Bank Notes

  • February 17, 2017
    On Friday, February 17, 2017, the CFPB held a briefing call to announce a proposed study on increasing transparency in the student loan servicing market. The Bureau seeks comment on an initiative evaluating student debt repayment methods, and tracking behaviors when consumers experiencing financial distress. The CFPB hopes to collect student loan data from the nation’s largest student loan...
  • February 16, 2017
    On Thursday, February 16, 2017, the D.C. Circuit Court granted a rehearing petition in PHH Corporation v. The Consumer Financial Protection Bureau . The hearing will be en banc, meaning the full circuit bench will hear the case. The Court has scheduled oral arguments for May 24, 2017, and has provided for a new round of briefings. The Court also has directed the parties to address specific...
  • February 16, 2017
    On Thursday, February 16, 2017, the CFPB released a request for information aimed at expanding access to credit for consumers using alternative data sources. Traditional credit histories, which include information such as a borrower’s debts payments for mortgages, credit cards, and other loans, are used by lenders to decide whether to extend credit to an individual and at what cost. The Bureau...
  • February 15, 2017
    On Wednesday, February 15, 2017, the FDIC released its 2016 Annual Report , highlighting its efforts to rebuild the Depositors Insurance Fund (DIF), manage FDIC resources, focus on interest-rate risk and credit risk, strengthen bank resilience and public confidence, address cybersecurity risk, and review regulation. The FDIC also highlighted its community banking initiative, focused heavily on...
  • February 10, 2017
    This month, the OCC and FDIC released their 2017 Dodd-Frank Act Stress Test Scenarios . The agencies released economic and financial market scenarios to be used in upcoming stress tests for covered institutions with more than $10 billion in assets. The supervisory scenarios include baseline, adverse, and severely adverse scenarios. They also include key variables reflecting economic activity,...
  • February 9, 2017
    On Friday, February 9, 2017, CBA and the American Bankers Association filed a joint TCPA petition support letter . In the 2015 Bipartisan Budget Act, Congress included a provision directing the Federal Communications Commission (FCC) to exempt autodialed and prerecorded calls “made solely to collect a debt owed to or guaranteed by the United States” from the TCPA’s prior express consent...
  • February 8, 2017
    On Wednesday, February 8, 2017, the CFPB released its monthly complaint snapshot highlighting consumer complaints about mortgages. The snapshot shows consumers continue to report experiencing problems with mortgage servicers, specifically when making mortgage payments. As of January 1, 2017, the CFPB handled approximately 260,500 mortgage-related complaints. Some complaints involved funds being...
  • February 7, 2017
    On Tuesday, February 7, 2017, the CFPB and New York Attorney General filed a lawsuit against RD Legal Funding, LLC, two related entities, and Roni Dersovitz, the companies’ founder and owner, for allegedly scamming 9/11 heroes out of money intended to cover medical costs, lost income, and other critical needs. According to the Bureau, RD Legal also allegedly “conned” National Football League (NFL...
  • February 3, 2017
    On Tuesday, January 31, 2017, Ranking Member Maxine Waters (D-CA) and Democrats on the House Committee on Financial Services elected Rep. Daniel T. Kildee (MI-05) to serve as Vice Ranking Member of the Committee. Democrats also selected their Subcommittee assignments for the 115th Congress. Democrats assigned to the Subcommittee on Financial Institutions and Consumer Credit are: *Wm. “Lacy” Clay...
  • February 3, 2017
    On Monday, January 30, 2017, the Federal Reserve Board finalized a rule adjusting its capital plan and stress testing rules, effective for the 2017 cycle. The final rule removes large and noncomplex firms from the qualitative assessment of the Fed’s Comprehensive Capital Analysis and Review (CCAR). This represents an effort to reduce the burden on large and noncomplex firms and focus the...

Pages