The New York State Department of Financial Services (DFS) has issued an Industry Letter providing guidance on overdraft and non-sufficient funds (NSF) fees to depository institutions that it supervises....more
In a blog post published last week, the CFPB reported that since the beginning of 2022, it has been collecting data from supervised institutions on their overdraft and non-sufficient fund (NSF) practices and intends to use...more
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
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
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
The U.S. Department of Justice announced last Thursday that it had reached an agreement with First Merchants Bank, an Indiana state-chartered bank, to settle the redlining lawsuit that the DOJ filed against the bank on June...more
6/19/2019
/ Banks ,
Community Reinvestment Act ,
Consumer Financial Products ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
ECOA ,
Enforcement Actions ,
Fair Housing Act (FHA) ,
Fair Lending ,
Financial Services Industry ,
HELOC ,
Mortgage Lenders ,
Mortgages ,
Race Discrimination ,
Redlining ,
Settlement Agreements
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
The U.S. Department of Justice (DOJ) has filed a consent order against Union Savings Bank and Guardian Savings Bank to resolve redlining allegations. The complaint alleges that the banks violated the Fair Housing Act (FHA)...more
1/5/2017
/ Banking Sector ,
Banks ,
Consent Order ,
Consumer Financial Products ,
Department of Justice (DOJ) ,
ECOA ,
Fair Housing Act (FHA) ,
FDIC ,
Financial Services Industry ,
Jurisdiction ,
Mortgages ,
OCC ,
Race Discrimination ,
Redlining
The CFPB has filed an amicus brief in support of the plaintiff in Arias v. Gutman, Mintz, Baker & Sonnenfeldt, PC and 1700 Development Co., a FDCPA case on appeal to the U. S. Court of Appeals for the Second Circuit. In its...more
11/17/2016
/ Amicus Briefs ,
Banking Sector ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Default Judgment ,
Elder Issues ,
FDCPA ,
Garnishment ,
Landlords ,
Rent ,
Social Security Benefits ,
Unfair or Deceptive Trade Practices
The U.S. Department of Justice (DOJ) has announced a proposed consent order with Charter Bank to settle charges that the bank violated the Equal Credit Opportunity Act (ECOA) by discriminating on the basis of national origin...more
10/11/2016
/ Banking Sector ,
Banks ,
Consent Order ,
Consumer Financial Products ,
Consumer Lenders ,
Department of Justice (DOJ) ,
Discretionary Functions ,
Discrimination ,
Disparate Treatment ,
ECOA ,
FDIC ,
Interest Rates ,
Loans ,
National Origin ,
National Origin Discrimination
The CFPB and four other agencies have issued “Interagency Guidance Regarding Deposit Reconciliation Practices.” The other agencies are the OCC, Fed, FDIC, and NCUA. The guidance is intended to set forth the agencies’...more
The Federal Reserve Board (Board) is repealing Regulation AA, which includes the Board's credit practices rule, effective March 21, 2016. The Board is also proposing to repeal its Regulation C, which historically implemented...more
The U.S. Supreme Court heard oral arguments on Monday in the case of Hawkins v. Community Bank of Raymore, the result of which will determine whether a spousal guarantor is an “applicant” under the Equal Credit Opportunity...more
10/9/2015
/ Banking Sector ,
Banks ,
Cause of Action Accrual ,
Consumer Financial Protection Bureau (CFPB) ,
Discrimination ,
ECOA ,
Federal Reserve ,
Financial Institutions ,
Loans ,
Regulation B ,
SCOTUS ,
Spousal Guaranty
The Federal Communications Commission (FCC) recently issued citations to two companies charged with violating the Telephone Consumer Protection Act (TCPA) consent requirements for autodialed or prerecorded calls to wireless...more
9/21/2015
/ Apple Pay ,
Banking Sector ,
Banks ,
Cell Phones ,
Class Action ,
Disclosure Requirements ,
FCC ,
Online Banking ,
Opt-Outs ,
Prior Express Consent ,
Right to Privacy ,
Robocalling ,
Smartphones ,
TCPA ,
Telecommunications ,
Telemarketing
When examining banks and companies subject to CFPB supervisory authority for FCRA compliance, CFPB examiners will look at whether the bank or company has followed FCRA requirements for use of background checks on employees...more
A new type of Electronic Funds Transfer Act (EFTA) class action is now being filed in volume. This trend is highly likely to continue, as the cases are being filed by a consumer class action firm that has filed hundreds of...more
Connecticut’s new “An Act Concerning A Student Loan Bill of Rights” creates a licensing requirement for servicers of student loans made to state residents and imposes other significant new requirements and prohibitions on...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
In an effort to build support for the Department of Defense’s proposal to significantly expand Military Loan Act coverage, the CFPB has released a report entitled “The extension of high-cost credit to servicemembers and their...more
The Department of Defense (DoD) has issued a proposal to revise and significantly expand the coverage of its rule implementing the Military Lending Act (MLA). The proposed revisions would limit interest charged to...more
The Consumer Financial Protection Bureau has issued a proposal to supervise nonbank companies that qualify as “larger participants of a market for automobile financing.” Comments on the proposal will be due 60 days after the...more
The New York Attorney General filed a complaint this week in a New York federal court against a national bank headquartered in the state and its holding company alleging that the defendants violated the federal Fair Housing...more
According to a new blog post about “secret banking contracts” by Rohit Chopra, the CFPB’s Student Loan Ombudsman, the CFPB is sending letters to colleges and universities “to make sure they know that their bank partner has...more
Based on testimony to a Senate Committee last week by Holly Petraeus, CFPB Assistant Director with the Office of Servicemember Affairs, it looks very likely that an expansion of Military Loan Act coverage will be among...more