Bank Notes

  • August 22, 2016
    On Monday, August 22, 2016, the CFPB entered into a consent order with Wells Fargo Bank for private student loan servicing practices which allegedly increased costs and penalized certain student loan borrowers. The Bureau identified breakdowns throughout Wells Fargo’s servicing process including failing to provide important payment information to consumers, charging consumers unnecessary fees,...
  • August 19, 2016
    On Friday, August 19, 2016, the CFPB announced the appointment of new members to its four Advisory Boards and Councils , comprising experts from outside the federal government and provide the Bureau with advice on consumer financial issues and emerging market trends. The appointments included the following CBA members: Will Howle , CBA Board Chairman and Citi’s President of U.S. Retail Banking,...
  • August 18, 2016
    On Thursday, August 18, 2016, the Federal Reserve Board announced the launch of a Facebook page , named “Board of Governors of the Federal Reserve System.” In the press release, the Fed indicates posts will include “press releases, speeches, testimony, reports, and educational material, frequently asked questions, photos, and videos.” The Fed has posted new content daily since the launch, mainly...
  • August 18, 2016
    On Thursday, August 18, 2016, the CFPB Student Loan Ombudsman released the mid-year report highlighting consumer complaints about student loan servicing and access to income-based repayment plans. The Bureau stated student lending complaints focus on income-based repayment application delays, rejection based on missing application information or clerical errors, recertification issues, and...
  • August 17, 2016
    On Wednesday, August 17, 2016, the Federal Reserve (Fed) released the minutes of the July 26-27 meeting of the Federal Open Market Committee (FOMC). The minutes indicate although economic conditions in the U.S. are improving, the committee decided to maintain the current target range for the federal funds rate at one-fourth to one-half of a percent. The committee members generally agreed “it was...
  • August 17, 2016
    On Wednesday, August 17, 2016, ahead of the comment deadline for the CFPB’s arbitration rulemaking, the Pew Charitable Trusts issued an update to its annual arbitration research. In this update, Pew shows: a 6 point year-over-year increase in the use of mandatory arbitration agreements, 95 percent of consumers want the option to have a court settle their disputes, and 89 percent of consumers want...
  • August 11, 2016
    On Thursday, August 11, 2016, the Federal Communications Commission (FCC) released an order interpreting last year’s Bipartisan Budget Act (BBA) provision about government owed debt. In a three to two vote, the FCC limited the types, number, and duration of calls allowed. In summary: 60 days after published in the Federal Register, which is contingent on approval by the Office of Budget and...
  • August 11, 2016
    On Thursday, August, 11, 2016, the Federal Deposit Insurance Corporation (FDIC) announced it was retroactively downgrading BancorpSouth’s Community Reinvestment Act (CRA) rating from “satisfactory” to “needs to improve,” due to the bank’s entry into a Consent Order on June 29, 2016 with the United States Department of Justice and the CFPB to settle and resolve alleged violations of the Equal...
  • August 10, 2016
    On Wednesday, August 10, 2016, CBA and other trades, responded to the CFPB’s comment request on proposed changes to Regulation P in response to Congress’ enactment of the FAST Act in December of 2015. In the letter, the trades applauded the CFPB’s efforts to simplify Regulation P’s annual notice requirement and agreed the Bureau should eliminate the 2014 amendment’s alternative delivery method...
  • August 10, 2016
    On Wednesday, August 10, 2016, the Government Accountability Office (GAO) released a report sharing its findings regarding the CFPB’s small business review panels. These panels, referred to as Small Business Regulatory Enforcement Fairness Act (SBREFA) panels, are required by the Regulatory Flexibility Act when a CFPB rulemaking is likely to have a significant economic impact on a substantial...

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