Happy Friday!
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Here are highlights of the past week's activities. Previous Weekly Rewinds are available on our Resources page.

From the CFPB:
Addressing racial inequities in consumer finance markets - Acting Director Dave Uejio states that his top priorities are to take bold and swift action to address issues of pervasive racial injustice and the long-term economic impacts of the COVID-19 pandemic on consumers. (Published June 2, 2021)

From the FDIC:
Fintech: A Bridge to Economic Inclusion - On June 29, the FDIC is sponsoring a virtual conference where the FDIC’s Chief Innovation Officer Sultan Meghji will share his vision on how technology can drive economic inclusion and the role of the FDIC’s tech lab, FDiTech. The event will also feature panel discussions that will explore: enhancing inclusive consumer banking through fintech, deploying technology to improve credit access to small businesses, and exploring future opportunities for technology to drive inclusion. (Published June 9, 2021)

From the FRS:
Bank Stress Test Results - The Federal Reserve Board announced that the results from its bank stress tests will be released on June 24. (Published June 7, 2021)

Proposed Rule Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers Through Fedwire - The Board is proposing amendments to Regulation J to govern funds transfers through the Federal Reserve Banks’ new FedNowSM Service by establishing a new subpart C. The Board is also proposing changes and clarifications to subpart B, governing the Fedwire Funds Service, to reflect that the Reserve Banks will be operating a second funds transfer service in addition to the Fedwire Funds Service. (Published June 11, 2021)

From the OCC:
Virtual Mutual Savings Association Advisory Committee Meeting - The OCC announced it will host a virtual meeting of the Mutual Savings Association Advisory Committee on Tuesday, June 29, 2021. The virtual meeting is open to the public and will begin at 9:00 a.m. Eastern Daylight Time (EDT).

The purpose of the MSAAC meeting is to advise the OCC on regulatory or other changes the OCC may make to ensure the continued health and viability of mutual savings associations.(Published June 10, 2021)

From the Oregon DFR:
Gifting Club Scam - The Oregon Division of Financial Regulation is warning consumers to stay clear from a recent "Death Row" gifting club and other pyramid schemes. (Published June 9, 2021)

House Bill 2009 - The Governor signed the HB 2009 which requires lenders to allow members to defer payments on real estate loans due on or before June 30, 2021, and imposes a moratorium on foreclosures. The "Emergency Period" may be extended to September 30 or December 31 with additional approval from the Governor. Included in the Bill is a requirement for institutions to notify either all borrowers or borrowers that fail to make a payment about the provisions, using specific language included in the Bill.

Miscellaneous:
Memorandum on Establishing the Fight Against Corruption as a Core United States National Security Interest - The memorandum calls for an interagency review and report to serve as the basis for the Biden administration's strategy to fight corruption. (Published June 3, 2021)

Colorado Personal Data Privacy - Colorado's House and Senate passed SB21-190 creating personal data privacy rights similar to Virginia and California. If signed by the Governor, the Act will go into effect July 1, 2023. The Act contains a full exclusion for financial institutions subject to the GLBA.

Credit Card Debt Survey (WalletHub) - Consumers paid $56.5 billion in first quarter 2021. This follows a 2020 annual paydown of $82.1 billion. (Published June 8, 2021)

Future of Money Study - Americans are making significant shifts in their work and retirement plans, in their payment and purchasing behaviors, and in their saving and investing, according to a new study by Logica Research. Some of the biggest changes have to do with increased use of payment apps, peer-to-peer payments, and buy now, pay later options. (Published June 9, 2021)

Robbery, Kidnapping, and GPS Tracking - A trio of robbers were found guilty of using tracking devices and zip ties to kidnap bank employees and steal more than $600,000. (Published June 11, 2021)



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