investments or existing income-producing real estate secured by a mortgage, or to any loans made prior to Jan. 1, 2015. It also specifies when banks may reclassify ADC loans as non-HVCRE.
The bill is a companion to a House measure introduced by Reps. Robert Pittenger (R-N.C.) and David Scott (D-Ga.) that passed the House in November 2017. It comes as the federal banking agencies are revisiting the treatment of HVCRE loans as part of a pending rulemaking that is intended to simplify capital rules.
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On February 7, 2017, the CFPB issued its third in a line of Requests for  Information (RFI) on the Bureau's enforcement processes. The Bureau is collecting information to assess the effectiveness of its processes related to enforcement of federal consumer financial laws. This is the third RFI in three weeks from the CFPB as part of Acting Director Mick Mulvaney's call for evidence to ensure the Bureau is fulfilling its duties to best protect consumers. The RFI will be due 60 days after hitting the federal register, and will be followed by an RFI addressing the Bureau's supervisory processes.
Among other things, the CFPB is seeking feedback on how it communicates with subjects of investigations, the length of investigations, the calculation of civil money penalties, the standard provisions in its consent orders and how it carries out enforcement activities with other state and federal agencies that may have overlapping jurisdiction.
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Comptroller of the Currency Joseph Otting said he shares Consumer Financial Protection Bureau Acting Director Mick Mulvaney's willingness to reevaluate  unnecessary regulatory burdens that hamper banks' ability to serve their customers.
Following a meeting with Mulvaney and citing his delayed implementation of the bureau's Home Mortgage Disclosure Act final rule, Otting said unnecessary regulatory burden is a waste that places a drag on our entire economy without making the system safer or fairer.
OCC Statement >>>
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State Regulators Take First Step to Standardize Licensing Practices for Fintech Payments
Seven states have agreed to a multi-state compact that standardizes key elements of the licensing process for money services businesses (MSB). 
The agreement: If one state reviews key elements of state licensing for a money transmitter - IT, cybersecurity, business plan, background check, and compliance with the federal Bank Secrecy Act - then other participating states agree to accept the findings. The result is expected to significantly streamline the MSB licensing process.
The states announcing this agreement today are Georgia, Illinois, Kansas, Massachusetts, Tennessee, Texas and Washington. Other states are expected to join this compact.
This multi-state compact represents the first step among state regulators in moving towards an integrated, 50-state system of licensing and supervision for fintechs. In May 2017, state regulators, operating through the Conference of State Bank Supervisors (CSBS), issued a policy statement establishing the 50-state goal. CSBS then developed Vision 2020 as a series of implementation initiatives, including:
- Forming a Fintech Industry Advisory Panel of 33 companies to identify pain points and recommend solutions
- Building a next generation technology platform to streamline both the licensing and supervision of non-banks
- Working with states to harmonize their licensing and supervisory practices, such as the announcement today
"This MSB licensing agreement will minimize the burden of regulatory licensing, use state resources more efficiently, and allow for broad participation by other states across the country," said John Ryan, CSBS president and chief executive officer.
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FDIC, Fed Nominees Clear Senate Committee
The Senate Banking Committee approved the nominations of Jelena McWilliams to serve as chairman of the FDIC and Marvin Goodfriend to be a governor at the  Federal Reserve. McWilliams, a former senior staffer on the Banking Committee who is currently general counsel at Cincinnati-based Fifth Third Bank, sailed through on a nearly unanimous voice vote, with only Sen. Elizabeth Warren (D-Mass.) opposed. Goodfriend, an economist at Carnegie Mellon University, was advanced on a party-line vote.
The committee also approved the nomination of Thomas Workman to serve as the independent member of the Financial Stability Oversight Council with insurance expertise.
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Request for Comment: NMLS Mortgage Call Report
State regulatory agencies participating in the Nationwide Multistate Licensing System (NMLS) are seeking public comments on proposed changes to the NMLS  Mortgage Call Report, which all state licensed and state registered companies are required to complete. Comments are due by April 2, 2018.
The NMLS Mortgage Call Report provides timely, comprehensive, and uniform information on the financial condition of licensed mortgage companies, their loan activities, and their mortgage loan originators. This information enhances a state regulator's ability to effectively supervise licensees.
Tim Doyle
, senior vice president of policy and development at the Conference of State Bank Supervisors, said: "Over time, the goal of the Mortgage Call Report is to include all the information regulators need so that other requirements do not need to be submitted and tracked outside NMLS. We think these proposed changes will further that goal."
Proposed changes >>>
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FinCEN Updating Suspicious Activity Report
The Financial Crimes Enforcement Network in June is updating the Suspicious  Activity Report available on the Bank Secrecy Act E-Filing System.
Batch filers will be required to submit the updated FinCEN SAR data in an XML-based file, rather than the current ASCII fixed-length delimited file format.
The new format also will include a new "cyber event" category, new subtype selections and text fields, and other updates.
The FinCEN Notice >>>
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