Bank Notes

  • June 16, 2016
    On Thursday, June 16, 2016, the CFPB posted on its blog an advisory titled: “Arm yourself with knowledge when shopping for an auto loan.” In addition to the agency’s new auto education tool, the Office of Servicemembers noted servicemembers should especially be familiar with: Reductions of interest rate under the Servicemembers Civil Relief Act; Permission from lenders to take vehicles overseas;...
  • June 15, 2016
    On June 15, 2016, Rep. Randy Neugebauer (R-TX) introduced H.R. 5465, a bill to repeal section 1075 of the Dodd-Frank Act, which directed the Federal Reserve to impose price-controls on debit interchange fees. The Federal Reserve’s rules have been in effect for more than four years and have failed to deliver the savings promised to consumers by merchant’s who advocated for the law. House Financial...
  • June 15, 2016
    On Wednesday, June 15, 2016, the CFPB published a blog post to promote “World Elder Abuse Awareness Day” to encourage a better understanding of elder abuse and neglect. The Bureau highlighted its various resources available for the elderly and caretakers to help identify and prevent financial exploitation. These materials include the CFPB’s “Money Smart for Older Adults” curriculum, as well as...
  • June 15, 2016
    On Wednesday, June 15, 2016, CBA submitted a comment letter in response to the FDIC’s “Request for Comment on Mobile Financial Services (MFS) Strategies and Participation in Economic Inclusion Demonstrations.” In the letter, CBA addressed each of the six strategies the FDIC identified in their original request about potential ways to employ MFS to better meet consumer needs. Also, CBA recommended...
  • June 15, 2016
    On Wednesday, June 15, 2016, FDIC Chairman Martin Gruenberg spoke to the Exchequer Club in Washington, D.C. about “The Impact of Post-Crisis Reforms on the U.S. Financial System and Economy.” In his speech, he analyzed four broad areas that measure economic health: 1. Credit availability; 2. Bank profitability; 3. Market liquidity; and 4. Distribution between banks and nonbanks. Overall, he...
  • June 14, 2016
    On Tuesday, June 14, 2016, Speaker Paul Ryan (R-WI) and Republican members of the House of Representatives unveiled the third portion of the Republican agenda, called A Better Way , to address some of the country’s biggest challenges related to the economy. This includes the framework of the Financial CHOICE Act by House Financial Services Committee Chairman Jeb Hensarling (R-TX) to replace the...
  • June 14, 2016
    On Tuesday, June 14, 2016, the CFPB released a blog post informing consumers about the “3 things you should consider before co-signing for an auto loan.” Building of the new auto buying educational materials, this post focuses on the three items cosigners need to know including their responsibility for repaying the loan, the potential effect on one’s credit, and their right to request monthly...
  • June 14, 2016
    On Tuesday, June 14, 2016, the CFPB published an interim rule outlining “Civil Penalty Inflation Adjustments.” Effective July 14, 2016, the interim rule conforms to the Inflation Adjustment Act requirement that federal agencies adjust penalties by inflation. The interim rule explains the method of calculation and lists the amount each “tiered” penalty will receive. Comments will be accepted until...
  • June 13, 2016
    On Monday, June 13, 2016, the Government Accountability Office (GAO) issued a report entitled, “Improvements Needed in CFPB’s Internal Controls and Accounting Procedures.” The GAO identified areas where the CFPB did not effectively implement internal controls documenting their equipment, software, and property that led to significant, but not material, misstatements in their financials. To...
  • June 9, 2016
    On Thursday, June 9, 2016, the House Appropriations Committee approved , by a vote of 30-17, the Fiscal Year 2017 (FY17) Financial Services and General Government Appropriations bill. The legislation provides funding for the Treasury Department, the Small Business Administration, and the Internal Revenue Service, among other agencies and programs. Importantly, the bill puts the CFPB under...

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