On Wednesday, February 5, the House Financial Services Committee will hold the first part of a two-part hearing on “rent-a-bank” structures. The hearing is titled “Rent-A-Bank Schemes and New Debt Traps: Assessing Efforts to...more
2/3/2020
/ Ability-to-Repay ,
Banks ,
Congressional Investigations & Hearings ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Consumer Protection Laws ,
Director Kraninger ,
Fair Lending ,
FDIC ,
Financial Regulatory Reform ,
Financial Services Committee ,
Financial Services Industry ,
Interest Rate Caps ,
Loans ,
Madden v Midland Funding ,
OCC ,
Payday Loans ,
Popular ,
Testimony
The House Financial Services Committee has announced that it will hold the following hearings this month:
On January 14, the Subcommittee on Consumer Protection and Financial Institutions will hold a hearing entitled, “The...more
1/6/2020
/ Banks ,
Community Reinvestment Act ,
Congressional Investigations & Hearings ,
FDIC ,
Financial Services Committee ,
Financial Services Industry ,
FinTech ,
Interest Rate Caps ,
Interest Rates ,
Madden v Midland Funding ,
Mobile Payments ,
OCC ,
Regulatory Agenda ,
Regulatory Oversight ,
Rulemaking Process
At the end of last week, the CFPB announced that it had entered into a consent order with State Farm Bank, FSB to settle allegations that the Bank violated the Fair Credit Reporting Act...more
12/12/2018
/ Banks ,
Consent Order ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reporting Agencies ,
Consumer Reports ,
Fair Credit Reporting Act (FCRA) ,
Financial Services Industry ,
Regulation V ,
Regulatory Violations ,
State Farm
The CFPB has published a post blog indicating that it plans to reconstitute three of its advisory groups: the Consumer Advisory Board (CAB), the Community Bank Advisory Council (CBAC), and the Credit Union Advisory Council...more
Last week, members of the Senate Banking Committee announced that they had reached bipartisan agreement on “legislative proposals to improve our nation’s financial regulatory framework and promote economic growth.” ...more
11/21/2017
/ Appraisal ,
Banking Sector ,
Banks ,
Cyber Threats ,
Elder Abuse ,
Financial Institutions ,
Financial Regulatory Reform ,
HMDA ,
Legislative Agendas ,
Mortgage Loan Originators ,
Proposed Legislation ,
Qualified Mortgage Rule ,
Regulatory Oversight ,
Rural Areas ,
Senate Banking Committee ,
TILA-RESPA Integrated Disclosure Rule (TRID)
The plaintiffs in State National Bank of Big Spring, Texas, et al. v. Lew have filed a “Motion To Intervene In Any En Banc Proceeding That May Be Granted” in the PHH case. The motion follows the D.C. federal district court’s...more
2/16/2017
/ Administrative Proceedings ,
Banking Sector ,
Banks ,
Case Consolidation ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
En Banc Review ,
Motion To Intervene ,
PHH Corp. v CFPB ,
Popular ,
Removal For-Cause ,
RESPA ,
Richard Cordray ,
Single Director ,
Statutory Interpretation ,
Summary Judgment
The Independent Community Bankers of America issued a statement calling on the Trump administration “to rein in the overzealous application of fair lending laws.” ICBA stated that community banks are threatened by a recent...more
1/31/2017
/ Banking Sector ,
Banks ,
Community Banks ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Department of Justice (DOJ) ,
Discrimination ,
ECOA ,
Enforcement Actions ,
Fair Housing Act (FHA) ,
Fair Lending ,
Family Businesses ,
FDIC ,
Financial Institutions ,
HMDA ,
Independent Community Bankers of America (ICBA) ,
Mortgage Lenders ,
Redlining ,
Small Business ,
Trump Administration
On February 2, 2017 at 2 p.m. ET, the Federal Reserve will host a free webinar for bankers to provide a consumer compliance regulatory update. ...more
According to a Law360 report, the D.C. federal district court has denied the request of the plaintiffs in State National Bank of Big Spring, Texas, et al. v. Lew, et al. to consolidate their case with PHH on appeal to the...more
1/20/2017
/ Administrative Proceedings ,
Banking Sector ,
Banks ,
Case Consolidation ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
PHH Corp. v CFPB ,
Removal For-Cause ,
RESPA ,
Single Director ,
Statutory Interpretation ,
Summary Judgment
The CFPB has published a notice in the Federal Register announcing that it is seeking applications from persons interested in becoming members of its Consumer Advisory Board (Board), Community Bank Advisory Council (CBAC), or...more
The CFPB has announced annual adjustments to two asset-size exemption thresholds. First, the CFPB has made no change to the asset-size exemption threshold under HMDA/Regulation C which is currently set at $44 million. ...more
12/23/2016
/ Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Unions ,
Exemptions ,
Financial Institutions ,
HMDA ,
Mortgages ,
Regulation C ,
Regulation Z ,
Threshold Requirements ,
Truth in Lending Act (TILA)
In a letter sent to Majority Leader McConnell and Minority Leader-elect Schumer, the Consumer Bankers Association, the Credit Union National Association, the Independent Community Bankers of America, and the National...more
12/13/2016
/ Banking Sector ,
Banks ,
Community Banks ,
Congressional Review Act ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Unions ,
Financial Institutions ,
Financial Regulatory Reform ,
Proposed Legislation ,
Regulatory Oversight ,
Trump Administration
The CFPB has taken another step towards implementing its proposal to add a survey to its current complaint intake form that a consumer could choose to complete to provide feedback on the company’s response to his or her...more
On November 9, 2016, the Federal Reserve hosted a webinar on overdraft practices. The CFPB was represented by Victoria Pawelski, Counsel, Supervision Policy, Supervision, Enforcement and Fair Lending. In addition to a CFPB...more
The CFPB has issued its fourth Financial Literacy Annual Report to Congress. The report covers the CFPB’s activities to improve consumer financial literacy during the period from October 2015 through September 2016. The...more
The CFPB announced that it has entered into a consent order with Navy Federal Credit Union to settle allegations that the credit union engaged in unfair and deceptive collection practices in violation of the Consumer...more
10/17/2016
/ Banking Sector ,
Banks ,
Civil Monetary Penalty ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Contract Terms ,
Credit Unions ,
Debt Collection ,
Debt Collectors ,
Enforcement Actions ,
Financial Institutions ,
Financial Services Industry ,
Military Service Members ,
Redress Payments ,
Unfair or Deceptive Trade Practices
The CFPB has published a notice in the Federal Register announcing that a meeting of its Community Bank Advisory Council (CBAC) will be held on September 29, 2016.
The notice indicates that the CBAC will discuss youth...more
Richard Hunt, the President and CEO of the Consumer Bankers Association, recently published on his blog a list of “Five Things the CFPB Should Do To Be More Widely Respected.” Mr. Hunt’s list consists of the following...more
Last month, a bipartisan group of 70 senators were signatories to a letter sent to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray urging the CFPB to “carefully tailor its regulations to match the unique...more
9/6/2016
/ Banking Sector ,
Banks ,
Community Banks ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Covered Person ,
Credit Unions ,
Dodd-Frank ,
Exemptions ,
Financial Institutions ,
HMDA ,
HOEPA ,
Mortgages ,
Qualified Mortgage Rule ,
Real Estate Market ,
Regulatory Oversight ,
Richard Cordray ,
Rural Areas ,
SBREFA
The CFPB has issued its August 2016 complaint report which highlights complaints about bank accounts or services and complaints from consumers in Ohio and the Columbus metro area. The CFPB began taking bank account or...more
The CFPB announced that it has entered into a consent order with First National Bank of Omaha to settle charges that the bank engaged in unfair or deceptive acts or practices in connection with the marketing and sale of...more
8/29/2016
/ Add-ons ,
Banking Sector ,
Banks ,
Civil Monetary Penalty ,
Consent Order ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Enforcement Actions ,
Fees ,
Financial Services Industry ,
First National ,
Misrepresentation ,
OCC ,
Restitution ,
UDAAP
Last month, a bipartisan group of 70 Senators were signatories to a letter sent to Director Cordray urging the CFPB to “carefully tailor its regulations to match the unique nature of community banks and credit unions.” In...more
8/23/2016
/ Banking Sector ,
Banks ,
Community Banks ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Unions ,
Dodd-Frank ,
Financial Institutions ,
Regulatory Oversight ,
Richard Cordray
The American Bankers Association and the Consumer Bankers Association (the Associations) have sent a letter to the Office of Information and Regulatory Affairs (OIRA) (part of the Office of Management and Budget (OMB)) urging...more
To commemorate its fifth anniversary, the CFPB released a series of “fact sheets” touting its initiatives. The “fact sheets” consist of the following:
CFPB: By the numbers. The CFPB lists various statistics, such as...more
7/26/2016
/ Automotive Loans ,
Banking Sector ,
Banks ,
Civil Monetary Penalty ,
Consumer Complaint Management ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Debt Relief ,
Discriminatory Lending Practices ,
Enforcement Actions ,
Mortgages ,
Popular ,
RESPA ,
Student Loans
Today, July 21, 2016, marks the fifth anniversary of the date on which the CFPB officially opened its doors for business. Since then, the CFPB has embarked on unprecedented initiatives that have dramatically changed the face...more