The CFPB has issued a request for information (RFI) that seeks comments from the public “on what customer service obstacles consumers face in the banking market, and specifically what information would be helpful for...more
The CFPB announced earlier this week that as part of a new approach to innovation in consumer finance, it is replacing its Office of Innovation and Operation Catalyst with a new office, the Office of Competition and...more
The CFPB has issued a new advisory opinion “to affirm that the Equal Credit Opportunity Act (ECOA) and Regulation B protect those actively seeking credit and those who sought and received credit.”...more
Recently, the CFPB issued a “Request for Information Regarding Fees Imposed by Providers of Consumer Financial Products or Services.” Comments on the RFI must be submitted by March 31, 2022....more
The CFPB has issued a final rule amending Regulation Z to address the discontinuation of the London Inter-Bank Offered Rate (LIBOR) that is currently used by many creditors as the index for calculating the interest rate on...more
In another action demonstrating that a “new CFPB” is in place under the Biden Administration, the CFPB has issued an interpretive rule setting forth the basis for its determination that it has authority to examine...more
An article recently published by the Brookings Institution as an op-ed entitled “A few small banks have become overdraft giants” serves as a warning that bank overdraft practices are likely to face increased attention from...more
The OCC has issued a bulletin that includes a self-assessment tool for OCC-supervised banks to evaluate how prepared they are to address the risks arising from the expected cessation of the publication of the London...more
On Monday, the FRB, FDIC, and OCC issued a “Statement on LIBOR Transition” that encourages banks to transition away from the London Inter-Bank Offered Rate (LIBOR) as soon as possible, and in any event by December 31, 2021....more
The Fed, FDIC, and OCC have issued a “Statement on Reference Rates for Loans” that addresses replacement rates for the London Inter-Bank Offered Rate (LIBOR). LIBOR, which many creditors currently use as the index for...more
The FDIC’s Center for Financial Research has issued a research paper that discusses the use of the information contained in a “digital footprint,” meaning the information that people leave online by accessing or registering...more
A bipartisan coalition of 30 state attorneys general led by New York AG Eric Schneiderman and Colorado AG Cynthia Coffman have sent a letter to members of Congress urging them to reject a proposed amendment to the Higher...more
The decision last week of the U.S. Court of Appeals for the D.C. Circuit ruling on petitions seeking review of the Federal Communications Commission’s (the “FCC”) 2015 Declaratory Ruling and Order (the “2015 Ruling”)...more
The U.S. Senate on March 14 passed S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), by a vote of 67 to 31. Although the Act would not make the sweeping changes to the Dodd-Frank Act found...more
3/16/2018
/ Appraisal ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Institutions ,
Financial Regulatory Reform ,
FIRREA ,
FSOC ,
HMDA ,
Legislative Agendas ,
Mortgages ,
Online Marketplace Lending ,
Orderly Liquidation Authority ,
PACE ,
Proposed Legislation ,
Regulatory Oversight ,
Student Loans ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Truth in Lending Act (TILA)
The Washington state Senate and House of Representatives have passed a bill (House Bill 1056) that would expand the coverage of the Washington Service Members’ Civil Relief Act (WSCRA) and provide additional protections to...more
The CFPB has issued a request for information that seeks comment on potential changes to the CFPB’s practices for the public reporting of consumer complaint information. ...more
The Department of Education has published a request for information in yesterdays Federal Register seeking comment on the factors used to evaluate claims of undue hardship made by student loan borrowers attempting to...more
Four trade groups have sent letters to the Department of Defense (DoD) asking the DoD to rescind or withdraw Question and Answer #2 (Q&A 2) from its 2016 interpretative rule for the Military Lending Act final rule (MLA Rule)...more
According to a Wall Street Journal article, the Treasury Department expects to make recommendations in early 2018 for changing Community Reinvestment Act regulations....more
A New York federal district court dismissed the counterclaims of the defendants in a CFPB enforcement action claiming that, pursuant to the Equal Access to Justice Act (EAJA), they were entitled to fees and expenses incurred....more
The CFPB released its sixth annual report to Congress on college credit card agreements. The annual report is mandated by the CARD Act. ...more
1/9/2018
/ Annual Reports ,
Banking Sector ,
CARD Act ,
Colleges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Card Agreements ,
Credit Cards ,
Disclosure Requirements ,
Marketing ,
Reporting Requirements ,
Students
The CFPB issued its third biennial report on the credit card market last week. The report represents the first major report issued by the CFPB since former Director Cordray’s resignation and President Trump’s designation of...more
The CFPB has withdrawn its request to OMB to conduct an online survey of 8,000 individuals as part of its research on debt collection disclosures. Last month, the CFPB published a notice in the Federal Register that it was...more
12/19/2017
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Disclosure Requirements ,
FDCPA ,
Financial Regulatory Reform ,
Financial Services Industry ,
OMB ,
Regulatory Freeze ,
SBREFA ,
Surveys ,
Time-Barred Debt
The CFPB has published a notice in the Federal Register that it has submitted to OMB its request to conduct an online survey of 8,000 individuals as part of its research on debt collection disclosures. Comments must be...more
11/20/2017
/ Banking Sector ,
Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Disclosure Requirements ,
Federal Register ,
Financial Services Industry ,
OMB ,
SBREFA ,
Surveys ,
Time-Barred Debt
In a new Policies and Procedures Manual (PPM) issuance (PPM 6300-2), the OCC establishes its framework for evaluating certain types of licensing applications when the applicant bank has an overall Community Reinvestment Act...more