Bank Notes

  • May 13, 2016
    According to news reports, on Monday, May 9, 2016, Integrity Advance filed a lawsuit against the CFPB in D.C. District Court arguing the Bureau did not have authority to file a lawsuit against the company because it stopped offering loans before Director Richard Cordray was confirmed by the Senate. As previously reported, the CFPB announced an enforcement action against Integrity Advance on...
  • May 13, 2016
    On Friday, May 6, 2016, the Federal Communications Commission released a Notice of Proposed Rulemaking ( NPRM ) to implement the Bipartisan Budget Act provision exempting servicers of government debt from the Telephone Consumer Protection Act (TCPA). The NPRM solicits feedback on numerous questions including which calls should be covered, who can be called, and the limits on number and duration...
  • May 13, 2016
    On Thursday, May 12, 2016, the CFPB launched its Spanish-language Twitter and Facebook accounts, the latest of the agency’s efforts to provide resources in Spanish. Currently, the Bureau offers Spanish version of its website, a portion of its blog posts, and its AskCFPB webpage.
  • May 13, 2016
    On Wednesday, May 11, 2016, the CFPB took action against All American Check Cashing, Inc., for allegedly using deceptive tactics, including not disclosing fees to consumers, misrepresenting its payday loan products, and retaining consumers’ overpayments. The Bureau’s complaint also names Mid-State Finance, Inc., another payday loan and check cashing company, and Michael Gray, the President and...
  • May 13, 2016
    On Tuesday, May 11, 2016, the U.S. Treasury Department published a white paper addressing the emerging marketplace lending sector of finance. Entitled: “Opportunities and Challenges in Online Marketplace Lending,” the document follows a Request for Information (RFI) issued in late 2015. Treasury described the document as a process to better understand the potential opportunities and risks...
  • May 13, 2016
    On Tuesday, May 10, 2016, the OCC issued a new “Student Lending booklet ” of the Comptroller’s Handbook , prepared for use by OCC examiners in connection with their examination and supervision of national banks and federal savings associations engaged in private student lending. This booklet addressed the risks in private student lending by banks and in regulatory expectations for safe and sound...
  • May 13, 2016
    On Tuesday, May 10, 2016, the Electronic Payments Coalition, of which CBA is a member, sent a letter House leadership requesting assistance in advancing data security and breach notification legislation. CBA remains supportive of H.R. 2205, the Data Security Act of 2015, which passed 46-9 through the House Financial Services Committee in December of 2015 with strong bipartisan support. The letter...
  • May 6, 2016
    On Thursday, May 5, 2016, the CFPB released its arbitration rulemaking proposal and the Final Report of the small business review panel. The proposal prohibits covered providers of consumer financial products and services from using pre-dispute arbitration agreements to prevent consumers from filing or participating in a class action against the provider. The proposal is largely consistent with...
  • May 6, 2016
    The CFPB’s Office for Older Americans announced it will hold a webinar on May 25, 2016, at 2 p.m. EDT on how banks and credit unions can better protect older consumers from financial abuse. The webinar will highlight a recent CFPB report which looks at financial exploitation, case scenarios, and detailed recommendations for banks and credit unions for how to prevent, recognize, report, and...

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