Bank Notes

  • August 9, 2016
    On Tuesday, August 9, 2016, the White House Council of Economic Advisors released an issue brief titled: “The Performance of Community Banks Overtime,” in which the Council asserted Dodd-Frank had not negatively impacted community banks because those banks have remained healthy and increased lending. While the number of community banks has decreased, the Council argues the number of branches has...
  • August 4, 2016
    On Thursday, August 4, 2016, the CFPB released a final rule updating the mortgage servicing rule, as well as an interpretative rule under the Fair Debt Collection Practices Act, to aid in complying with some of the changes brought by the amendments. The new rule requires servicers to offer foreclosure protections to certain borrowers more than once over the loan period. It broadens the definition...
  • August 3, 2016
    On Wednesday, August 3, 2016, more than 100 congressional Democrats sent two separate letters to the CFPB supporting its proposed arbitration rule which would ban class action waivers in financial products and services agreements. The Senate letter expressed concern that forced arbitration favors financial institutions at the expense of consumers and claimed arbitration clauses frequently prevent...
  • August 2, 2016
    On Tuesday, August 2, 2016, the CFPB issued guiding principles for consumer facing foreclosure. The principles are intended to assist housing market participants in developing new foreclosure relief programs as the federal government’s Home Affordable Modification Program comes to an end in January of 2017. The Bureau outlined four principles in its guidance document, including: Accessibility :...
  • August 2, 2016
    On Tuesday, August 2, 2016, the Federal Reserve Board and FDIC announced they are delaying the deadline by one year for the 38 firms required to submit their next resolution plans, or “living wills.” The new deadline is set for December 31, 2017. According to the notice, the agencies will provide feedback and guidance to the firms based on their resolution plans submitted in 2015. The extension...
  • August 2, 2016
    On Tuesday, August 2, 2016, the Federal Reserve Board (Fed), FDIC and OCC issued an FAQ on standards for assessing diversity policies and practices of regulated entities. This guidance complements the Final Interagency Policy Statement for Assessing the Diversity Policies and Practices of Entities Regulated by these agencies, which was mandated by the Dodd-Frank Act. The banking agencies...
  • August 1, 2016
    On Monday, August 1, 2016, CBA and other organizations sent a comment letter to the U.S. Department of Education on its defense to repayment rulemaking. Recently, Corinthian Colleges was found to have employed deceptive practices and the Department has provided relief to affected students. This rule seeks to establish a new Federal standard and process for determining when a direct loan borrower...
  • August 1, 2016
    On Monday, August 1, 2016, the Federal Housing Finance Agency (FHFA) Director Melvin Watt sent a letter informing CBA and other trades of the agency’s decision to omit the language preference on the Uniform Residential Loan Application (URLA). This letter was in response to a previous meeting between the agency and trades groups who conveyed the complexities presented by including language...
  • August 1, 2016
    On Monday, August 1, 2016, the Board of Governors of the Federal Reserve System (Fed) released its Senior Loan Officers (SLOs) Opinion Survey on Bank Lending Practices which addressed lending to businesses and households over the past three months. Regarding business loans, the survey indicated banks tightened their standards for commercial and industrial real estate loans over the second quarter...
  • August 1, 2016
    This week, the Federal Reserve Bank of Boston issued findings of data collected from the Survey of Consumer Payment Choice concerning card usage post-Target breach. The Fed found ratings by consumers who assessed the security of personal information of debit cards shortly after the breach were lower than ratings by consumers who responded before the breach was reported. On average, the rating on...

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