Bank Notes

  • January 19, 2017
    On Thursday, January 19, 2017, the CFPB sued TCF National Bank for allegedly “tricking” consumers into costly overdraft services in violation of Dodd-Frank as well as the Electronic Fund Transfer Act. The Bureau specifically alleges TCF designed its overdraft application process to obscure fees and make overdraft seem mandatory for new customers to open an account. The agency also believes the...
  • January 18, 2017
    Wednesday, January 18, 2017, Sens Chuck Schumer (D-NY), Sherrod Brown (D-OH), and Elizabeth Warren (D-MA) held a press conference urging President-elect Donald Trump not to fire CFPB Director Richard Cordray before his term expires in July of 2018. Democrats said there was no “for cause” reason to terminate Director Cordray and cautioned, if President-elect Trump did so, Democrats would do...
  • January 18, 2017
    On Wednesday, January 18, 2017, the CFPB announced it has taken action against Navient for allegedly failing borrowers in repayment by providing bad information, processing payments incorrectly, and neglecting to act when borrowers complained. The Bureau also alleges the company misled borrowers on their rights to lower repayments.
  • January 18, 2017
    On Wednesday, January 18, 2017, the House Financial Services Committee (HFSC) released its third installment in its series challenging the CFPB’s use of disparate impact in indirect auto lending. Throughout the report, the HFSC set forth arguments why it thinks the CFPB would not be able to prove a disparate impact claim in court, especially given last year’s Inclusive Communities Supreme Court...
  • January 17, 2017
    On Tuesday, January 17, 2017, the CFPB announced it is accepting applications for its Consumer Advisory Board, the Community Bank Advisory Council, and the Credit Union Advisory Council. These groups are designed to provide the Bureau with information about emerging trends and practices in the consumer financial marketplace. The agency is seeking applicants with experience such as: Consumer...
  • January 17, 2017
    On Tuesday, January 17, 2017, Senate Committee on Banking, Housing and Urban Affairs Chairman Mike Crapo (R-Idaho) and Ranking Member Sherrod Brown (D-Ohio) announced the panel’s subcommittee assignments for the 115th Congress. The Subcommittee on Financial Institutions and Consumer Protection, which has primary jurisdiction over financial institutions, deposit insurance, regulatory activities of...
  • January 17, 2017
    On Tuesday, January 17, 2017, the White House, through the National Economic Council, released a white paper advocating for the U.S. government to engage in efforts to promote the financial technology industry. The paper commended initiatives such as the CFPB’s Project Catalyst and the OCC’s Responsible Innovation as examples of financial regulators modernizing how they engaged with the industry...
  • January 13, 2017
    On Friday, January 13, 2017, the U.S. Court of Appeals for the District of Columbia granted PHH Corp.’s motion to file additional comments in its ongoing case against the CFPB on whether the full court should review an October panel ruling that the CFPB’s leadership structure is unconstitutional. In granting PHH’s motion, the D.C. Circuit gave PHH until January 27, 2017, to file a 15-page reply...
  • January 13, 2017
    On Friday, January 13, 2017, in a letter to the OCC, Rep. Gregory Meeks (D-NY) with Reps. Tony Cardenas (D-CA), Gwen Moore (D-WI), Donald Payne, Jr. (D-NJ), Cedric Richmond (D-LA), and Terri Sewell (D-AL), asked the agency include measurable and enforceable financial inclusion requirements for fintech firms receiving national charters, similar to those required of banks under the Community...
  • 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...

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