Bank Notes

  • April 20, 2017
    On Thursday, April 20, 2017, the CFPB sued Ocwen Financial, one of the nation’s largest nonbank mortgage loan servicers, and its subsidiaries, for allegedly failing borrowers through the mortgage servicing process. The Bureau alleged a history of errors, shortcuts and lack of customer support by Ocwen cost borrowers monetary losses, and others their homes. Ocwen allegedly failed at basic services...
  • April 19, 2017
    On Wednesday, April 19, 2017, the Government Accountability Office (GAO) released a report on the fintech industry in response to a request from Sens. Sherrod Brown (D-OH), Jeanne Shaheen (D-NH) and Jeff Merkley (D-OR). The GAO stated there is “universal definition of fintech,” it can be loosely understood to encompass specific subsectors likely to have greatest impact on traditional financial...
  • April 19, 2017
    On Wednesday, April 19, 2017, House Financial Services Committee Chairman Jeb Hensarling (R-TX) released a discussion draft of the Financial CHOICE Act 2.0 . “Republicans are eager to work with the President to end and replace the Dodd-Frank mistake with the Financial CHOICE Act because it holds Wall Street and Washington accountable, ends taxpayer-funded bank bailouts, and unleashes America’s...
  • April 17, 2017
    On Tuesday, April 17, 2017, the CFPB filed a lawsuit in a federal district court against debt collection firm Weltman, Weinberg & Reis. The Bureau claims the firm sent collection letters to consumers suggesting attorneys were involved in collecting the debt. The law firm allegedly made statements on collection calls and sent collection letters creating the false impression that attorneys had...
  • April 14, 2017
    On Friday, April 14, 2017, the CFPB released its fair lending report for 2016, focusing on the Bureau’s work to protect consumers and better understand issues facing lenders. To this end, the Bureau reports it engaged in significant outreach with industry, civil rights advocates, consumer groups, and other stakeholders to ensure a diverse set of viewpoints are incorporated into it work; protected...
  • April 14, 2017
    The OCC recently offered a proposal to charter fintech companies by amending the Comptroller’s Licensing Manual with a new supplement covering fintech companies. On April 14, 2017, CBA offered a comment letter in response to this proposal, crediting the OCC for granting its request for additional information and for making certain adjustments to its original proposal. However, CBA reiterated its...
  • April 13, 2017
    On Thursday, April 13, 2017, the CFPB issued its proposal to facilitate compliance with the 2015 updates to the Home Mortgage Disclosure Act (HMDA) rule. The changes proposed aim to help financial institutions comply with the 2015 HMDA Final Rule by clarifying the information they are required to collect and report about their mortgage lending. The proposal contains a number of clarifications,...
  • April 12, 2017
    On Wednesday, April 12, 2017, Office of Management and Budget (OMB) Director Mick Mulvaney issued guidance for reforming the Federal Government and reducing the Federal civilian workforce. The guidance follows-up the administration’s actions aimed at downsizing the federal bureaucracy including a January 2017 hiring freeze and a March 13 Executive Order directing OMB to submit a comprehensive...
  • April 11, 2017
    House Financial Services Committee (HFSC) Chairman Jeb Hensarling (R-TX) on Tuesday, April 11, 2017, released a summary of changes to his financial regulatory reform bill, The Financial CHOICE Act. (Remember, the HFSC passed the original CHOICE Act in September of 2016). We expect bill language to be released by the end of April with a possible markup and passage in Committee by the end of May...
  • April 3, 2017
    On Monday, April 3, 2017, the CFPB released its “Consumer Response Annual Report”, providing an overview of complaints the Bureau received in 2016. The Bureau says it has handled approximately 1,136,000 complaints since it began accepting submissions in 2011. Takeaways from this year’s report include: The Bureau handled 291,400 consumer complaints in 2016, a seven percent increase compared to...

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