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- October 14, 2020Consumer 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...October 14, 2020Federal 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...October 14, 2020OCC 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...October 13, 2020CBA, 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...February 14, 2020On 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...February 12, 2020Federal 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...February 12, 2020The 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 .February 5, 2020On 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...February 4, 2020The 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 “...February 3, 2020On Monday, February 3, 2020, the Bureau and the U.S. Department of Education ED announced a new coordination agreement in order to better serve student loan borrowers. Under the newly signed Memorandum of Understanding (MOU) the agencies will share complaint information from borrowers and meet quarterly to discuss observations about the nature of complaints received, characteristics of borrowers...