Bank Notes

  • January 17, 2017
    On Tuesday, January 17, 2017, Senate Committee on Banking, Housing and Urban Affairs Chairman Mike Crapo (R-Idaho) and Ranking Member Sherrod Brown (D-Ohio) announced the panel’s subcommittee assignments for the 115th Congress. The Subcommittee on Financial Institutions and Consumer Protection, which has primary jurisdiction over financial institutions, deposit insurance, regulatory activities of...
  • January 13, 2017
    On Friday, January 13, 2017, the U.S. Court of Appeals for the District of Columbia granted PHH Corp.’s motion to file additional comments in its ongoing case against the CFPB on whether the full court should review an October panel ruling that the CFPB’s leadership structure is unconstitutional. In granting PHH’s motion, the D.C. Circuit gave PHH until January 27, 2017, to file a 15-page reply...
  • January 13, 2017
    On Friday, January 13, 2017, in a letter to the OCC, Rep. Gregory Meeks (D-NY) with Reps. Tony Cardenas (D-CA), Gwen Moore (D-WI), Donald Payne, Jr. (D-NJ), Cedric Richmond (D-LA), and Terri Sewell (D-AL), asked the agency include measurable and enforceable financial inclusion requirements for fintech firms receiving national charters, similar to those required of banks under the Community...
  • January 12, 2017
    On Thursday, January 12, 2017, the CFPB issued a study presenting the findings of its consumer debt collection survey, carried out between December of 2014 and March of 2015. This survey was sent to over 10,000 consumers and responses were gathered from 2,000. Some of the findings presented in this report include: About one-third of consumers were contacted by a creditor or debt collector about a...
  • January 11, 2017
    There were a number of announcements from the House Financial Services Committee this week as the beginning of a new Congress continues. Chairman Jeb Hensarling (R-TX) announced his leadership team, which includes Rep. Blaine Luetkemeyer (R-MO) as the new Chairman of the Subcommittee on Financial Institutions and Consumer Credit. Ranking Member Waters (D-CA) announced the newly appointed...
  • January 11, 2017
    On Wednesday, January 11, 2017, seven Senate Banking Committee Democrats, led by Ranking Member Sherrod Brown (D-OH) and Sen. Senator Elizabeth Warren (D-MA), sent a letter to CEO of Wells Fargo, Timothy Sloan, expressing concern and asking for more information regarding the bank’s increase in overdraft fee income. “We read with great concern a Financial Times report indicating Wells Fargo’s...
  • January 10, 2017
    On Tuesday, January 10, 2017, the House Financial Services Committee Democrats sent a letter to President-elect Trump strongly opposing any action to remove CFPB Director Richard Cordray from his position. The letter notes his record during his tenure as Director and states, “Any attempts to remove Director Cordray from his position are without historical precedent, and intended solely to...
  • January 10, 2017
    Earlier this week, New York Governor Andrew Cuomo announced legislation to give the State’s Department of Financial Services the power to ban bad actors from the banking and insurance industries. "New York is the financial center of the world and we have zero tolerance for those who seek to defraud customers and undermine the system," Governor Cuomo said in a press release . "The excesses and...
  • January 9, 2017
    On Monday, January 9, 2017, Senate Banking Committee Ranking Member Sherrod Brown (D-OH) and Senator Jeff Merkley (D-OR) sent a letter to Comptroller of the Currency Tom Curry criticizing the OCC’s fintech charter and expressing concern that a charter would undermine financial stability, financial inclusion, and consumer protection. “The scope of the OCC’s proposal appears to have expanded beyond...
  • January 9, 2017
    On Monday, January 9, 2017, Sens. Ben Sasse (R-NE) and Mike Lee (R-UT) sent a letter to Vice President-elect Mike Pence, urging the Trump Administration to remove CFPB Director Richard Cordray, stating a move would preserve and protect the Constitution, uphold the idea of limited government, and benefit the American people. The Senators argued President-Elect Trump has the authority to remove...

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