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- June 6, 2016On Monday, June 6, 2016, the CFPB announced it had filed suit against payment processer Intercept Corporation and two of its executives, Bryan Smith and Craig Dresser, for allegedly enabling unauthorized and other illegal withdrawals from consumer accounts by their clients. In the suit filed in federal district court, the CFPB alleges Intercept turned a blind eye to blatant warning signs of...June 1, 2016At 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,...June 1, 2016On Wednesday, June 1, 2016, the Federal Register published the prudential regulators joint rulemaking proposal on the Net Stable Funding Ratio (NSFR). This rule, when finalized, is intended to complement other rules (e.g., Basel Capital, Liquidity Coverage Ratio) implemented to promote the stability of the banking industry. Specifically, the NSFR would require covered companies to maintain a...June 1, 2016On Wednesday, June 1, 2016, the FDIC released the Quarterly Banking Profile for the first quarter of the year. While there continue to be signs of improvement in the banking industry, lagging revenue in the energy sector raised some cause for concern. Improvements Net operating revenue of $173 billion was 2.7 percent higher than a year ago; More than half of banks (61.4 percent) reported higher...May 27, 2016On 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, 2016On 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, 2016On 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, 2016On 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, 2016On 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, 2016On 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...