Bank Notes

  • November 2, 2016
    On Wednesday, November 2, 2016, the Federal Reserve issued a press release regarding the November 1-2 meeting of the Federal Open Market Committee (FOMC). At the meeting, the FOMC determined while economic conditions in the U.S. are continuing to strengthen, the committee will maintain the current target range for the federal funds rate at 1/4 to 1/2 percent. The committee noted there is a...
  • November 2, 2016
    On Wednesday, November 2, 2016, the CFPB, in partnership with the New York Attorney General, filed a lawsuit in a federal district court against the leaders of an alleged debt collection scheme based out of Buffalo, N.Y. The lawsuit alleges Douglas MacKinnon and Mark Gray operate a network of companies that harass, threaten, and deceive millions of consumers across the nation into paying inflated...
  • November 1, 2016
    On Tuesday, November 1, 2016, the Office of the Comptroller of the Currency announced Morris Morgan, a senior official at the OCC, will take on a new role as senior deputy comptroller for large bank supervision. Morgan, a 31-year veteran of the OCC who has served as deputy comptroller for large bank supervision and the examiner in charge of Bank of America and PNC Bank, will begin his new...
  • October 31, 2016
    On Friday, October 31, 2016, the CFPB released its 2016 Financial Literacy Report and “ one-pager .” The report outlines the Bureau’s financial literacy strategy, financial education initiatives, and research initiatives. In terms of education initiatives, the CFPB discusses the following resources: Ask CFPB, Paying for College, Planning for Retirement, Know Before You Owe: Take control of your...
  • October 31, 2016
    On Monday, October 31, 2016, the CFPB released the 13th edition of its Supervisory Highlights . The report revealed, during the review period, recent confidential supervisory resolution resulted in restitution to over 225,000 consumers totaling approximately $11.3 million. Additionally, the CFPB stated its supervisory activities have either led to or supported two recent public enforcement...
  • October 31, 2016
    On Monday, October 31, 2016, the CFPB issued amendments to its service providers bulletin from 2012 to provide further guidance on managing third-party relationships. The Bureau notes there are many recognized benefits for working with service providers. However, it reminds supervised banks and nonbanks they may be ultimately responsible for any service provider lapses in complying with the...
  • October 31, 2016
    On Monday, October 31, 2016, the Federal Reserve, FDIC, OCC, NCUA and the Farm Credit Administration have issued a proposed rulemaking to implement the Biggert-Waters Flood Insurance Reform Act, which requires lending institutions to accept private flood insurance policies in addition to those issued by FEMA. The proposal lays out criteria for private insurance policies that satisfy the mandatory...
  • October 28, 2016
    On Friday, October 28, 2016, the FDIC is sponsoring the Sixth Annual Consumer Research Symposium , which will feature a series of panels presenting on selected research papers. The topics of the eight papers include credit building, economic inclusion, mortgages, and household budgets. The symposium will also include a keynote address by Chairman Martin Gruenberg. The event is from 9 a.m. to 5:15...
  • October 27, 2016
    On Thursday, October 27, 2016, the U.S. Department of Labor (DOL) released the first guidance in an anticipated series of question and answer pieces related to the agency’s Fiduciary Rule. The 34 FAQs were released based on input from industry and to help prevent misunderstandings which may lead to litigation risk for financial services professionals. The FAQs seek to address: How the DOL will...
  • October 27, 2016
    On Thursday, October 27, 2016, the CFPB issued warning letters to 44 mortgage lenders and mortgage brokers advising them they may need to report Home Mortgage Disclosure Act (HMDA) data. The warning letters caution that certain entities meeting specific criteria are required to collect, record, and report mortgage lending data. While there is not necessarily a violation, the letters indicate the...

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