Bank Notes

  • March 17, 2017
    CFPB Seeks Comment on Remittance Rule | On Friday, March 17, 2017, the CFPB announced its five-year assessment of the remittance rule as required by section 22(d) of the Dodd-Frank Act. The Bureau must file a report on the effectiveness of the rule no later than five years after the rule’s October 28, 2013 effective date. Prior to issuing the report, the agency is required to seek public comment...
  • March 15, 2017
    On Wednesday, March 15, 2017, the CFPB ordered Nationstar Mortgage LLC to pay a $1.75 million civil penalty for violating HMDA by consistently failing to report accurate data about mortgage transactions in 2012 through 2014. Nationstar, a nationwide nonbank mortgage lender headquartered in Coppell, TX, is a wholly-owned subsidiary of Nationstar Mortgage Holdings Inc. With nearly three million...
  • March 15, 2017
    On Wednesday, March 15, 2017, the OCC issued a draft supplement to its licensing manual to provide Fintech companies guidance on applying for a special purpose national bank charter. In its charter evaluations, the OCC will consider the following principles: Maintaining a safe and sound banking system; Encouraging a national bank to provide fair access to financial services by helping to meet the...
  • March 10, 2017
    On Friday, March 10, 2017, CBA sent a letter of support to Reps. Scott Tipton (R-CO), Randy Hultgren (R-IL), Patrick McHenry (R-NC), Terri Sewell (D-AL), David Scott (D-GA) and Kyrsten Sinema (D-AZ). The lawmakers re-introduced H.R. 1457 – the Making Online Banking Initiation Legal and Easy (MOBILE) Act of 2017, which would provide the opportunity for consumers to open bank accounts in every...
  • March 10, 2017
    In a letter dated Friday, March 10, 2017, House Financial Services Committee Republicans expressed concern to the OCC over the potential for a special “Fintech” charter for companies. Citing the “importance and complexity of the issue,” the letter urged the OCC not to “rush this decision.” The lawmakers said, “The OCC should provide a full and fair opportunity for stakeholders to see the details...
  • March 9, 2017
    On Thursday, March 9, 2017, the CFPB released a proposal to delay by six months the effective date of its rule governing prepaid accounts. The agency proposed the delay after learning some industry participants would have difficulty complying with certain provisions of the rule by the current October 1, 2017 effective date. While the proposal would not change any other part of the prepaid...
  • March 9, 2017
    President Trump held a meeting at the White House on Thursday, March 9, 2017, with nine community bankers, CEO of the American Bankers Association Rob Nichols, and CEO of the Independent Community Bankers of America Camden Fine to discuss financial regulatory relief. White House officials in attendance included Treasury Secretary Stephen Mnuchin, Director of the National Economic Council Gary...
  • March 6, 2017
    On Monday, March 6, 2017, CFPB Director Richard Cordray and Comptroller of the Currency Tom Curry addressed the LendIt USA conference in New York, NY, discussing recent trends and innovations in consumer financial services. Director Cordray spoke about the need for evenhanded oversight of all providers of consumer financial products and services, whether large banks or fintech startups, in...
  • March 6, 2017
    On Monday, March 6, 2017, the White House outlined guidelines and procedures for publishing the spring 2017 unified agenda, now called the “Unified Agenda of Federal Regulatory and Deregulatory Actions,” submissions for which are due March 31, 2017. Each agency was asked to give special consideration to previous executive orders (EO) aimed at reducing regulation and managing costs. Under the new...
  • March 2, 2017
    On Thursday, March 2, 2017 the CFPB Consumer Advisory Board (CAB) met to discuss a variety of topics including consumer reporting, a five-year review of enforcement actions, the Bureau’s open credit score initiative, trends and themes, and enhancements to the CFPB consumer complaints database. In prepared remarks , CFPB Director Richard Cordray discussed the agency’s work on credit reporting. “...

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