Troutman Pepper Weekly Consumer Financial Services Newsletter – September 2022 # 4 | Troutman Pepper

To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week:

Federal Activities

State Activities

Federal Activities:

• On September 23, the Federal Reserve Board invited comment on operational risk-management requirement updates for certain systemically important financial market utilities (FMUs) supervised by the Fed. FMUs provide essential infrastructure to clear and settle payments and other financial transactions relied upon by financial markets and the broader economy to function effectively. The proposed updates generally provide more specificity to the existing requirements. For more information, click here.

• On September 22, the Consumer Financial Protection Bureau (CFPB) announced its request for public input on ways to spur new mortgage products that help households. The CFPB invites insights on ways to improve mortgage refinances for homeowners who would benefit from refinancing, especially for borrowers with smaller loan balances. The CFPB also seeks public input on ways to support automatic short- and long-term loss mitigation assistance for homeowners experiencing financial disruptions. The CFPB plans to use this information as it considers steps to support household financial stability and address refinance market gaps. For more information, click here.

• September 22, the Commodity Futures Trading Commission…