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Mulvaney: Bureau to Revisit ECOA Regulations, Submit Guidance for Congressional Review (5/22/18) As President Trump yesterday signed a Congressional Review Act resolution invalidating the Bureau’s 2013 guidance on indirect auto lending, Bureau Acting Director Mick Mulvaney said the Bureau would revisit its Equal Credit Opportunity Act regulations. Mulvaney said the Bureau would work with Congress and other agencies to identify additional guidance that might qualify for repeal under the CRA. "Today's action also clarifies that a number of Bureau guidance documents may be considered rules for purposes of the CRA, and therefore the Bureau must submit them for review by Congress," Mulvaney said. "The Bureau welcomes such review, and will confer with congressional staff and federal agency partners to identify appropriate documents for submission."

ABA: Bureau Should Rely More on Supervisory Process, Not Enforcement Actions (5/17/18) In a comment letter to the Bureau — the fourth of 12 the association will submit as part of the Bureau’s ongoing feedback initiative — ABA called on the Bureau to seek resolution of regulatory violations and compliance management weakness through the supervisory process rather than rushing to enforcement actions. To that end, the association emphasized the need for improved communications; for increased cooperation between the Bureau and the other federal regulatory agencies; more judicious use of Matters Requiring Attention and Potential Action and Request for Response letters; investing in more training resources for Bureau’s examination team; providing forums to help regulated institutions understand the Bureau’s Supervisory Highlights publications; and improving the appeals process.

 

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