Bank Notes

  • June 1, 2016
    At 12:01 a.m. this morning, the CFPB released its highly anticipated proposal on small-dollar lending. Based on the Bureau's press release and an initial review, the proposal will make it difficult for any lender to offer affordable, easy to use products to consumers that have few, if any, other short-term liquidity options. Loans covered under the rule include payday loans, vehicle title loans,...
  • May 27, 2016
    On Friday, May 27, 2016, the FDIC released its schedule of Community Reinvestment Act (CRA) examinations to occur during the third quarter of 2016. On Wednesday, June 1, 2016, the OCC also released its third quarter schedule of CRA evaluations. Currently, the FDIC is set to examine 213 banks and the OCC will evaluate 82 banks over the three month period.
  • May 26, 2016
    On Thursday, May 26, 2016, the CFPB announced action against a former Wells Fargo employee for an alleged illegal mortgage fee-shifting scheme. The CFPB claims the employee referred a substantial number of loan closings to a single escrow company, which shifted its fees from some customers to others at the employee’s request, allowing him to allegedly manipulate loan costs and ultimately increase...
  • May 25, 2016
    On Wednesday, May 25, 2016, the House Appropriations Subcommittee for Financial Services and General Government approved by voice vote its Fiscal Year 2017 appropriations bill, which provides funding for the U.S. Treasury Department, the U.S. Small Business Administration, and the Internal Revenue Service, among other agencies and programs. The bill provides $21.7 billion in funding—$1.5 billion...
  • May 25, 2016
    On Wednesday, May 25, 2016, the FDIC held a meeting of its Advisory Committee on Economic Inclusion to discuss ways mobile financial services (MFS) can be used to bring underserved consumers into the banking industry. In a report released the same day, FDIC researchers offered “seven core financial services needs” for underserved consumers: control over finances, access to money, convenience,...
  • May 24, 2016
    On Tuesday, May 24, 2016, the Senate approved by a vote of 56-41 a resolution to block the U.S. Department of Labor’s Fiduciary Rule, with the House approving a similar resolution last month. Despite these efforts, President Obama will undoubtedly veto the measure, and Congress does not have a two-thirds majority needed to override the President’s veto. On April 6, 2016, the Department of Labor...
  • May 24, 2016
    On Tuesday, May 24, 2016, the CFPB released its monthly consumer complaint snapshot , highlighting credit reporting complaints, as well as complaints in New Mexico. As of May 1, 2016, the Bureau has handled more than 882,800 complaints across all products. Since the CFPB began accepting credit reporting complaints in October 2012, the Bureau has handled approximately 143,700 submissions on the...
  • May 24, 2016
    On Tuesday, May 24, 2016, a group of nine House Republican lawmakers sent a letter to the Government Accountability Office requesting information on the impact of regulations on the financial technology industry, commonly referred to as “fintech.” The letter states how the new evolution in the financial and technological industries “shows tremendous promise to expand the reach of regulated...
  • May 23, 2016
    On Monday, May 23, 2016, the U.S. Circuit Court of Appeals in Manhattan ruled there was insufficient evidence for a jury to conclude at a 2013 trial that mail and wire fraud was committed by the Bank of America’s Countrywide Financial unit. Accordingly, the Court ruled Bank of America was not liable for fraud and subject to a penalty of more than $1.2 billion. Countrywide was sued in 2012 for...
  • May 20, 2016
    On Monday, May 16, 2016, the Office of the Comptroller of the Currency, the Federal Reserve, the Federal Deposits Insurance Corporation, the Federal Housing Finance Agency, the National Credit Union Administration, and the Securities and Exchange Commission jointly issued a proposed rule to prohibit incentive-based pay that encourages inappropriate risk-taking in financial institutions, pursuant...

Pages