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- March 14, 2016On Monday, March 14, 2016, CBA and the American Bankers Association filed a joint comment in response to the CFPB’s Request for Information (RFI) regarding the Home Mortgage Disclosure Act (HMDA) Resubmission Guidelines. CBA urged the Bureau to consider the breadth of mortgage providers and the wide range of mortgage products they offer to meet consumers’ home finance needs. “Guidelines that are...March 4, 2016The FDIC issued, on Wednesday, March 2, 2015, a Financial Institution Letter clarifying its supervisory expectations in existing guidance for the risk-management practices when banks make the decision to discontinue foreclosure proceedings. “The FDIC continues to encourage institutions to avoid unnecessary foreclosures by working constructively with borrowers and considering prudent workout...March 3, 2016On Thursday, March 3, 2016, the CFPB incorporated feedback from CBA members and revised its Company Portal Manual for financial institutions using its consumer complaint portal. Notable changes included: A revised the definition of a “duplicate” complaint with the intention of providing more accurate overall complaint numbers. Re-categorized complaint resolution and added additional “...March 2, 2016On Wednesday, March 2, 2015, the FDIC and Securities and Exchange Commission jointly issued a proposal to implement the orderly liquidation of covered brokers and dealers under the Dodd-Frank Act. Comments are due May 2, 2016.March 2, 2016On Wednesday, March 2, 2016, the CFPB announced an enforcement action against online payment platform Dwolla for allegedly deceiving consumers about its data security practices and the safety of its online payment system. “Consumers entrust digital payment companies with significant amounts of sensitive personal information,” said CFPB Director Richard Cordray in a statement . “With data breaches...March 2, 2016On Wednesday, March 2, 2016, the CFPB announced an application process for areas outside of rural counties or census blocks to request rural designation. This process would allow more areas to be eligible for certain exemptions and provisions for some mortgage lenders. Applicants would provide information allowing the CFPB to evaluate the request under the parameters in the Helping Expand Lending...March 1, 2016On Tuesday, March 1, 2016, CBA and other trades sent a letter to congressional leadership urging them to restore and extend the one-year protection from foreclosure for military personnel leaving active duty under the Servicemembers Civil Relief Act (SCRA). At the end of 2015, the one-year protection from foreclosure reverted back to 90 days, leaving many institutions concerned about being forced...March 1, 2016On Tuesday, March 1, 2016, the CFPB published volume 8 of its Monthly Report , covering complaints received in January, as well as a focus on the Houston area and complaints pertaining to prepaid cards. As of February 1, 2016, the Bureau has handled approximately 811,700 complaints, including approximately 21,800 complaints in January 2016. Notable takeaways included: For the second month in a...February 25, 2016On Thursday, February 25, 2016, the CFPB Consumer Advisory Board ( CAB ) met to discuss the Bureau’s strategic outlook for 2016-2017 and Financial Well-Being. In prepared remarks , CFPB Director Richard Cordray discussed the agency’s nine priorities for the next two years, including mortgage lending, student loans and servicing, consumer reporting, small business lending, financial tools for...February 24, 2016On Wednesday, February 24, 2016, the House Education and Workforce Committee convened a hearing on the U.S. Department of Education’s Fiscal Year 2017 budget. The lone witness, Department Acting Secretary Dr. John King highlighted the proposed two percent increase in Department funding, which would promote preschool for all, expand the initiative to provide two years of free community college,...