Bank Notes

  • May 4, 2017
    On Wednesday, May 3, 2017, the OCC announced Keith Noreika will serve as Acting Comptroller of the Currency, after Thomas Curry steps down on May 5, 2017. Currently a partner at Simpson Thacher & Bartlett LLP, Mr. Noreika was a partner at Covington & Burling, specializing in banking regulation. He has extensive experience advising banks on operational structuring including compliance with...
  • May 1, 2017
    On Monday, May 1, 2017, the FDIC released its “Handbook for Organizers of De Novo Institutions,” providing an overview of the business considerations and statutory requirements de novo organizers will face as they work to apply for deposit insurance and establish a new depository institution. This financial institution letter applies to all proposed insured depository institutions. The handbook...
  • April 27, 2017
    On Thursday, April 27, 2017, the CFPB took action against four online lenders – Golden Valley Lending, Inc., Silver Cloud Financial, Inc., Mountain Summit Financial, Inc., and Majestic Lake Financial, Inc. – for allegedly deceiving consumers by collecting debt not legally owed. In a suit filed in federal court, the CFPB alleged the four lenders could not legally collect on these debts because the...
  • April 27, 2017
    A CFPB report released Thursday, April 27, 2017, summarized strategies for promoting diversity and inclusion used by mortgage industry participants. The Bureau highlights the business case for diversity along with current approaches and practices used in the mortgage industry, such as establishing buy-in from top leadership, integrating principles of inclusion in recruiting and hiring, and the...
  • April 26, 2017
    On Wednesday, April 26, 2017, the CFPB announced it had entered into a consent order with Security National Automotive Acceptance Company (SNAAC), which had been subject to a previous Bureau enforcement action. In the first order, the Bureau alleged the company engaged in deceptive collection practices against servicemember borrowers who had obtained loans to purchase used vehicles. These...
  • April 26, 2017
    On Wednesday, April 26, 2017, the CFPB announced some student loan and mortgage servicers are violating the law by failing to provide struggling borrowers with legal protections. Agency examiners found some student loan servicers failed to refund charges imposed on borrowers who had been wrongly denied the right to defer payments while enrolled in school. The report also found some mortgage...
  • April 26, 2017
    On Wednesday, April 26, 2017, the Conference of State Bank Supervisors (CSBS) filed a lawsuit against the OCC in U.S. District Court to prevent the agency from creating a national bank charter for fintech companies. “The OCC’s action is an unprecedented, unlawful expansion of the chartering authority given to it by Congress for national banks. If Congress had intended it to be used for another...
  • April 26, 2017
    On Wednesday, April 26, 2017, the FDIC held its first “Economic Inclusion Summit” focusing on strategies to bring consumers into the financial mainstream. FDIC Chairman Martin J. Gruenberg opened the event by speaking on the benefits of economic inclusion, how banking engagement is measured, the opportunities various institutions have to enhance economic inclusion, as well as an update on other...
  • April 25, 2017
    On Tuesday, April 25, 2017, the OCC entered into a consent order and assessed a $15 million civil money penalty against U.S. Bank National Association for alleged bankruptcy filing violations. The OCC claims, between 2009 and 2014, the bank engaged in filing practices in bankruptcy courts with respect to proofs of claim, payment change notices, and post-petition fees among others did not comply...
  • April 25, 2017
    On Tuesday, April 25, 2017, the CFPB released a monthly complaint snapshot highlighting consumer complaints about student loans. The snapshot shows that both private and federal student loan borrowers nationwide report persistent servicing breakdowns that may sideline their path to repayment. April’s report also highlights trends seen in complaints coming from Nevada. As of April 1, 2017, the...

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