Bank Notes

  • May 19, 2017
    On Friday, May 19, 2017, CBA responded to the CFPB’s Request for Information on the use of alternative data and modeling techniques in the credit process. The agency held a field hearing in February of 2017 regarding how financial institutions and credit reporting agencies are using sources of alternative data, and alternative modeling techniques to increase access to credit for the millions of...
  • May 16, 2017
    On Tuesday, May 16, 2017, the CFPB released a student loan data analysis stating 9 in 10 of highest-risk borrowers were not enrolled in federal affordable repayment plans. Additionally, the study also showed of the 9 in 10 not enrolled, nearly half re-defaulted, compared to less than 10 percent of those who were enrolled. "For far too many student loan borrowers, the dream of a fresh start turns...
  • May 10, 2017
    On Wednesday, May 10, 2017, the CFPB held a field hearing in Los Angeles focused on the small business lending marketplace. At the hearing, the agency introduced a request for information to learn more about the relationship between small businesses and financial institutions, with specific focus on four topics: 1. What defines a small business; 2. Which institutions lend to small businesses and...
  • May 9, 2017
    On Tuesday, March 9, 2017, Acting Comptroller of the Currency Keith A. Noreika discussed the importance of mutual associations and community banks to the federal banking system during remarks at the meeting of the OCC’s Mutual Savings Association Advisory Committee. At the meeting, Noreika stated, “Federal mutual savings associations are an important segment of the community bank population...
  • May 8, 2017
    On Monday, May 8, 2017, the OCC issued the “Fiduciary Powers” booklet of the Comptroller’s Licensing Manual. This revised booklet replaces the booklet of the same title issued in June of 2002. The new edition incorporates updated procedures and requirements following the integration of the Office of Thrift Supervision into the OCC in 2011 and the issuance of revised regulations (12 CFR 5),...
  • May 4, 2017
    On Wednesday, May 3, 2017, the OCC announced Keith Noreika will serve as Acting Comptroller of the Currency, after Thomas Curry steps down on May 5, 2017. Currently a partner at Simpson Thacher & Bartlett LLP, Mr. Noreika was a partner at Covington & Burling, specializing in banking regulation. He has extensive experience advising banks on operational structuring including compliance with...
  • May 1, 2017
    On Monday, May 1, 2017, the FDIC released its “Handbook for Organizers of De Novo Institutions,” providing an overview of the business considerations and statutory requirements de novo organizers will face as they work to apply for deposit insurance and establish a new depository institution. This financial institution letter applies to all proposed insured depository institutions. The handbook...
  • April 27, 2017
    On Thursday, April 27, 2017, the CFPB took action against four online lenders – Golden Valley Lending, Inc., Silver Cloud Financial, Inc., Mountain Summit Financial, Inc., and Majestic Lake Financial, Inc. – for allegedly deceiving consumers by collecting debt not legally owed. In a suit filed in federal court, the CFPB alleged the four lenders could not legally collect on these debts because the...
  • April 27, 2017
    A CFPB report released Thursday, April 27, 2017, summarized strategies for promoting diversity and inclusion used by mortgage industry participants. The Bureau highlights the business case for diversity along with current approaches and practices used in the mortgage industry, such as establishing buy-in from top leadership, integrating principles of inclusion in recruiting and hiring, and the...
  • April 26, 2017
    On Wednesday, April 26, 2017, the CFPB announced it had entered into a consent order with Security National Automotive Acceptance Company (SNAAC), which had been subject to a previous Bureau enforcement action. In the first order, the Bureau alleged the company engaged in deceptive collection practices against servicemember borrowers who had obtained loans to purchase used vehicles. These...

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