Bank Notes

  • September 27, 2017
    On Thursday, September 27, 2017, the OCC released their Second Quarter 2017 Bank Trading Revenue . The report states that U.S. commercial banks and savings associations fell to $6.7 billion in the second quarter 2017, $348 million, or 4.9 percent, lower than the previous quarter. In the report, Quarterly Report on Bank Trading and Derivatives Activities, the OCC also noted that trading revenue in...
  • September 26, 2017
    On Tuesday, September 26, 2017, the CFPB released the results of a national survey on the financial well-being of American consumers, which shows more than 40% of adults struggle to make ends meet. The survey provides measurements on the financial well-being on various groups of consumers, in addition to the American population as a whole. In addition to the survey, the CFPB also released an...
  • September 22, 2017
    On Friday, September 22, 2017, the OCC, the Board of Governors of the Federal Reserve, and the FDIC (the Agencies) issued a press release seeking comment on a proposed rule that would revise their regulations implementing the Community Reinvestment Act (CRA) (12 USC 2901 et seq.). The proposed rule would amend the CRA regulations’ definitions of “home mortgage loan” and “consumer loan” to conform...
  • September 20, 2017
    A Federal Reserve (Fed) statement released on September 20, 2017, shared market performance information gathered since the Federal Open Markets Committee (FOMC) met in July of 2017. The Fed indicated labor market continued to strengthen and economic activity has moderately risen so far this year. Job gains have remained solid in recent months, and the unemployment rate has stayed low. Household...
  • September 20, 2017
    On Wednesday, September 20, 2017, the CFPB took two actions regarding the pending HMDA reporting changes which: Finalized the amendments to Regulation B (ECOA) to permit the collection of ethnicity, race and gender information under the new HMDA rules, without violating the Regulation B prohibition; and Proposed for comment guidelines to address the privacy issues under the new regulation (i.e...
  • September 20, 2017
    On September 20, 2017, the OCC, the Board of Governors of the Federal Reserve, and the FDIC issued a bulletin regarding the host state loan-to-deposit (LTD) ratios used to determine compliance with section 109 of the Riegle–Neal Interstate Banking and Branching Efficiency Act of 1994 (IBBEA) issued on June 21, 2017. These bulletin provided host state LTD ratios using data as of June 30, 2016, and...
  • September 19, 2017
    On Tuesday, September 19, 2017, the CFPB took action against Top Notch Funding & two individuals associated with the company for allegedly lying about loan offerings to consumers waiting for settlement payments . Top Notch’s alleged victims included former National Football League players suffering from neurological disorders, victims of the Deepwater Horizon oil-rig disaster, and September...
  • September 18, 2017
    On Monday, September 18, 2017, the CFPB took action against the National Collegiate Student Loan Trusts and their debt collector, Transworld Systems, Inc., for alleged illegal student loan debt collection lawsuits. The companies sued consumers for private student loan debt the companies could not prove was owed, or debt too old to litigate. The lawsuits allegedly relied on the filing of false or...
  • September 18, 2017
    On Monday, September 18, 2017, the FDIC released a Financial Institution Letter encouraging depository institutions to consider all reasonable and prudent steps to assist customers in communities affected by recent storms. The agency recognized efforts to work with borrowers in impacted communities can be consistent with safe-and-sound banking practices and in the public interest. The FDIC's...
  • September 15, 2017
    Preserve Arbitration: A Cost-Effective Alternative to Litigation How do consumers resolve disputes? Overwhelmingly, disputes between consumers and companies are resolved through informal channels and do not elevate to formal proceedings. Companies have strong incentives to maintain deep, well-informed, mutually satisfactory relationships with customers. Disputes rise to the level of a formal...

Pages