Bank Notes

  • February 11, 2016
    On Thursday, February, 11, 2016, the House Financial Services Subcommittee on Financial Institutions and Consumer Credit held a hearing entitled: “Short-term, Small-dollar Lending: The CFPB’s Assault on Access to Credit and Trampling of State and Tribal Sovereignty.” Members of the Committee heard testimony from two panels of witnesses including CFPB Acting Deputy Director David Silberman , who...
  • February 10, 2016
    On Wednesday, February 10, 2015, the CFPB published a notice in the Federal Register to correct a typo regarding tolerances for property taxes and certain other property-related costs. The error was found in the “Supplementary Information” to the TILA-RESPA Integrated Disclosure rule. According to the CFPB’s addendum, the supplementary information to the TILA-RESPA Final Rule, which was released...
  • February 10, 2016
    On Wednesday, February 10, 2016, Federal Reserve Chair Janet Yellen testified before the House Financial Services Committee on the Semi-Annual Monetary Policy Report to Congress. The following day, she went before the Senate Banking Committee for a second round of questions . In her economic and monetary policy review, Chair Yellen committed to continuing the Fed’s accommodative policies. In...
  • February 9, 2016
    On Tuesday, February 9, 2016, President Obama released his Fiscal Year 2017 budget proposal , which would spend $4.1 trillion while increasing taxes by $3.4 trillion next fiscal year. At this rate of spending, the budget projects adding $6.1 trillion to the deficit over the next 10 years, increasing the debt to $24.8 trillion. While the budget blueprint was viewed as dead-on-arrival on Capitol...
  • February 9, 2016
    On Tuesday, February 9, 2016, the White House announced its plans to implement a new Cybersecurity National Action Plan (CNAP). Through additional investment, public education, and coordination with the private sector, the plan seeks to strengthen the nation’s cybersecurity. Paired with the release of the President’s final budget proposal, the plan provides a 35 percent increase in cybersecurity...
  • February 9, 2016
    In his remarks at the National Interagency Community Reinvestment Conference on Tuesday, February 9, 2016, Comptroller of the Currency Thomas Curry indicated the OCC will release in the coming months a “Risk Management Guidance for Higher Loan-to-Value Lending in Communities Targeted for Revitalization.” This guidance is in response to concerns about barriers to financing homes and stabilizing...
  • February 8, 2016
    On Monday, February 8, 2016, CBA responded to a request for comment by the U.S. Department of Education regarding their forthcoming Enterprise Complaint System, which is mandated by the White House Student Aid Bill of Rights Presidential Memorandum . CBA advocated that the Department follow the Federal Trade Commission model and keep complaints private and only conveys information to the...
  • February 4, 2016
    On Thursday, February 4, 2016, in conjunction with a field hearing held in Louisville, KY, the Bureau sent a letter to the 25 largest retail banks encouraging them to make available and widely market SAFE accounts – basic checking accounts without overdraft, targeted to the underbanked or those consumers who have been denied traditional accounts. The CFPB also issued a bulletin warning...
  • 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...

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