Bank Notes

  • 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...
  • December 30, 2015
    On Wednesday, December 30, 2015, the Government Accountability Office (GAO) released the report : “Dodd-Frank Regulations: Impacts on Community Banks, Credit Unions and Systemically Important Institutions.” In terms of Systemically Important Institutions (SIFIs), GAO concluded “indicators suggest large bank SIFIs have become larger but less vulnerable to financial distress since the Dodd-Frank...
  • December 28, 2015
    On Monday, December 28, 2015, the CFPB filed a proposed consent order in federal court to settle its enforcement case against Frederick J. Hanna & Associates, a Georgia-based debt collection law firm. If agreed to by the court, this would close a contentious case where the defendant argued the Bureau lacks the authority to regulate the litigation activities of lawyers. In its July 2014...
  • December 22, 2015
    On Tuesday, December 22, 2015, the CFPB released its December Consumer Complaint Snapshot , focusing on consumer complaints in Georgia, as well as complaints regarding money transfers. According to the report, 42 percent of complaints involved consumer fraud claims, and indicated consumers experienced problems transferring money, lack of adequate customer service and issues resolving errors...

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