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- April 15, 2016On Thursday, April 14, 2016, the CFPB submitted to Congress its third annual report outlining the agency’s diversity and inclusion efforts. The Office of Minority and Women Inclusion’s Annual Report outlines initiatives related to building and maintaining a diverse workforce, increasing contracting opportunities for minority and women owned businesses, and assessing the diversity policies and...April 15, 2016On Wednesday, April 13, 2016, the House Financial Services Committee considered and passed out of committee, H.R. 1486, the Taking Account of Bureaucrats’ Spending (TABS) Act sponsored by Congressman Andy Barr (R-KY) by a party-line vote of 33-20. The bill would increase accountability and oversight over the Consumer Financial Protection Bureau (CFPB) by subjecting it to the annual Congressional...April 15, 2016GAO Recommends Greater Oversight of Nonbank Servicers On Monday, April 11, 2016, the Government Accountability Office (GAO) released a report stressing a need for greater oversight of nonbank mortgage service providers. The GAO noted nonbanks now service roughly a quarter of all mortgages, but do not face the same level of oversight as banks. According to the GAO, nonbanks serviced an estimated...April 15, 2016On Tuesday, April 12, 2016, the CFPB announced the addition of several new members to leadership positions. Four of the six individuals are assuming roles they held on an acting basis, but now will serve in official capacities. The additions are as follows: Elizabeth Ellis as the Deputy Associate Director for External Affairs Division. Ms. Ellis was previously the Deputy Assistant Director for...April 15, 2016On Wednesday, April 13, 2016, the Office of the Comptroller of the Currency (OCC) assessed a $35 million penalty against HSBC Bank USA, N.A. and ordered the bank to identify and make restitution to the allegedly harmed customers. The OCC claims the bank’s billing practices violated Section 5 of the Federal Trade Commission (FTC) Act, which prohibits unfair and deceptive acts or practices...April 15, 2016This week, the Government Accountability Office (GAO) released a report indicating that the secrecy surrounding how regulators determine whether resolution plans, or “living wills,” submitted by banks are credible “could undermine public and market confidence.” By law banks are required to annually submit plans, but the GAO found it took regulators, on average, nine months to review those plans...April 14, 2016On April 12, 2016, the House of Representatives approved H.R. 2947, the Financial Institutions Bankruptcy Act, by voice vote. The legislation, sponsored by Rep. David Trott (R-MI) from the Judiciary Committee, would add a new subchapter to the bankruptcy code to provide a quicker, more specialized form of bankruptcy for failing financial institutions. In February, the bill was approved by the...April 14, 2016On Thursday, April 14, 2016, the Ninth Circuit Court of Appeals affirmed, in part, a lower court’s decision in favor of a CFPB enforcement action against Gordon Law Firm in CFPB v. Gordon . The CFPB brought an enforcement action against the firm for violating Dodd-Frank’s ban on unfair, deceptive, and abusive acts and practices, Regulation O for deceiving consumers into believing it was...April 8, 2016On Wednesday, April 6, 2016, the FDIC guidance in the form of supplemental "Questions and Answers" (Q&As) to aid applicants in developing proposals for deposit insurance. The supplemental Q&As, which address business planning, provide additional transparency to the application process and supplement the guidance issued November 20, 2014, through Financial Institution Letter (FIL) 56-2014...April 7, 2016Today, the Senate Banking Committee held a hearing on the Consumer Financial Protection Bureau's Semi-Annual Report to Congress featuring testimony from Director Richard Corday. The hearing followed Cordray's appearance before the House Financial Services Committee three weeks ago. In contrast to the House hearing, the exchanges between Republican Senators and the Director were considerably more...