Washington Report 360 | November 15, 2019

CRA reform; NY Fed Household Debt & Credit Report; FTC expand competition in marketplace inquiries; CA/NJ may establish public banking.

Key highlights

  • OCC indicated it may propose CRA reform ahead of the other banking agencies and the FRB stated they are working toward a joint rule or “common answer.”
  • The New York Fed’s Quarterly Report on Household Debt and Credit found that total household debt has increased for 21 consecutive quarters and has reached an all-time high; other related regulatory reports include three FDIC studies on nonbank lending and reports from the CFPB and FINRA on the financial well-being of customers.
  • FTC is reportedly expanding its inquiries related to competition in the marketplace by reviewing debit card transactions and routing restrictions for certain electronic payments providors and large debit card issuers.
  • California and New Jersey are taking steps to establish public banking.

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