Bank Notes

  • October 30, 2019
    On Wednesday, October 30, 2019, the CFPB, in coordination with the Minnesota Attorney General, North Carolina Department of Justice, and the Los Angeles City Attorney, announced an action to stop alleged unlawful conduct by several related student-loan debt-relief companies. The Bureau alleges that since at least 2015, the debt-relief companies operated as a common enterprise and deceived...
  • October 15, 2019
    On Tuesday, October 15, 2019, the Bureau Private Education Loan Ombudsman issued the 2019 Annual Report showing that from September 1, 2017 through August 31, 2019 the Bureau handled approximately 20,600 complaints related to private or federal student loans. Of these, there were approximately 6,700 private student loan complaints and 13,900 federal student loan complaints. The report also...
  • October 11, 2019
    On Friday, October 11, 2019, the Bureau announced that it will establish a taskforce to examine ways to harmonize and modernize federal consumer financial laws. The Taskforce on Federal Consumer Financial Law will examine the existing legal and regulatory environment facing consumers and financial services providers and report to Director Kraninger its recommendations for ways to improve and...
  • October 10, 2019
    On Thursday, October 10, 2019, the Bureau issued a rule which finalizes certain aspects of its May 2019 Notice of Proposed Rulemaking under the Home Mortgage Disclosure Act (HMDA). It extends for two years the current temporary threshold for collecting and reporting data about open-end lines of credit under HMDA. The rule also clarifies partial exemptions from certain HMDA requirements which...
  • October 8, 2019
    On Tuesday, October 8, 2019, the five federal financial regulatory agencies issued a joint release announcing that they finalized revisions to simplify compliance requirements relating to the “Volcker rule.” By statute, the Volcker rule generally prohibits banking entities from engaging in proprietary trading or investing in or sponsoring hedge funds or private equity funds. The changes were...
  • October 3, 2019
    On Thursday, October 3, 2019, the CFPB announced the appointment of new members to the Consumer Advisory Board (CAB), Community Bank Advisory Council (CBAC), Credit Union Advisory Council (CUAC) and Academic Research Council (ARC). CBA is pleased to announce that CBA Member and nominee Tim Welsh, Vice Chairman, Consumer & Business Banking at U.S. Bank is among the new members. Acting Director...
  • October 2, 2019
    On Wednesday, October 2, 2019, the federal bank regulatory agencies finalized updates to rules restricting the ability of a director or other management official to serve at more than one depository institution or depository holding company. The updates provide relief for community banks that have $10 billion or less in total assets and are unchanged from the proposal announced in December 2018...
  • October 1, 2019
    On Tuesday, October 1, 2019, the OCC released its bank supervision operating plan for fiscal year (FY) 2020. The plan provides the foundation for policy initiatives and for supervisory strategies as applied to individual national banks, federal savings associations, federal branches, federal agencies, and technology service providers. OCC staff members use this plan to guide their supervisory...
  • October 1, 2019
    On Tuesday, October 1, 2019, the CFPB and the South Carolina Department of Consumer Affairs issued a press release regarding a lawsuit filed in federal district court in the District of South Carolina against Katharine Snyder, Performance Arbitrage Company, Inc., and Life Funding Options, Inc. The companies, owned and operated by Snyder, brokered contracts offering high-interest credit to...
  • September 25, 2019
    On Wednesday, September 25, 2019, the CFPB announced changes to its senior leadership team , appointing new executives in the office of Consumer Education & Engagement, Research, and Supervision, Enforcement, and Fair Lending. Bryan Schneider will serve as the Associate Director in the Supervision, Enforcement and Fair Lending Division (SEFL). Mr. Schneider most recently served as the...

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