Bank Notes

  • November 16, 2016
    On Wednesday, November 16, 2016, Senate Banking Committee Ranking Member Sherrod Brown (D-OH) and House Financial Services Committee Ranking Member Maxine Waters (D-CA) joined Sen. Elizabeth Warren (D-MA) and Chair of the Congressional Progressive Caucus Rep. Keith Ellison (D-MN) in a letter to 15 financial services trade heads. The lawmakers requested the trades condemn the appointment of Steve...
  • November 16, 2016
    This week, Senate Republicans and Democrats held their leadership elections with Sen.Mitch McConnell (R-KY) retaining the role of Majority Leader and Sen. Chuck Schumer (D-NY) winning election to replace Sen. Harry Reid (D-NV) as Senate Minority Leader, as Sen. Reid did not run for reelection.. Sen. Schumer also expanded his leadership team to include Senators from every corner of the party and...
  • November 16, 2016
    On Wednesday, November 16, 2016, Senate Banking Committee Ranking Members Sherrod Brown (D-OH) and House Financial Services Committee Ranking Member Maxine Waters (D-CA) sent a letter to House and Senate leadership opposing any effort to include financial services policy riders in the end-of-year-spending bill which aimed to “repeal, weaken, or delay financial reforms and consumer protections.” “...
  • November 15, 2016
    On Tuesday, November 15, 2016, the FDIC announced approval of its final rule to establish recordkeeping requirements for banks to facilitate rapid payments of insured deposits to customers should the institutions fail. The rule, which applies to banks with more than two million deposit accounts, require these institutions to maintain complete and accurate data on each depositor and ensure their...
  • November 11, 2016
    The FDIC’s Board of Directors will meet in open session at 10 a.m. on November 15, 2016. The meeting agenda and location information are available on the agency’s website . The FDIC Board will consider a final rule on "Recordkeeping for Timely Deposit Insurance Determination."
  • November 8, 2016
    On Tuesday, November 8, 2016, the Federal Financial Institutions Examination Council (FFIEC) issued the revised Uniform Interagency Consumer Compliance (CC) Rating System to reflect regulatory, supervisory, technological, and market changes since the system was established. The revisions are designed to better reflect current consumer compliance supervisory approaches. The revisions more fully...
  • November 7, 2016
    On Monday, November 7, 2016, the OCC announced plans to launch, early next year, a web-based system for banks to file licensing and public welfare investment applications and notices. The Central Application Tracking System (CATS) is expected to help authorized national banks, federal savings associations, and federal branches and agencies to draft, submit, and track licensing and public welfare...
  • November 3, 2016
    On Thursday, November 3, 2016, the CFPB took action against B&B Pawnbrokers, Inc. for allegedly deceiving consumers about the actual annual cost of its loans. In a lawsuit filed in federal court, the CFPB alleged B&B Pawnbrokers broke the law by misstating the charges associated with pawn loans. The CFPB’s lawsuit seeks to end B&B Pawnbrokers' illegal practices, get restitution for...
  • November 3, 2016
    On Thursday, November 17, 2016, the CFPB will convene a public field hearing focused on consumer access to financial records. The field event will feature remarks by Director Cordray, followed by a panel discussion with consumer advocates and industry representatives, and concluding with testimony from members of the public. The event will be livestreamed at consumerfinance.gov .
  • November 2, 2016
    On Wednesday, November 2, 2016, the CFPB, in partnership with the New York Attorney General, filed a lawsuit in a federal district court against the leaders of an alleged debt collection scheme based out of Buffalo, N.Y. The lawsuit alleges Douglas MacKinnon and Mark Gray operate a network of companies that harass, threaten, and deceive millions of consumers across the nation into paying inflated...

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