Bank Notes

  • December 27, 2017
    On Tuesday, December 27, 2016, the CFPB released its Monthly Complaint Snapshot highlighting consumer complaints about debt collection, most commonly about attempts to collect debt the consumer claims is not owed. December’s report also highlighted complaint trends in Arizona, where debt collection complaints were most frequent, followed by mortgage-related complaints. Nationally, again, the “...
  • January 12, 2017
    On Thursday, January 12, 2017, the CFPB issued a study presenting the findings of its consumer debt collection survey, carried out between December of 2014 and March of 2015. This survey was sent to over 10,000 consumers and responses were gathered from 2,000. Some of the findings presented in this report include: About one-third of consumers were contacted by a creditor or debt collector about a...
  • January 11, 2017
    On Wednesday, January 11, 2017, seven Senate Banking Committee Democrats, led by Ranking Member Sherrod Brown (D-OH) and Sen. Senator Elizabeth Warren (D-MA), sent a letter to CEO of Wells Fargo, Timothy Sloan, expressing concern and asking for more information regarding the bank’s increase in overdraft fee income. “We read with great concern a Financial Times report indicating Wells Fargo’s...
  • January 11, 2017
    There were a number of announcements from the House Financial Services Committee this week as the beginning of a new Congress continues. Chairman Jeb Hensarling (R-TX) announced his leadership team, which includes Rep. Blaine Luetkemeyer (R-MO) as the new Chairman of the Subcommittee on Financial Institutions and Consumer Credit. Ranking Member Waters (D-CA) announced the newly appointed...
  • January 10, 2017
    On Tuesday, January 10, 2017, the House Financial Services Committee Democrats sent a letter to President-elect Trump strongly opposing any action to remove CFPB Director Richard Cordray from his position. The letter notes his record during his tenure as Director and states, “Any attempts to remove Director Cordray from his position are without historical precedent, and intended solely to...
  • January 10, 2017
    Earlier this week, New York Governor Andrew Cuomo announced legislation to give the State’s Department of Financial Services the power to ban bad actors from the banking and insurance industries. "New York is the financial center of the world and we have zero tolerance for those who seek to defraud customers and undermine the system," Governor Cuomo said in a press release . "The excesses and...
  • January 9, 2017
    On Monday, January 9, 2017, Senate Banking Committee Ranking Member Sherrod Brown (D-OH) and Senator Jeff Merkley (D-OR) sent a letter to Comptroller of the Currency Tom Curry criticizing the OCC’s fintech charter and expressing concern that a charter would undermine financial stability, financial inclusion, and consumer protection. “The scope of the OCC’s proposal appears to have expanded beyond...
  • January 9, 2017
    On Monday, January 9, 2017, Sens. Ben Sasse (R-NE) and Mike Lee (R-UT) sent a letter to Vice President-elect Mike Pence, urging the Trump Administration to remove CFPB Director Richard Cordray, stating a move would preserve and protect the Constitution, uphold the idea of limited government, and benefit the American people. The Senators argued President-Elect Trump has the authority to remove...
  • January 9, 2017
    On Monday, January 9, 2017, the FDIC filed suit against Bank of America, seeking $542 million the FDIC claims the bank has not paid in deposit insurance, alleging the bank reported incorrect financial information, from Q2 of 2011 to Q1 of 2016 that underreported its counterparty exposure. As stated in the FDIC’s filing , “During this period, Bank of America ignored the FDIC’s instruction it...
  • January 9, 2017
    On Monday, January 9, 2017, the CFPB took action against two medical debt collection law firms for allegedly misrepresenting letters and calls were from attorneys attempting to collect on a debt when no attorney had yet reviewed the account. The firms also allegedly did not ensure the accuracy of the consumer information they furnished to credit reporting companies and used improperly notarized...

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