Bank Notes

  • October 5, 2016
    On Wednesday, October, 5, 2016, House Financial Services Committee Ranking Member Maxine Waters (D-CA) led ten other Democratic members in a letter to several governmental agencies expressing the need to strengthen rules regarding incentive-based compensation at financial institutions. The letter, was sent to the Federal Reserve, OCC, FDIC, National Credit Union Administration, Federal Housing...
  • October 5, 2016
    On Wednesday, October, 5, 2016, the CFPB posted a notice for comment on its Federal Register, requesting feedback on companies offering free credit scores. The agency aims to create a publicly available list of companies offering free credit scores, stating, “Knowing their credit scores can motivate consumers to learn more about their credit history, check their credit report, and make better...
  • October 5, 2016
    On Wednesday, October 5, 2016, a group of Democratic senators sent a letter to Attorney General Loretta Lynch requesting the U.S. Department of Justice(DOJ) investigate the opening of unauthorized accounts at Wells Fargo. In particular, the letter called on the DOJ to hold individual executives accountable for any wrongdoing. “A bank teller that takes a handful of bills from the cash drawer is...
  • October 5, 2016
    The Government Accountability Office (GAO) on Wednesday, October 5, 2016, released a report , entitled “Public Relations Spending: Reported Data on Related Federal Activities,” showing the federal government spends $1.5 billion annually on public relations activities. Among its findings, the CFPB spends more of its budget (0.83 percent on average between 2012-2015) on advertising and public...
  • October 4, 2016
    On Tuesday, October 4, 2016, the American Banker reported on a memo sent by the Office of the Inspector General (OIG) to the CFPB about the Bureau’s 2016 “Major Management Challenges,” which, according to the memo , included: Ensuring an effective information security program Ensuring comprehensive policies and procedures are in place and followed Maturing the human capital program Managing and...
  • October 4, 2016
    On Tuesday, October, 4, 2016, eight of the largest banks submitted living wills to regulators, outlining how each would dissolve in the wake of a crisis. This follows a judgment by regulators in April of 2016, finding five of the largest banks – including JP Morgan Chase, Wells Fargo, Bank of America, State Street, and Bank of New York Mellon – failed to show they could be unwound without...
  • September 30, 2016
    On Monday, September 26, 2016, the CFPB took action against TitleMax’s parent company TMX Finance LLC, for allegedly luring consumers into costly loan renewals by presenting them with misleading information about deal terms and costs. The CFPB also claimed the lender used unfair debt collection tactics illegally exposing information about debts to the employers, friends, and family of borrowers...
  • September 29, 2016
    On September 29, 2016, Wells Fargo CEO and Chairman John Stumpf returned to Capitol Hill for a hearing before the House Financial Services Committee Thursday, nearly a week and a half after his testimony before the Senate Banking Committee. The hearing, entitled “Holding Wall Street Accountable: Investigating Wells Fargo’s Opening of Unauthorized Customer Accounts,” featured testimony from Mr...
  • September 29, 2016
    On September 29, 2016, the Federal Financial Institution Examinations Council released Home Mortgage Disclosure Act for 2015 representing 6,913 reporting institutions, which declined 2.5 percent from the previous year. Notably, “[t]he total number of originated loans of all types and purposes increased by 1.4 million between 2014 and 2015, or 22 percent. Refinance originations increased by 36...
  • September 29, 2016
    On Thursday, September 29, 2016, Congress sent to the President’s desk a FY17 spending bill to fund the government from October 1, 2016 through December 9, 2016. The legislation reached President Obama just a few days before the government would have been forced to shut down absent the enactment of a spending bill. The President has signaled his support for the legislation, which generally...

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