Bank Notes

  • December 2, 2016
    On Friday, December 2, 2016, Comptroller of the Currency Thomas Curry announced the OCC intends to grant special purpose charters to fintech companies and released a whitepaper detailing the parameters and seeking comment. The whitepaper describes the OCC’s legal authority to create special purpose charters for fintech companies. It also discusses the chartering process and baseline supervisory...
  • December 1, 2016
    CFPB Releases Small Entity Compliance Guide for Mortgage Servicing On Thursday, December 1, 2016, the CFPB issued an updated Mortgage Servicing Small Entity Compliance Guide on Mortgage Servicing, incorporating recent changes made to the Mortgage Servicing Rule. The amended Rule will be effective October 19, 2017; however, the provisions relating to successors in interest and periodic statements...
  • December 1, 2016
    On Thursday, December 1, 2016, the CFPB Ombudsman published the Office’s fifth annual report to the agency’s Director, Richard Cordray. During fiscal year 2016, the Ombudsman’s Office focused on the memorialization of ex parte communications and issue identification in the CFPB Complaint Database. The Office also reported on its continued reviews of the CFPB field hearing process and defining...
  • December 1, 2016
    On Thursday, December 1, 2016, Comptroller of the Currency Thomas Curry discussed efforts to enhance compliance supervision and the Community Reinvestment Act (CRA). Speaking to a gathering of the National Association of Affordable Housing Lenders, he also noted CRA performance and compliance are critical aspects of the business of banking.
  • November 29, 2016
    On Tuesday, November 29, 2016, the CFPB released its Monthly Snapshot for October, it highlighting the “other financial services” product category as well as complaints in Oklahoma. “Other financial services” has received 4,500 complaints compared to the more than one million complaints received for all products, and mostly originated from debt settlement companies. In October, the top three...
  • November 29, 2016
    On Tuesday, November 29, 2016, a second round comment request for the Bureau’s proposed “Consumer Response Company Response” survey was published in the Federal Register. The request has a 30-day comment period, and seeks feedback on a narrative and five point rating system aimed at replacing the current dispute function which is available after a consumer complaint is resolved by an institution...
  • November 28, 2016
    On Monday, November 28, 2016, the CFPB issued Compliance Bulletin 2016-03 , Detecting and Preventing Consumer Harm from Production Incentives , which outlines possible risks to consumers from poorly implemented incentive programs. While acknowledging sales incentive programs have potential benefits, the Bureau warns such programs can pose serious risks to consumers, especially when the programs...
  • November 17, 2016
    On Thursday, November 17, 2016, the CFPB hosted a field hearing in Salt Lake City to discuss challenges consumers may encounter when trying to use and access their digital financial records. In coordination with the hearing, the Bureau published a request for information (RFI) on the subject, posing 20 questions on current market practices and how market practices should change over time...
  • November 17, 2016
    On Thursday, November 17, 2016, the Office of Inspector General (OIG) of the Federal Reserve Board released a report titled: “Opportunities Exist to Increase Employees’ Willingness to Share their Views about Large Financial Institution Supervisory Activities.” In response to a request from the Board, the OIG conducted a review of the methods by which Board decision-makers receive supervisory...
  • November 17, 2016
    On Thursday, November 17, 2016, Federal Reserve Chair Janet Yellen testified before the Joint Economic Committee in a hearing titled, “The Economic Outlook.” In her first post-election testimony before Congress, Chair Yellen described an improving economic outlook and the Federal Reserve’s monetary policy stance. With the next Federal Open Market Committee (FOMC) meeting scheduled for December 13...

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