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- March 28, 2016On March 28, 2016, the Government Accountability Office (GAO) released a report titled: “Financial Regulation: Complex and Fragmented Structure Could Be Streamlined to Improve Effectiveness.” According to the GAO report, the U.S. financial regulatory structure is too complex and fragmented. The report finds, while the current structure allows for effective financial regulation in some key areas,...March 23, 2016On Wednesday, March 23, 2016, the CFPB issued an advisory and a report with recommendations for banks and credit unions on how to prevent, recognize, report, and respond to financial exploitation of older Americans. According to the Bureau, financial exploitation, the illegal or improper use of a person’s funds, property or assets, is the most common form of elder abuse and costs seniors billions...March 22, 2016On Tuesday, March 22, 2016, the CFPB released its annual report from the Office of Servicemember Affairs highlighting complaints submitted in 2015 and CFPB enforcement actions directly impacting the military community. The report claims servicemembers have submitted to the Bureau debt collection complaints at nearly twice the rate of non-military consumers. In addition, the report highlights the...March 22, 2016The CFPB issued an interim final rule on Tuesday, March 22, 2016, which broadened the availability of certain special provisions for small creditors operating in rural or underserved areas. The new rule, which takes effect March 31, 2016, implements the Helping Expand Lending Practices in Rural Communities (HELP) Act, which allows more small creditors operating in rural or underserved areas to...March 21, 2016On Monday, March 21, 2016, the OCC, Federal Reserve, FDIC, National Credit Union Administration (NCUA), and the Financial Crimes Enforcement Network (FinCEN), published guidance to clarify the applicability of the customer identification program (CIP) regulations implementing Section 326 of the USA PATRIOT Act to prepaid cards. The guidance specifically discusses the treatment under the CIP...March 21, 2016On Monday, March 21, 2016, the U.S. House of Representatives unanimously approved S. 2393 , the Foreclosure Relief and Extension for Servicemembers Act of 2015. CBA joined other trade associations in sending a letter to House Speaker Paul Ryan (R-WI) and Minority Leader Nancy Pelosi (D-CA) expressing support for the legislation which would extend through 2017 an expired provision providing one...March 18, 2016On Friday, March 18, 2016, a federal district court entered final judgment against debt relief company Morgan Drexen, Inc., resolving a lawsuit filed by the CFPB in August of 2013. The Bureau’s lawsuit against Morgan Drexen alleged the company charged illegal upfront fees and deceived consumers. The court found the company violated federal law, prohibited Morgan Drexen from collecting any further...March 18, 2016On Friday, March 18, 2016, Comptroller of the Currency Thomas Curry delivered remarks at the National Community Reinvestment Coalition (NCRC) conference where he addressed how national banks and federal savings associations can more effectively serve the credit needs of rural communities, especially those who are economically distressed. During his remarks, Comptroller Curry mentioned changes to...March 17, 2016On Thursday, March 17, 2016, Senators Bernie Sanders (I-VT), Patty Murray (D-WA), and Dick Durbin (D-IL) introduced legislation to expand Servicemembers Civil Relief Act (SCRA) protections. Specifically, the bill would lower the cap on all loan interest rates to three percent for those on active duty. If servicemembers are eligible for hostile fire or imminent danger pay, no interest will be...March 17, 2016On Tuesday, March 15, 2016, the CFPB requested a federal district court enter a final judgment and order the shutdown of Student Loan Processing.US, a student debt relief operation. The company allegedly charged customers millions of dollars in illegal upfront fees for federal student loan services. If the proposed consent judgment is entered by the court, Student Loan Processing must close...