Bank Notes

  • July 20, 2016
    On Wednesday, July 20, 2016, 28 Senate Democrats sent a letter to the CFPB commending the agency’s proposed Payday and Small-Dollar Lending Rule. The Senators also expressed concern the rule did not go far enough, stating they “encourage the CFPB to strengthen certain protections in the proposed rule to ensure the strongest possible defense against the predatory lending models that trap consumers...
  • July 20, 2016
    On Wednesday, July 20, 2016, the CFPB announced the addition of several new members to leadership positions. Chris D’Angelo will become the Associate Director for Supervision, Enforcement and Fair Lending. He previously served as the Bureau’s Chief Of Staff. Richard Lepley becomes the Principal Deputy General Counsel in the Office of the General Counsel in the Legal Division. Lepley was...
  • July 20, 2016
    On Wednesday, July 20, 2016, the U.S. Department of Education, joined by the CFPB and U.S. Department of Treasury, held a press call announcing new guidelines to encourage greater transparency and accountability in federal student loan servicing. Outlined in a 56-page memorandum , the policy direction gives five specific areas in which the agencies will focus their efforts: economic incentives;...
  • July 20, 2016
    On Wednesday, July 20, 2016, the CFPB announced additional resources had been included on its implementation website for the Home Mortgage Act (HMDA) final rule. Specifically, the Bureau published a video offering an overview of the final rule, filing instructions guides for 2017 and 2018 , and a technology preview for filing HMDA data. Also, the Bureau posted a sample data collection form from...
  • July 19, 2016
    On Tuesday, July 19, 2016, the Financial Crimes Enforcement Network (FinCEN) issued Frequently Asked Questions (FAQs) to assist covered financial institutions in understanding the scope of the Customer Due Diligence (CDD) Requirements for Financial Institutions, published on May 11, 2016. The FAQs provide interpretive guidance with respect to the CDD rule. In the final rules, FinCEN stated...
  • July 19, 2016
    On Tuesday, July 19, 2016, the White House Council of Economic Advisers released a report demonstrating the converse of the commonly held narrative that student debt is holding back the economy. The report, entitled: “Investing in Higher Education: Benefits, Challenges, and the State of Student Debt,” examined the $1.3 trillion student loan debt total, citing the economic pressures leading to its...
  • July 18, 2016
    The 2016 Republican Party platform released on Monday, July 18, 2016, included a new provision: a reinstatement of the Glass-Steagall Act – a Depression-era law which separated the functions of commercial and investment banking. Its inclusion caught many Republicans by surprise as it’s a popular policy initiative of progressives such as Sens. Elizabeth Warren (D-MA) and Bernie Sanders (D-VT)...
  • July 15, 2016
    On Friday, July 15, 2016, the federal bank regulatory agencies published final revisions to “Interagency Questions and Answers Regarding Community Reinvestment.” The document provides additional guidance to financial institutions and the public on the agencies' Community Reinvestment Act (CRA) regulations. The guidance addresses questions regarding the agencies' CRA regulations in the following...
  • July 15, 2016
    The CFPB announced it will hold a field hearing in Sacramento, CA on Thursday, July 28, 2016, focused on debt collection. The hearing will likely focus on third-party debt collectors, collection attorneys and debt buying firms. The Bureau has not released a list of participants, though such hearings traditionally include representatives of various consumer groups and industry participants to...
  • July 15, 2016
    On Friday, July 15, 2016, the CFPB published a report about “Financial education programs serving immigrant populations,” in follow up to a November of 2015 CFPB Consumer Advisory Board meeting . The Bureau conducted a field scan of financial education programs serving immigrant populations, which indicated financial educators employ many promising strategies, but face many challenges...

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