Bank Notes

  • March 2, 2017
    On Thursday, March 2, 2017, during the CFPB Consumer Advisory Board meeting, the Bureau announced the release of a list of institutions offering free credit scores to consumers. This list was created following a 2016 Federal Register notice requesting that companies inform the Bureau whether they provide free credit reports. Companies wishing to be added to the list may email FinancialEducation@...
  • March 2, 2017
    During its Consumer Advisory Board (CAB) meeting on March 2, 2017, the CFPB released an edition of Supervisory Highlights focused on credit reporting. The Bureau indicated it has handled approximately 185,700 credit reporting complaints as of Feb. 1, 2017, and over the past couple years focused on fixing data accuracy at consumer reporting companies; repairing broken dispute processes at consumer...
  • March 1, 2017
    On Wednesday, March 1, 2016, the CFPB released its monthly consumer complaint snapshot highlighting credit reporting submissions. Since its inception, the Bureau claims to have handled approximately 1,110,100 consumer complaints across all products nationally. As of February 1, 2017, the Bureau had handled approximately 185,700 credit reporting complaints including the following issues: Consumers...
  • February 28, 2017
    On Tuesday, February 28, 2017, the FDIC reported commercial banks and savings institutions insured by the FDIC reported an aggregate net income of $43.7 billion in the fourth quarter of 2016, up #3.1 billion (7.7 percent) from a year earlier. The FDIC attributes the increase in earnings to an $8.4 billion (7.6 percent) increase in net interest income. Of the 5,913 FDIC-insured institutions...
  • February 22, 2017
    On Wednesday, February 22, 2017, the Fed released minutes from its Open Market Committee meeting in January of this year, highlighting the labor market continued to strengthen and economic activity continued to expand at a moderate pace. The Committee also found job gains remained solid, the unemployment rate remained near its recent low, household spending continued to rise moderately, while...
  • February 21, 2017
    On Tuesday, February 21, 2017, CBA submitted comment on the CFPB’s Request for Information on Consumer Access to Financial Data. CBA supported the innovation and implementation of data aggregation services, and the ability of consumers to access personal data in order to efficiently manage finances. “If implemented correctly, we believe data aggregation can be a useful consumer tool to protect...
  • 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...

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