While the dispute over the constitutionality of the Bureau of Consumer Financial Protection’s (CFPB or Bureau) structure continues to rage, the Bureau continued to make other news, releasing a report on the Ability to Repay...more
It’s official: It’s BCFP no more! When Kathy Kraninger recently took over as director of the Consumer Financial Protection Bureau (CFPB or Bureau), her first significant act was to drop efforts to change the Bureau’s...more
The Federal Deposit Insurance Corporation (FDIC) has signaled renewed interest in small-dollar lending. In a new Request for Information (RFI), the regulator sought input on how it can encourage its supervised institutions to...more
In a sign that the California Department of Business Oversight (DBO) is contemplating new enforcement activity or possibly proposed regulations in the lending space, the DBO sent letters to 20 consumer installment lenders...more
Following a busy few months for the California legislature, financial institutions are now facing some new requirements.
Governor Jerry Brown signed several bills into law by the September 30 deadline, including amendments...more
All five federal banking regulators recently issued an interagency statement, explaining the role of supervisory guidance and describing the agencies’ approach to supervisory guidance....more
In state-specific news, Arizona opened its sandbox for fintech play, Lending Club revealed that Massachusetts is following in the footsteps of the Federal Trade Commission (FTC) and the Georgia attorney general reached a...more
Concerns about “regulation by enforcement” continue to make headlines as Rep. Blaine Luetkemeyer (R-Missouri) reached out to federal financial regulators to encourage a halt to this “unsettling trend....more
Not long after the CFPB’s acting director put the brakes on tough payday lending rules, the Trump administration likewise signaled that banks should move back into the $90 billion business....more
Taking the opposite approach from recent decisions of the U.S. Court of Appeals for the D.C. Circuit, a California federal court upheld the constitutionality of the Consumer Financial Protection Bureau while also ordering the...more
Use caution when creating incentives for employees and service providers to meet sales and other business goals, the Consumer Financial Protection Bureau warned financial institutions in a new Compliance Bulletin....more
Acting on a referral from the Federal Deposit Insurance Corporation, the Department of Justice pursued a case against Charter Bank, asserting the financial institution violated the Equal Credit Opportunity Act by...more
As the California legislative session wound down, Governor Jerry Brown signed multiple bills into law that will impact financial institutions.
What happened -
Financial institutions in California should prepare...more
With the July 2015 amendments to the Military Lending Act (MLA) set to take effect on October 3, the Department of Defense (DoD) published an interpretive rule to help financial institutions achieve compliance with the...more
Examiners will be paying more attention to mobile financial services (MFS) using new guidance recently issued by the Federal Financial Institutions Examination Council (FFIEC)....more
5/27/2016
/ Data Security ,
FDIC ,
FFIEC ,
Financial Institutions ,
Financial Services Industry ,
Handbooks ,
Mobile Apps ,
Mobile Payments ,
Mobile Services ,
New Guidance ,
Payment Systems ,
Risk Management
Why it matters -
Preauthorized electronic fund transfers (EFTs) were the subject of a new Compliance Bulletin issued by the Consumer Financial Protection Bureau (CFPB), discussing the requirements under the Electronic...more
Why it matters
Reporting requirements for financial institutions under the Home Mortgage Disclosure Act (HMDA) regulations were finalized by the Consumer Financial Protection Bureau (CFPB), with most provisions of the...more
11/3/2015
/ Consumer Financial Protection Bureau (CFPB) ,
Covered Entities ,
Data Collection ,
Dodd-Frank ,
Fair Lending ,
FFIEC ,
Final Rules ,
Financial Institutions ,
HMDA ,
HUD ,
Mortgages ,
Personal Data ,
Public Disclosure ,
Reporting Requirements ,
Training
Why it matters -
The Consumer Financial Protection Bureau (CFPB) has picked its next battle: a proposal to limit the terms of mandatory pre-dispute arbitration agreements in contracts involving consumer financial...more
Why it matters -
Raising the possibility of regulation, the Department of the Treasury has published a Request for Information (RFI) regarding online marketplace lending (also called peer-to-peer lending), seeking...more
Why it matters -
In a not-unexpected announcement, the Consumer Financial Protection Bureau (CFPB) revealed a $25 million settlement with PayPal resolving allegations that the company illegally signed consumers up for...more
Why it matters -
Under a new proposal from the Consumer Financial Protection Bureau (CFPB), financial companies would be graded on a “scorecard” for their offerings to students. The “Safe Student Account Scorecard”...more
Community Banks and the Volcker Rule: What’s Next? -
For now, banks that have investments in CDO securities that are issued by funds that are invested in trust preferred securities (TruPS CDOs) have dodged a bullet. On...more
1/17/2014
/ Arbitration ,
Banking Sector ,
Collateralized Loan Obligations ,
Community Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Covered Entities ,
Department of Justice (DOJ) ,
Dodd-Frank ,
Fair Lending ,
FFIEC ,
Financial Institutions ,
Mandatory Arbitration Clauses ,
Social Media ,
Trust Preferred Securities ,
Volcker Rule