Bank Notes

  • February 4, 2016
    This week, the House considered and passed several financial services bills. Among them, on Thursday, February 4, 2016, the House passed a bill introduced by Rep. Blaine Luetkemeyer (R-MO), H.R. 766 , Financial Institution Customer Protection Act of 2015, which would prohibit federal bank regulators from ordering or pressuring banks to terminate customer accounts unless given "material reason to...
  • February 2, 2016
    On Tuesday, February 2, 2016, the CFPB announced a settlement , in conjunction with a Department of Justice (DOJ) action , with Toyota Motor Credit Corporation to resolve discriminatory outcomes in auto lending. Under the agreement, Toyota Credit will pay $21.9 million in restitution to African American and Asian or Pacific Islander consumers for pricing disparities from non-Hispanic white...
  • February 2, 2016
    On Tuesday, February 2, 2016, the House Financial Services Committee adopted by a vote of 33 to 24 its Budget Views and Estimates for financial services programs for Fiscal Year 2017. The Views and Estimates will now be submitted to the Budget Committee for consideration in formulating a budget resolution, which, by statute, is to be completed by April 15 of each year. In his opening statement,...
  • February 2, 2016
    On Tuesday, February 2, 2016, the Federal Reserve released a progress report on its faster payments initiative. This report comes a little more than a year since the agency presented its paper on Strategies for Improving the U.S. Payment System . The Fed, along with its Faster Payments Taskforce and Secured Payments Taskforce, has finalized “Effectiveness Criteria” for faster payments aimed at...
  • February 2, 2016
    This week, the CFPB announced an upcoming webinar hosted by the Federal Reserve which will address specific questions related to the Know Before you Owe mortgage disclosure rule and construction lending. The webinar will take place on Tuesday, March 1, 2016, at 2 p.m. EDT.
  • February 1, 2016
    In its winter 2015 Supervisory Highlights , released Monday, February 1, 2016, the FDIC issued guidance for its supervised banks doing business with marketplace lenders. The agency advised, “before participating in marketplace lending, financial institution management should identify potential vulnerabilities and implement an effective risk-management strategy that protects the bank from undue...
  • January 29, 2016
    On Friday, January 29, 2016, the CFPB announced the settlement administrator distributed checks to consumers for restitution under the Ally Bank indirect auto settlement. As a reminder, the Ally enforcement action was filed in December of 2013 and ordered Ally to pay $80 million in consumer restitution and $18 million to the CFPB in civil money penalties.
  • January 29, 2016
    On Friday, January 29, 2016, CBA President and CEO Richard Hunt joined other banking trade heads in sending a letter to CFPB Director Richard Cordray requesting further clarification on TILA-RESPA Integrated Disclosure (TRID) requirements. The letter was in response to a December 29, 2015 communication from Director Cordray stating banks may correct minor errors and oversights on disclosure forms...
  • January 28, 2016
    On Thursday, January 28, 2016 the CFPB released the latest edition of its Monthly Complaint Report , which focused on complaints in the New York Metro area, as well as those falling into the “other financial services” category. Below are notable takeaways: For three months in a row, the top three “Most Complained about Companies” are credit bureaus, not banks. Prepaid complaints showed the...
  • January 28, 2016
    The CFPB field hearing focused on access will now take place on Wednesday, February 3 at 11:00 a.m. EST in Louisville, KY. The field hearing follows-up to the agency’s October 2014 forum on checking account access and screening.

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