Bank Notes

  • October 25, 2018
    On Wednesday, October 25, CBA and the American Bankers Association sent a request to the Bureau of Consumer Financial Protection (Bureau) to immediately extend the compliance date of its finalized rule on Payday, Vehicle Title, and Certain High-Cost Installment Loans (rule) in light of the Bureau’s announced review of the rule. The current compliance date of the rule is August 19, 2019. Under its...
  • October 24, 2018
    On Wednesday, October 24, 2018, the Bureau of Consumer Financial Protection issued press release announcing a settlement with Cash Express, LLC , a small-dollar lender that offers payday and title loans, as well as cash-checking services. In the consent order, the Bureau found that Cash Express violated the Consumer Financial Protection Act (CFPA) by deceptively threatening in collection letters...
  • October 23, 2018
    On Tuesday, October 23, 2018, the OCC issued a press release regarding an assessed $100 million civil money penalty against Capital One for deficiencies in the bank’s BSA/AML programs. The deficiencies, cited in the OCC’s 2015 order against the bank, included weaknesses in its compliance program and related controls; deficiencies in its risk assessment, remote deposit capture and correspondent...
  • October 23, 2018
    On Tuesday, October 23, 2018, the Bureau released a complaint snapshot compiling consumer complaint database data from January 1, 2015 to June 30, 2018. More than 30% of total complaints were from California, Florida and Texas, though the District of Columbia had the most complaints per capita. Between January 2017 and June 2018, the Bureau has received 494,540 complaints. The Bureau noted...
  • October 23, 2018
    On Tuesday, October 23, 2018, the FDIC issued a press release regarding the results of the 2017 biennial National Survey of Unbanked and Underbanked Households claiming that for the third consecutive survey period, the number of U.S. households without a bank account fell, according to the results of the 2017 biennial National Survey of Unbanked and Underbanked Households. "The good news is that...
  • October 17, 2018
    Today, October 17, the Federal banking regulators released its latest (Fall) unified regulatory agenda . The highlights for the Bureau of Consumer Financial Protection include: Continuation of Existing Rulemaking The Bureau announced in January 2018 that it intends to engage in a rulemaking to reconsider a 2017 rule titled Payday, Vehicle Title, and Certain High-Cost Installment Loans which has a...
  • October 16, 2018
    On Wednesday, October 16, 2018, the Federal Reserve issued a press release regarding a Federal Reserve Payments Study report that the value of fraudulent noncash payments in the United States rose significantly between 2012 and 2015--outpacing growth in noncash payments overall, according to a new report based on Federal Reserve Payments Study data. The study's survey of depository institutions...
  • October 15, 2018
    On Monday, October 15, 2018, the FDIC issued a press release announcing the release of a Spanish-language version of Money Smart for Older Adults. The curriculum, now offered in English and Spanish, has been updated to provide new information and resources to help older adults and their caregivers recognize and prevent fraud, scams, and other types of financial exploitation. The curriculum also...
  • October 10, 2018
    On Wednesday, October 10, 2018, the OCC, the Board of Governors of the Federal Reserve, the FDIC, the Farm Credit Administration, and the Federal Housing Finance Agency (collectively, the agencies) issued a bulletin regarding a final rule in the Federal Register to amend their regulations regarding the minimum margin and capital requirements for registered swap dealers, major swap participants,...
  • October 10, 2018
    On Wednesday, October 10, 2018, the OCC, the Board of Governors of the Federal Reserve, the FDIC, the National Credit Union Administration, and the state regulators issued a press release to recognize the serious impact of Hurricane Michael on the customers, members, and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject...

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