Bank Notes

Debt Collection
October 15, 2020
Consumer Financial Protection Bureau Settles Lawsuit With Debt Collectors And Debt Buyers Encore Capital Group, Midland Funding, Midland Credit Management, And Asset Acceptance Capital Corp.
Consumer Financial Protection Bureau Settles Lawsuit With Debt Collectors And Debt Buyers Encore Capital Group, Midland Funding, Midland Credit Management, And Asset Acceptance Capital Corp. On Thursday, October 15, 2020, the CFPB issued a press release regarding a filing for a proposed stipulated final judgment and order to settle its lawsuit against Encore Capital Group, Inc., and its...
Auto Finance, Regulatory Compliance & Agency Engagement
October 14, 2020
Consumer Financial Protection Bureau Settles With Nissan Motor Acceptance Corporation For Illegal Collections And Repossession Practices
Consumer Financial Protection Bureau Settles With Nissan Motor Acceptance Corporation For Illegal Collections And Repossession Practices On Tuesday, October 13, 2020, the Bureau issued a press release regarding a consent order against Nissan Motor Acceptance Corporation (Nissan), an auto financing subsidiary of Nissan North America, Inc., which services auto loans and leases originated by Nissan...
Regulatory Compliance & Agency Engagement
October 14, 2020
Federal Reserve requests public comment on technical, clarifying updates regarding the Federal Open Market Committee’s Rules Regarding Availability of Information, which describe its Freedom of Information Act (FOIA) procedures
Federal Reserve requests public comment on technical, clarifying updates regarding the Federal Open Market Committee’s Rules Regarding Availability of Information, which describe its Freedom of Information Act (FOIA) procedures On Wednesday, October 14, 2020, the Federal Reserve issued a press release requesting public comment on technical, clarifying updates regarding the Federal Open Market...
Regulatory Compliance & Agency Engagement
October 14, 2020
OCC Assesses $85 Million Civil Money Penalty Against USAA
OCC Assesses $85 Million Civil Money Penalty Against USAA On Wednesday, October 14, 2020, the OCC issued a press release about the assessed $85 million civil money penalty against USAA, Federal Savings Bank. The OCC took this action based on the bank’s failure to implement and maintain an effective compliance risk management program and an effective information technology risk governance program...
Small Business Lending
October 13, 2020
CBA, SBFE Small Business Data Shows First Full COVID-19 Quarter, PPP Impact
CBA, SBFE Small Business Data Shows First Full COVID-19 Quarter, PPP Impact On Tuesday, October 13, 2020, CBA and Small Business Financial Exchange released the Small Business Lending Trends report covering the second quarter of 2020. The report, which is released quarterly, examines key credit information for America’s small businesses and shows delinquency peaking for most account types as the...
Regulatory Compliance & Agency Engagement
February 14, 2020
OCC Amends Stress Test Rule
On Thursday, October 3, 2019, the OCC issued a final rule implementing the stress testing requirements of section 165(i)(2) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, consistent with section 401 of the Economic Growth, Regulatory Relief, and Consumer Protection Act. The new rule is effective as of Nov. 24, 2019, and revises: the minimum threshold for national banks and...
Legislative Activity
February 12, 2020
Senate Banking Committee Hearing with Federal Reserve Chairman Powell
Federal Reserve Chairman Jerome Powell testified today before the Senate Banking, Housing, and Urban Affairs Committee for his semiannual monetary policy report to Congress. Key Takeaways: Republicans and Democrats alike stressed the importance of Fed independence and encouraged Chairman Powell to maintain that posture in all matters. On economic issues, several Republican Senators lauded the...
Legislative Activity, Talent & Workforce Management
February 12, 2020
House Financial Services Subcommittee Reviews Diversity & Inclusion
The House Financial Services Subcommittee on Diversity and Inclusion held a hearing today examining diversity and inclusion (D&I) accountability at large banks and reviewed a report conducted by the committee which evaluated D&I practices at the nation's largest banks. A full hearing summary prepared by the CBA Team is available here .
CFPB, Small Dollar Lending, UDAAP
February 5, 2020
CFPB Settles Lawsuit with Think Finance
On Wednesday, February 5, the Consumer Financial Protection Bureau announced a proposed settlement with Think Finance, LLC , and six subsidiaries to resolve a CFPB lawsuit from November, 2017. The Bureau alleged that the Think Finance Entities engaged in unfair, deceptive, and abusive acts and practices in connection with the illegal collection of loans that were void in whole or in part under...
Legislative Activity
February 4, 2020
CBA Summary of Rent-A-Bank Hearing
The House Financial Services Committee held a hearing today titled “Rent-A-Bank Schemes and New Debt Traps: Assessing Efforts to Evade State Consumer Protections and Interest Rate Caps.” Chairwoman Waters (D-CA) opened the hearing by emphasizing the harmful impacts payday lending and rent-a-bank schemes having on consumers, particularly referencing the OCC and FDIC’s proposed rule as providing “...