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A solicitation has been posted by the Bureau for research submissions for the Second CFPB Research Conference on Consumer Finance, which will be held this winter. Suggested topics include work on: the ways consumers and households make decisions about borrowing, saving, and financial risk-taking; how various forms of credit (mortgage, student loans, credit cards, installment loans, etc.) affect household well-being; the structure and functioning of consumer financial markets; distinct and underserved populations; and relevant innovations in modeling or data. A particular area of interest for the CFPB is the dynamics of households’ balance sheets. All submissions are due in PDF format by August 26, 2016.

The Federal Reserve has released data from its May 2-6, 2016, E.2 Survey of Terms of Business Lending.

A joint press release from the Federal Reserve, OCC and FDIC has announced the final revisions to "Interagency Questions and Answers Regarding Community Reinvestment." The guidance addresses questions raised by bankers, community organizations, and others regarding the agencies' CRA regulations in the areas of:

• Availability and effectiveness of retail banking services
• Innovative or flexible lending practices
• Community development-related issues, including: (i) economic development; (ii) community development loans and activities that revitalize or stabilize underserved nonmetropolitan middle-income geographies; and (iii) community development services
• Responsiveness and innovativeness of an institution's loans, qualified investments, and community development services

The Federal Reserve Board has released June 2016 G.17 industrial production and capacity utilization data. Industrial production increased 0.6 percent in June after declining 0.3 percent in May. For the second quarter as a whole, industrial production fell at an annual rate of 1.0 percent, its third consecutive quarterly decline. Manufacturing output moved up 0.4 percent in June, a gain largely due to an increase in motor vehicle assemblies. The output of manufactured goods other than motor vehicles and parts was unchanged. The index for utilities rose 2.4 percent as a result of warmer weather than is typical for June boosting demand for air conditioning. The output of mining moved up 0.2 percent for its second consecutive small monthly increase following eight straight months of decline. At 104.1 percent of its 2012 average, total industrial production in June was 0.7 percent lower than its year-earlier level. Capacity utilization for the industrial sector increased 0.5 percentage point in June to 75.4 percent, a rate that is 4.6 percentage points below its long-run (1972–2015) average.

The Federal Trade Commission has announced that two debt collectors and three companies charged with using false threats and other illegal collection tactics are banned from the debt collection business under a settlement with the Commission. The corporate and individual defendants were previously charged by the FTC with extracting payments from consumers through intimidation, lies and other unlawful debt collection tactics. A court order subsequently halted the operation and froze the defendants' assets pending litigation. The defendants have now agreed to a stipulated final order that bans them from debt collection activities and prohibits them from misrepresenting material facts about financial-related products and services. The order also bars them from profiting from consumers' personal information and failing to dispose of it properly. The order imposes a $4,802,646 judgment that will be partially suspended upon the surrender of certain assets and requires payment of $59,207 by the debt collectors. The full judgment will become due immediately if the defendants are found to have misrepresented their financial condition.

The Office of the Comptroller of the Currency will host two workshops in Kansas City, Missouri, at the Westin Kansas City at Crown Center, August 16–17, for directors of national community banks and federal savings associations. The Risk Governance workshop on August 16 combines lectures, discussion, and exercises to provide practical information for directors to effectively measure and manage risks. The workshop also focuses on the OCC’s approach to risk-based supervision and major risks in the financial industry. The Credit Risk workshop on August 17 focuses on credit risk within the loan portfolio, such as identifying trends and recognizing problems. The workshop also covers the roles of the board and management, how to stay informed of changes in credit risk, and how to effect change.

The Federal Reserve Board has published Consumer Affairs (CA) letter 16-4 on the repeal of Regulation AA (12 CFR Part 227) and the publication of revised exam procedures for section 5 of the Federal Trade Commission Act. The Dodd-Frank Act repealed the Board's authority to write rules that address unfair or deceptive acts or practices, which were contained in Reg AA, including the "credit practices rule," which prohibited banks from using certain practices to enforce consumer credit obligations and from including these practices in their consumer credit contracts.

The Federal Reserve Board has released the minutes of its discount rate meetings for May 23 and June 13, 2016.

The OCC has released its Semiannual Risk Perspective for Spring 2016, which reports that strategic, credit, operational, and compliance risks remain top concerns. Highlights from the report include:

• Strategic risk remains high as banks struggle to execute their strategic plans and face challenges in growing revenue.
• Credit risk is increasing because of strong loan growth combined with easing in underwriting standards. An increase in concentrations and risk layering continues as banks strive for yield in an increasingly competitive environment. This is particularly evident in indirect auto, commercial and industrial, and commercial real estate.
• Operational risk concerns include increasing cyber threats, reliance on third-party service providers, and resiliency planning.
• Banks face challenges meeting the integrated mortgage disclosure requirements and amended Military Lending Act regulatory requirements, the latter of which takes effect on October 3, 2016, and managing Bank Secrecy Act risks.
• Low energy prices, the potential for rising interest rates, and risks associated with banks partnering with marketplace lending firms are of concern and being monitored, as they may develop into broader system-wide issues.

The May 2016 G.19 consumer credit report has been released by the Federal Reserve. Consumer credit increased at a seasonally adjusted annual rate of 6-1/4 percent. Revolving credit increased at an annual rate of 3 percent, while nonrevolving credit increased at an annual rate of 7-1/4 percent.