Bank Notes

  • January 12, 2016
    On Tuesday, January 12, 2016, the CFPB issued a guide, accompanied by a blog post, on retirement payout options for a private-sector plan. Through a series of six questions, the guide aims to help those nearing retirement to determine whether to choose a lump-sum payout or monthly payments of their pension. The questions address the circumstantial benefits and shortfalls of each option. The guide...
  • January 12, 2016
    On Tuesday, January 12, 2016, President Obama delivered his final State of the Union Address in which he laid out a larger vision for the next five to 10 years. In his address, the President presented four big questions for the country to answer regardless of who is in control of the next Congress or White House: (1) How do we give everyone a fair shot at opportunity and security in this new...
  • January 12, 2016
    On Tuesday, January 12, 2016, CBA joined a coalition of financial services trades in sending a letter to the Federal Housing Finance Agency (FHFA) expressing concern over the agency’s data collection practices as part of its National Mortgage Database Project. The voluntary borrower survey contains 85 questions regarding a customer’s mortgage experience. CBA raised concerns over the intrusiveness...
  • January 8, 2016
    On Wednesday, January 6, 2016, the Federal Trade Commission released guidance on “Big Data: A Tool for Inclusion or Exclusion?” The report outlines how companies should treat Big Data in the context of the Fair Credit Reporting Act, Equal Opportunity Laws and the Federal Trade Commission Act. The FTC plans to hold a “PrivacyCon” on January 14, 2016, to analyze these and other privacy issues.
  • January 7, 2016
    On Thursday, January 7, 2016, the CFPB announced David Silberman will serve as Acting Deputy Director beginning next week, replacing Meredith Fuchs. Silberman currently serves as Associate Director for Research, Markets, and Regulations, a position he has held since 2011 and will retain in the interim. Silberman will serve as Acting Deputy Director while a search for a replacement is conducted. “...
  • January 7, 2016
    On Thursday, January 7, 2016, the CFPB announced it is seeking public feedback on the resubmission of mortgage lending data reported under the Home Mortgage Disclosure Act (HMDA). In October of 2015 the Bureau finalized a rule updating the reporting requirements of the HMDA regulation. Given these changes, the current resubmission guidelines may need to be updated, and the Bureau is seeking...
  • January 7, 2016
    On Thursday, January 7, 2016, CBA sent a joint trade letter to Congressional leadership in support of the Fairness in Class Action Litigation Act (FICALA), H.R. 1927, which is expected to receive a vote by Friday, January 8, 2016. FICALA seeks to curb litigation abuses in Telephone Consumer Protection Act (TCPA) class actions and other types of litigation where parties in overbroad classes do not...
  • January 6, 2016
    On Wednesday, January 6, 2016, Senate Banking Committee Ranking Member Sherrod Brown (D-OH) sent a letter requesting President Obama fund small-dollar loan programs outlined in the 2010 Dodd-Frank Act, which would help low-income borrowers meet their financial needs as opposed to resorting to payday lenders for short-term loans. Although the programs were authorized under Title XII of the Dodd-...
  • January 6, 2016
    On January 6, 2016, the Government Accountability Office (GAO) released a report titled: “Small Business Administration (SBA): Leadership Attention Needed to Overcome Management Challenges.” The report found the SBA has not resolved many of its long-standing management challenges, including high leadership turnover and needed transformation of its human capital and information technology (IT). On...
  • December 31, 2015
    On Thursday, December 31, 2015, the CFPB presented its annual financial report to the House and Senate Appropriations Committees. The Fiscal Year 2015 report, as required by Section 1017(e)(4) of the Dodd-Frank Act, details the finances of the CFPB, including operating plans, application and sources of CFPB funds, and the results of CFPB operations. Examples from the report include: Civil...

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