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- January 5, 2017On Thursday, January 5, 2016, the CFPB released a report examining complaints from older student loan borrowers about servicing practices which may jeopardize their long-term financial security. In the last decade, the number of older student loan borrowers has quadrupled and the amount of debt per older borrower has roughly doubled, as many take out loans for children or grandchildren. According...January 5, 2017On Thursday, January 5, 2017, the OCC issued its Fall Semiannual Risk Perspective , covering January to June of 2016. As in past reports, strategic, credit, operational and compliance risk were top concerns. However, leveraged lending – a top concern in the past – has diminished in focus, while governance over sales practices rose to the level of a key risk area. Key findings include: Strategic...January 4, 2017On Wednesday, January 4, 2016, the FDIC, OCC, and Federal Reserve (Fed) adopted final rules permitting IDIs with up to $1 billion in total assets, and that meet certain other criteria, to qualify for an 18-month on-site examination cycle. The agencies claim these rules allow each agency to better focus supervisory resources on insured depository institutions presenting capital, managerial, or...January 4, 2017On Wednesday, January 4, 2016, the CFPB took action against Equifax , Inc., TransUnion , and their subsidiaries for allegedly deceiving consumers about the usefulness and actual cost of credit scores they sold to consumers. The CFPB also claims the companies lured consumers into costly recurring payments for credit-related products with false promises. The CFPB ordered TransUnion and Equifax to...January 3, 2017With the House and Senate back in session to begin the 115 th Congress, this week each announced new committee assignments. The Senate Committee on Banking, Housing & Urban Affairs has added Sens. David Perdue (R-GA), Thom Tillis (R-NC), John Kennedy (R-LA), Brian Schatz (D-HI), Chris Van Hollen (D-MD) and Catherine Cortz Masto (D-NV). The House Financial Services Committee has announced new...January 3, 2017On Monday, January 3, 2017, the CFPB released its financial statement in accordance with Section 1017(e)(4) of the Dodd-Frank Act. The report addressed the Bureau’s 2016 enforcement actions, diversity inclusion measures, complaint database, consumer resources and education initiatives, regulations, and supervisory actions. Notably, the agency collected $182.1 million in civil penalties in 2016,...December 28, 2016On December 28, 2016, CBA submitted a joint comment with the American Bankers Association responding to the CFPB’s proposed “Consumer Response Customer Response Survey.” In the letter, the trades asked the CFPB to refrain from finalizing the proposal because, under the Paper Reduction Act (PRA), the Office of Management and Budget (OMB) should only approve a data collection if the information...December 27, 2016On Tuesday, December 27, 2016, the CFPB released its Monthly Complaint Snapshot highlighting consumer complaints about debt collection, most commonly about attempts to collect debt the consumer claims is not owed. December’s report also highlighted complaint trends in Arizona, where debt collection complaints were most frequent, followed by mortgage-related complaints. Nationally, again, the “...December 21, 2016On Tuesday, December 21, 2016, the Federal Reserve Board announced the Chairs and Deputy Chairs of the 12 Federal Reserve Banks for 2017. The Board of Governors appoints three of the nine-member Board of Directors for each Reserve Bank, and yearly designates one of its appointees as Chair and another as Deputy Chair.December 20, 2016On Wednesday, December 20, 2016, the Pew Charitable Trust released its latest study of bank overdraft practices. The study claims most major U.S. banks continue to charge high fees when customers overdraft their accounts, and many still reorder transactions aimed at maximizing overdraft fees. A separate review of small banks ($1B and below) found similar issues, marking the first time Pew has...