Today, July 11, the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit will hold a hearing titled: “Examining the Opportunities and Challenges with Financial Technology...more
A new blog post by Gary Stein, CFPB Deposits Market Program Manager, suggests four ways consumers can avoid overdraft and NSF fees. The post appears to have been prompted by the release of 2015 data by the Federal Financial...more
The U.S. Chamber of Commerce has issued strong criticism of the first two articles on arbitration published in the New York Times this past Sunday and earlier this week. (The articles were part of a series of three reports.)...more
The CFPB has issued its third Financial Literacy Annual Report to Congress. The report covers the CFPB’s activities to improve consumer financial literacy during the period from June 2014 through September 2015. The report’s...more
The CFPB has released a “youth financial education curriculum review tool” for curriculum developers and educators to use to review financial education materials and determine which curricula best suits their students. The...more
Consistent with recent indications from CFPB and Department of Justice officials that more redlining cases would soon be coming, the CFPB and DOJ have announced a proposed consent order with Hudson City Savings Bank to settle...more
10/9/2015
/ Banking Sector ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
ECOA ,
Fair Housing Act (FHA) ,
Financial Institutions ,
Mortgage Lenders ,
Mortgages ,
Race Discrimination ,
Redlining ,
Residential Real Estate Market
Consistent with recent indications from CFPB and Department of Justice officials that more redlining cases would soon be coming, the CFPB and DOJ have announced a proposed consent order with Hudson City Savings Bank to settle...more
9/28/2015
/ Banking Sector ,
Banks ,
Community Reinvestment Act ,
Compliance ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
CRA ,
Department of Justice (DOJ) ,
Discrimination ,
ECOA ,
Fair Housing Act (FHA) ,
Fair Lending ,
Financial Institutions ,
Investigations ,
Mortgage Brokers ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
OCC ,
Race Discrimination ,
Redlining ,
Statistical Analysis
The CFPB announced the appointment of new members to its Consumer Advisory Board, Community Bank Advisory Council, and Credit Union Advisory Council. New members to the Consumer Advisory Board will serve three-year terms and...more
The CFPB has announced that a meeting of its Community Bank Advisory Council is scheduled for September 30, 2015 in Washington, D.C. Director Cordray will be in attendance and there will be a discussion of consumer challenges...more
The CFPB has published a notice indicating that it is seeking approval from the Office of Management and Budget to conduct “a national web survey of 8,000 individuals as part of its study of ATM/debit card overdraft...more
In response to the CFPB’s Request for Information seeking “best practices for normalizing relevant data” in the CFPB’s Consumer Complaint Database, the American Bankers Association has submitted a comment letter in which it...more
Banks and other companies subject to the CFPB’s jurisdiction face the possibility that the CFPB could begin using its authority under Sections 1031 and 1036 of the Dodd-Frank Act (which proscribe unfair, deceptive or abusive...more
9/1/2015
/ Banking Sector ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Cyber Attacks ,
Cyber Crimes ,
Cybersecurity ,
Data Privacy ,
Data Protection ,
Data Security ,
Dodd-Frank ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
FTC Act ,
FTC v Wyndham ,
Hackers ,
Jurisdiction ,
Privacy Policy ,
Section 5 ,
Unfair or Deceptive Trade Practices ,
Wyndham
The CFPB has issued its August 2015 complaint report, the second in its new series of monthly complaint reports. When it announced the launch of the new reports last month, the CFPB stated that each report would spotlight a...more
The CFPB has entered into a consent order with Springstone Financial, LLC to settle charges that the company was responsible for alleged deceptive and misleading acts and practices in connection with enrolling consumers in a...more
8/21/2015
/ Banking Sector ,
Banks ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Deferred Interest Products ,
Dental Practice ,
Financial Institutions ,
Financing ,
Health Care Providers ,
Healthcare ,
Loans ,
Redress Payments ,
Unfair or Deceptive Trade Practices
The American Banker reported earlier this week that Steven Antonakes, the former CFPB Deputy Director, has joined Eastern Bank in Boston as a senior vice president and chief compliance officer. According to the article, the...more
The American Bankers Association has sent a letter to the DOJ, Fed, OCC, FDIC, HUD and CFPB requesting confirmation “in interagency guidance, updated exam procedures, and where appropriate amended regulations that the...more
8/11/2015
/ Affordable Housing ,
American Bankers Association ,
Banking Sector ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Discrimination ,
Disparate Impact ,
Disparate Treatment ,
ECOA ,
Fair Housing Act (FHA) ,
FDIC ,
Financial Institutions ,
HUD ,
Interagency Agreement ,
OCC ,
Pattern or Practice ,
Real Estate Market ,
Residential Real Estate Market ,
SCOTUS ,
Texas Dept of Housing v Inclusive Communities
On July 29, the following four CFPB-related bills were passed by the House Financial Services Committee: H.R. 3192, the “Homebuyers Assistance Act”: The bill would provide a hold harmless period for the TILA/RESPA Integrated...more
8/10/2015
/ Anti-Steering Rules ,
Banking Sector ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Department of Justice (DOJ) ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
First Time Homebuyers ,
Lenders ,
Minority-Owned Businesses ,
Mortgage Lenders ,
Mortgages ,
Real Estate Market ,
Small Business ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Women-Owned Businesses
The CFPB has announced that it will hold an event in Springfield, Virginia on August 17, 2015 about financial management for seniors and their caregivers. The event will feature remarks from Director Cordray and Virginia...more
8/4/2015
/ Assisted Living Facilities (ALFs) ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Elder Abuse ,
Financial Abuse ,
Financial Institutions ,
Financial Planning ,
Mortgages ,
Nursing Homes ,
Popular ,
Reverse Mortgages ,
Skilled Nursing Facility
The Texas Bankers Association (TBA) announced on its website that it has filed a Freedom of Information Act (FOIA) Request with the CFPB to obtain all documentation the CFPB requested from bank software processors on the...more
Wednesday, the following four CFPB-related bills were passed by the House Financial Services Committee: H.R. 3192, the “Homebuyers Assistance Act”: The bill would provide a hold harmless period for the TILA/RESPA Integrated...more
7/31/2015
/ Anti-Steering Rules ,
Automotive Industry ,
Automotive Loans ,
Banking Sector ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Financial Institutions ,
Financing ,
First Time Homebuyers ,
Mortgage Loan Originators ,
Mortgages ,
Qualified Mortgage Rule ,
Residential Real Estate Market ,
TILA-RESPA Integrated Disclosure Rule (TRID)
The issue of the CFPB’s constitutionality reemerged last week in court and Congress. On the judicial front, the U.S. Court of Appeals for the D.C. Circuit, in State National Bank of Big Spring, Texas, et al. v. Lew, et al.,...more
7/28/2015
/ Banking Sector ,
Banks ,
Canning v NLRB ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Institutions ,
FSOC ,
Motion to Dismiss ,
Richard Cordray ,
SCOTUS ,
Standing ,
Title II
The CFPB recently announced that it has developed “the Newcomer’s Guides to Managing Money to provide recent immigrants with straightforward information about basic money decisions.”
According to the CFPB, each guide...more
A new report issued by the federal Office of the Comptroller of the Currency (OCC) identifies top safety and soundness risks to national banks and federal savings associations, as well as OCC supervisory priorities for the...more
7/14/2015
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Banks ,
BSA/AML ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Fair Lending ,
Federal Savings Associations ,
Financial Institutions ,
OCC ,
RESPA ,
Third-Party ,
Truth in Lending Act (TILA)
A recent American Banker article written by officials of three community groups urges President Obama to publicly denounce Director Cordray for failing to issue regulations implementing the small business lending data...more
In a memo to state banking associations, the American Bankers Association raises concerns about the costs to industry of the CFPB’s use of its expansive authority to gather information under Section 1022 of the Dodd-Frank...more