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          The White House took the position that the Federal     who provide financing and how much discretion dealers have to
          Vacancies Reform Act applies, allowing the president to   set loan terms and rates.
          name a currently serving Senate-confirmed official as   “GAO’s decision makes clear that the CFPB’s back-door effort
          acting director – a conclusion reached by both the Justice   to regulate auto loans, which was based on a dubious legal
          Department’s Office of Legal Counsel and the CFPB’s    justification, did not comply with the Congressional Review
          own general counsel “advise[d] all Bureau personnel to act   Act,” said Sen. Pat Toomey (R-Pa.), who requested the GAO
          consistently with the understanding that Director Mulvaney   review of the indirect auto guidance – as he did for interagency
          is the Acting Director of the CFPB.”
                                                                 leveraged lending guidance that was likewise found by GAO to
                                                                 be a rule.
          GAO Finds that CFPB’s Indirect                         Under the CRA, Congress can in certain cases vote to overturn

          Auto Lending Guidance is a                             a regulation. “I intend to do everything in my power to repeal
          ‘Rule’                                                 this ill-conceived rule using the Congressional Review Act,”
                                                                 Toomey added.
          The Government Accountability
          Office has issued a legal opinion                      CFPB Updates Guide to TRID
          that the CFPB’s 2013 guidance
          on fair lending risks in indirect                      Forms
          auto lending constitutes a “rule”                      The CFPB has issued a revised guide to the TILA-RESPA
          for purposes of the Congressional                      integrated disclosure forms that reflects recent regulatory
          Review Act. The GAO ruled that                         changes.
          the guidance – issued without
          notice and comment – is a general statement of policy with   To download the guide visit:
          general applicability, does not meet any CRA exceptions and
          thus counts as a rule. The controversial guidance sought to   loan-estimate-and-closing-disclosure-forms_v2.0.pdf
          impose limits on how and what indirect lenders pay car dealers
                                                                 Mulvaney Imposes 30-Day
                                                                 Freeze on New Regs, Guidance
                                                                 at CFPB

                                                                 In his first day as acting director at the Consumer Financial
                                                                 Protection Bureau, Mick imposed a 30-day freeze on new
                                                                 regulations, guidance, hiring and civil money penalties at
                                                                 the consumer finance regulator.

                                                                 FDIC Releases Draft Strategic
                                                                 Plan for Comment

                                                                 The FDIC released an updated draft of its strategic plan for 2018-
                                                                 22 for public comment. Comments were due on Dec. 15. The
                                                                 agency’s strategic goals include ensuring that insured depositors
                                                                 are protected from loss without recourse to taxpayer funding,
            Affordable Home Financing                            that FDIC-supervised banks are safe and sound, that consumers’
                                                                 rights are protected and banks are investing in their communities,
          FirstHome™ • HomeAccess • North Dakota Roots           that large banks can be resolved in an orderly manner in the event
                                                                 of bankruptcy and that resolutions are orderly and receiverships
                                                                 are managed effectively.

                                                                 The FDIC noted that it will continue to face challenges from
                                                                 shifting  economic  conditions  that  are  likely  to  affect  the
                                                                 performance of individual banks and the financial system over
                                                                 the next four years. In addition to the economy, the FDIC will
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