- CBA on
- CBA Media
- June 7, 2017On Wednesday, June 7, 2017, the CFPB released a study on the transition to credit visibility, anf the varied way in which consumers establish credit history based on economic background. The CFPB reports consumers in lower-income areas are more likely than those in higher-income areas to become credit visible due to negative records, where consumers in higher-income areas are more likely to...June 7, 2017On Wednesday, June 7, 2017, the CFPB took action against mortgage servicer Fay Servicing for failing to provide mortgage borrowers with the protections against foreclosure required by law. The Bureau found Fay violated the Bureau’s servicing rules by keeping borrowers in the dark about critical information regarding the process of applying for foreclosure relief. The Bureau also found instances...June 7, 2017On Wednesday, June 7, 2017, the OCC issued frequently asked questions (FAQ) to supplement their Bulletin on “Third-Party Relationships: Risk Management Guidance” originally issued October 30, 2013. The FAQ include responses to questions such as what constitutes a third-party relationship, how banks can structure their third-party risk management process, and what collaboration opportunities exist...May 31, 2017On Wednesday, May 31, 2017, the CFPB released its monthly complaint report highlighting complaints submitted by older consumers. The snapshot shows older consumers frequently report servicing problems with reverse mortgages, difficulties recovering money after financial scams, confusion around deferred interest credit cards, and charges for unauthorized add-on products. The snapshot provides an...May 31, 2017On Wednesday, May 31, 2017, the Board of Governors of the Federal Reserve System, the FDIC, the National Credit Union Administration, and the OCC issued an advisory highlighting two options to help insured depository institutions and bank holding companies facilitate the timely consideration of loan applications. The advisory comes in response to concerns over the limited availability of state-...May 31, 2017On Wednesday, May 31, 2017, the OCC announced it will extend the notification timeframe for upcoming CRA evaluations. Beginning with the third quarter notification for 2017, the OCC will post the list of financial institutions in which CRA evaluations are coming due over the next two quarters. This change will allow more time for interested parties to review and provide meaningful comments on a...May 31, 2017The Federal Reserve Board on Wednesday, May 31, 2017, announced final amendments to the check collection and return provisions in Regulation CC (Availability of Funds and Collection of Checks) and also requested further public comment on an additional proposed amendment to Regulation CC's liability provisions. The final amendments update Regulation CC to reflect the evolution of the nation's...May 26, 2017On Wednesday, May 24, 2017, the FDIC reported commercial banks and savings institutions insured by the FDIC reported aggregate net income of $44 billion in the first quarter of 2017, up $5 billion (12.7 percent) from a year earlier. The FDIC claims the increase in earnings was mainly attributable to an $8.8 billion (7.8 percent) increase in net interest income and a $2.1 billion (3.4 percent)...May 24, 2017On Wednesday, May 24, 2017, the U.S. Court of Appeals for the D.C. Circuit held en banc oral argument in the rehearing of PHH Corp., et al. v. Consumer Financial Protection Bureau (PHH). On October 11, 2016, Court held that the structure of the CFPB, headed by a single director removable only for cause, is unconstitutional. The decision also overturned the CFPB interpretation of the anti-kickback...May 24, 2017On Wednesday, May 24, 2017, the Federal Reserve released minutes from the May meeting of the Federal Open Market Committee (FOMC). Information received since FOMC met in March indicates the labor market has continued to strengthen even as growth in economic activity slowed. Job gains were solid, on average, in recent months, and the unemployment rate declined. Household spending rose only...