October in Washington, DC is typically busy, marking the start of a new fiscal year for the federal government, a new term of the Supreme Court, and, this year, a lot of activity by financial regulators and Congress.
Just this week:
- There were two hearings in the Senate Banking Committee on consumer protection.
- The Senate confirmed Randal Quarles as the newest member of the Board of Governors of the Federal Reserve System (the Federal Reserve Board) by a 65–32 vote.
- The CFPB released its long-awaited and much discussed, including by us at All Things FinReg, final rules regulating payday loans, vehicle title loans, and certain other high-cost loans (the Payday Lending Final Rule).
- The OCC rescinded its 2013 Guidance on Supervisory Concerns and Expectations Regarding Deposit Advance Products in response to the Payday Lending Final Rule.