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The Dodd-Frank Act added provisions allowing the Consumer Financial Protection Bureau (CFPB) to restrict “abusive” acts under their UDAAP authority. This is in addition to the Unfair and Deceptive Acts or Practices (UDAP) authority that existed under the FTC Act. These provisions under the Dodd-Frank Act could have the most impact on the operations of our member banks, both with regard to possible enforcement actions and upcoming rulemaking that would interpret these provisions. Examination guidelines issued by the CFPB also address UDAAP practices.
- July 31, 2017July 31, 2017 The Honorable Melvin L. Watt Director Federal Housing Finance Agency 400 7th Street, SW Washington, DC 20219 cc: Office of Housing and Regulatory Policy RE: Improving Language Access in Mortgage Lending and Servicing Dear Director Watt: The American Bankers Association (ABA), the Consumer Bankers Association (CBA), the Housing Policy Council of the Financial Services Roundtable (HPC...
- July 31, 2017On Monday, July 31, 2017, the CFPB issued a bulletin warning companies about tricking consumers into expensive pay-by-phone fees. The Bureau expressed concerned about companies potentially misleading consumers about the purpose and amount of certain pay-by-phone fees or keeping them in the dark about much cheaper payment options. The bulletin also reviews guidelines to help consumer financial...June 21, 2017 - 2:00PMPastJune 8, 2017On Thursday, June 8, 2017, the CFPB announced it had sent letters to top retail credit card companies encouraging the use of more transparent transactions. The letter addresses the agency’s concerns with retailers using deferred-interest promotions for credit cards. “With its back-end pricing, deferred interest can make the potential costs to consumers more confusing and less transparent,” said...May 25, 2017 - 2:00PMPastMarch 30, 2017CBA LIVE: Where [ it ] Begins Kicks Off in Dallas on Monday With bags, boots, and tickets in hand, we are rolling out to Dallas. Next stop, CBA LIVE. With record-breaking attendance, some members of the CBA Team are already on the ground preparing for the arrival of over 1,400 retail banking leaders. Can’t wait to take part in the action? Neither can we. Here is a preview of what to expect at...March 29, 2017 - 2:00PMPastMarch 22, 2017Download Whitepape r. KPMG LLP (KPMG) is pleased to announce the release of the new point-of-view document related to our Chief Compliance Officer (CCO) Survey findings , The compliance journey: Boosting the value of compliance in a changing regulatory climate . In a time of new U.S. administrative impacts to the regulatory environment, determining how to boost the value you get from your...March 21, 2017 - 1:00PMPastDecember 20, 2016Are you addressing all the necessary elements to meet the increased regulatory expectations for credit reporting and disputes handling? Taking a closer look into your processes and programs can help organizations be prepared. Download our special report that highlights how to achieve data accuracy, manage disputes and take actions to mitigate your risk in consumer reporting. www.bridgeforce.com