Bank Notes

  • February 1, 2017
    On Wednesday, February 1, 2017, the CFPB took action against Mastercard and UniRush for failures by both companies leaving customers unable to use their RushCards to get paychecks and direct deposits, withdraw cash, make purchases, pay bills, or get accurate balance and account information. The CFPB stated after the October of 2015 failure, UniRush did not provide customer service sufficient...
  • February 1, 2017
    On Wednesday, February 1, 2017, Sen. David Perdue (R-GA) submitted a resolution to the Senate’s Committee on Banking, Housing, and Urban Affairs seeking repeal of the CFPB’s prepaid card rule under the Congressional Review Act. The resolution, currently with seven co-sponsors, is the Senate’s first attempt to use the Congressional Review Act against the CFPB. The Bureau issued the new prepaid...
  • February 1, 2017
    On Wednesday, February 1, 2017, the OCC issued an interim final rule to implement changes to the Freedom of Information Act (FOIA) mandated by the FOIA Improvement Act of 2016 and the OPEN FOIA Act of 2009. The OCC adopted the following changes, among others, under the new rule: Grants additional time to requesters to appeal denials of information requests; Provides requestors with access to...
  • January 31, 2017
    Two announcements about regulation have emerged from the Trump White House in the past few days. On Friday, January 20, 2017, Assistant to the President and Chief of Staff Reince Priebus issued a memo for the heads of executive departments and agencies, entitled: "Regulatory Freeze Pending Review." The memo generally calls for agencies to do three things affecting the release of new regulations:...
  • January 31, 2017
    On Tuesday, January 31, 2017, the CFPB took action against Prospect Mortgage, LLC, for allegedly paying illegal kickbacks for mortgage business referrals. The CFPB also took action against two real estate brokers and a mortgage servicer who allegedly took illegal kickbacks from Prospect. Under the terms of the consent order, Prospect will pay a $3.5 million civil penalty for its illegal conduct,...
  • January 31, 2017
    On Tuesday, January 31, 2017, Senate Banking Committee Ranking Member Sherrod Brown (D-OH) and Sen. Elizabeth Warren (D-MA) circulated a Dear Colleague to Members of the Senate strongly urging them to oppose a change in the leadership structure at the Consumer Financial Protection Bureau (CFPB) from a sole director to a five-member bipartisan commission, stating a commission would “cripple” the...
  • January 31, 2017
    On Tuesday, January 31, 2017, House Financial Services Committee Ranking Member Maxine Waters (D-CA) and Judiciary Committee Ranking Member John Conyers, Jr. (D-MI), along with 22 other Democrats, sent a letter to the Federal Reserve Board of Governors (Fed) Chair Janet Yellen urging the Fed to promote “better minority, gender, and occupational diversity among senior leadership roles.” The...
  • January 30, 2017
    On Monday, January 30, 2017, the CFPB announced its lawsuit against a variety of debt collection law firms including Howard Law, P.C., the Williamson Law Firm, LLC, and Williamson & Howard, LLP, as well as attorneys Vincent Howard and Lawrence Williamson. The individuals ran their firms along with Morgan Drexen, Inc., which the CFPB sued in 2015 and subsequently went out of business. In the...
  • January 26, 2017
    On Thursday, January 26, 2017, Senate Banking Committee Ranking Member Sherrod Brown and House Financial Services Committee Ranking Member Maxine Waters asked the D.C. Circuit Court to intervene in PHH v. CFPB , the case challenging the constitutionality of the CFPB’s sole director structure. The filing asserted the lawmakers have standing to intervene because transforming the CFPB into an...
  • January 26, 2017
    On Thursday, January 26, 2017, the Federal Reserve released a report summarizing its progress to date on promoting a faster payments system in the United States. In pursuit of its goal, the Fed established in 2015, two industry stakeholder task forces – one on faster payments and another on secure payments. As recounted in a separate report , the Faster Payments Task Force has developed “...

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