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- June 10, 2019On Wednesday, May 22, 2019, the FDIC issued a press release regarding resolving a lawsuit with Advance America, Cash Advance Centers, Inc.; Check Into Cash, Inc.; and Northstate Check Exchange. Advance America et al. v. Federal Deposit Insurance Corporation et al. (D.D.C.). The lawsuit had alleged terminations of payday lender bank accounts. In exchange for the plaintiffs’ agreement to dismiss...June 5, 2019On Wednesday, June 5, 2019, the CFPB announced a settlement with Freedom Mortgage Corporation for violations of HMDA and Regulation C. Freedom is one of the nation’s largest reporters, and reported inaccurate race, ethnicity, and sex information and that much of Freedom’s loan officers’ recording of this incorrect information was intentional. For example, certain loan officers were told by...June 4, 2019On Tuesday, June 4, 2019, the OCC issued a press release announcing that national banks and federal savings associations (FSAs) with consolidated assets between $100 billion and $250 billion will not be subject to the Dodd-Frank Act Stress Test (DFAST) requirements as of November 24, 2019, the OCC extended the deadline for compliance with the DFAST requirements for those banks to November 25,...May 30, 2019On Thursday, May 30, 2019, the FDIC issued a press release reporting that Commercial banks and savings institutions insured by the FDIC reported aggregate net income of $60.7 billion in first quarter of 2019, up $4.9 billion (8.7 percent) from a year earlier. The increase in net income was mainly attributable to a $7.9 billion (6 percent) increase in net interest income. Financial results for...May 29, 2019On Wednesday, May 29, 2019, the CFPB announced a settlement with BSI Financial Services, a mortgage servicer, for violations of the Real Estate Settlement Procedures Act and TILA. The Bureau found BSI violated the acts by: Handling mortgage servicing transfers with incomplete or inaccurate loss mitigation information. This resulted in failures to recognize transferred mortgage loans with pending...May 23, 2019On Thursday, May 23, 2019, the CFPB issued a press release about significantly expanding its Misadventures in Money Management financial education tool to active-duty servicemembers. Misadventures in Money Management ( MIMM.gov ) was initially developed for future servicemembers who signed a contract to enlist in the armed forces, but had not yet shipped off to basic military training. The CFPB...May 23, 2019In advance of the House of Representatives’ consideration of the Consumer First Act (H.R. 1500), the Consumer Bankers Association wrote Members of Congress discussing provisions in the legislation. CBA and other financial services trade associations also wrote a letter addressing an amendment being offered by Rep. Al Green (D-Texas) to reverse Congress’s previous vote to overturn the CFPB’s...May 17, 2019On Friday, May 17, 2019, the CFPB issued a press release regarding filing a lawsuit in the federal district court in the Eastern District of New York against Forster & Garbus, LLP, a New York debt-collection law firm. The Bureau’s complaint alleges that Forster & Garbus violated the Fair Debt Collection Practices Act by representing to consumers that attorneys were meaningfully involved...May 17, 2019On Friday, May 17, 2019, the CFPB issued a press release regarding filing a lawsuit in the federal district court in the Eastern District of New York against Forster & Garbus, LLP, a New York debt-collection law firm. The Bureau’s complaint alleges that Forster & Garbus violated the Fair Debt Collection Practices Act by representing to consumers that attorneys were meaningfully involved...November 13, 2018On Tuesday, October 30, 2018, the three federal banking agencies (Federal Reserve Board, FDIC, and the OCC) jointly issued a press release inviting the public to comment on a proposal to update their standards for how firms measure counterparty credit risk posed by derivative contracts under the agencies’ regulatory capital rules. The proposed changes are designed to better reflect the current...