Bank Notes

  • August 30, 2017
    On Wednesday, August 30, 2017, the CFPB announced its annual adjustments to the dollar amounts of certain thresholds under the Truth in Lending Act (TILA) appling to consumer credit transactions starting in 2018. The adjustments are based on the annual percentage change in the Consumer Price Index. The notice addresses the thresholds related to the minimum interest charge and safe harbor penalty...
  • August 30, 2017
    On Wednesday, August 30, 2017, the CFPB filed a proposed final judgment against Prime Marketing Holdings, LLC for alleged illegal credit repair practices. The Bureau’s lawsuit alleges Prime Marketing Holdings charged illegal advance fees and misled consumers about its services’ costs and the details of its money-back guarantee. The proposed final judgment would permanently ban the company from...
  • August 29, 2017
    On Tuesday, August 29, 2017, the OCC published a news release encouraging national banks and federal savings associations to work with customers affected by Hurricane Harvey. OCC Bulletin 2012-28 provides examples of steps national banks and federal savings associations may take to support customers affected by natural disasters. The OCC encourages national banks and federal savings associations...
  • August 29, 2017
    On Tuesday, August 29, 2017, the OCC released its schedule of Community Reinvestment Act (CRA) evaluations to be conducted in the fourth quarter of 2017 and first quarter of 2018.
  • August 25, 2017
    On Friday, August 25, 2017, the OCC issued a bulletin informing national banks, federal savings associations, and federal branches and agencies and all OCC examining personnel about new Federal Financial Institutions Examination Council (FFIEC) examination procedures for testing and validating the accuracy and reliability of home mortgage loan data to be reported under the Home Mortgage...
  • August 25, 2017
    On Friday, August 25, 2017, the FDIC released a list of orders of administrative enforcement actions taken against banks and individuals in July. There are no administrative hearings scheduled for September 2017. The FDIC issued a total of 24 orders. The administrative enforcement actions in those orders consisted of three consent orders; seven removal and prohibition orders; four Section 19...
  • August 24, 2017
    On Thursday, August 24, 2017, the CFPB issued a rule amending the 2015 updates to the HMDA rule. The Bureau has temporarily changed reporting requirements for banks and credit unions that issue home-equity lines of credit, and clarified the information that financial institutions are required to collect and report about their mortgage lending. Key points of the update are as follows: Reporting...
  • August 24, 2017
    On Thursday, August 24, 2017, issued a report warning older consumers about taking out a reverse mortgage loan in order to bridge the gap in income while delaying Social Security benefits until a later age. The CFPB report found, in general, the costs and risks of taking out a reverse mortgage exceed the cumulative increase in Social Security lifetime benefits that homeowners would receive by...
  • August 23, 2017
    CFPB Takes Action against American Express Subsidiaries On Wednesday, August 23, 2017, the CFPB took action against two American Express banking subsidiaries for allegedly discriminating against consumers in Puerto Rico, the U.S. Virgin Islands, and other U.S. territories. The agency claims the companies provided consumers with credit and charge card terms inferior to those available in the 50...
  • August 23, 2017
    On Wednesday, August 23, 2017, the OCC issued the “ Substantial Asset Changes, Including Changes in Charter Purpose ” booklet of the Comptroller’s Licensing Manual. This is a new booklet incorporating procedures and requirements after the Office of Thrift Supervision’s integration into the OCC in 2011 and the issuance of revised regulations (under 12 CFR 5) that became effective April 1, 2017...

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