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- 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...November 8, 2018On Thursday, November 8, 2018, the OCC renewed the charter of its Mutual Savings Association Advisory Committee . The MSAAC provides advice to the Comptroller of the Currency about mutual savings associations and assesses their current condition, regulatory changes that may promote their health and viability, and other issues affecting these institutions. The committee includes officers and...November 7, 2018On Wednesday, November 7, 2018, the FED, FDIC, and OCC jointly released a proposal aimed to reduce the regulatory reporting burdens on small institutions by expanding the number of regulated institutions eligible for streamlined reporting, under Section 205 of the Economic Growth, Regulatory Relief, and Consumer Protection Act. The proposal would permit insured depository institutions with total...October 31, 2018On Wednesday, October 31, 2018, the Federal Reserve Board invited the public to comment on two proposals creating a tiered structure for holding companies with over $100 billion of assets. At a meeting, the Fed voted 3-1 to issue separate proposals to restructure several key aspects of its post-crisis regulatory framework, thereby reducing capital, liquidity and procedural requirements for many...October 26, 2018On Friday, October 26, 2018, the Bureau issued a press release that it is expecting to issue proposed rules in January 2019 that will reconsider the Bureau's rule regarding Payday, Vehicle Title, and Certain High-Cost Installment Loans and address the rule's compliance date. The Bureau will make final decisions regarding the scope of the proposal closer to the issuance of the proposed rules...