Bank Notes

  • 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
    The CFPB , on Wednesday, May 18, 2016 issued a report finding that one-in-five single-payment auto title loan borrowers have their vehicle seized by their lender for failure to repay. According to the CFPB’s research, more than four-in-five of these loans are renewed on their due date because borrowers cannot afford to repay. More than two-thirds of auto title loan business come from borrowers...
  • 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...
  • May 20, 2016
    On Thursday, House Financial Services Committee Ranking Member Maxine Waters (D-CA) introduced H.R. 5282 , The Comprehensive Consumer Credit Reporting Reform Act of 2016. The bill would: Force credit bureaus to prove the accuracy and completeness of credit information; Shorten the time adverse credit information stays on a report to four years and quickly remove paid and settled debts; Allow...
  • May 20, 2016
    CBA's Vice President and Regulatory Counsel Dong Hong testified before the House Financial Services Subcommittee on Financial Institutions and Consumer Credit on Wednesday, May 18, 2016. The hearing examined the CFPB's proposed rulemaking on arbitration. Key takeaways from the hearing include: Republicans generally agreed consumers benefit from being able to participate in arbitration. Also, they...
  • May 20, 2016
    On Wednesday, May 18, 2016, the Senate Commerce Committee held a hearing on “The Telephone Consumer Protection Act at 25: Effects on Consumers and Business.” The hearing featured testimony from Squire Patton Boggs' Monica Desai, who serves as CBA's outside counsel in an ongoing lawsuit challenging the FCC's TCPA Order. Key takeaways from the hearing include: Industry representatives explained...
  • May 20, 2016
    On Monday, May 16, 2018, the U.S. Supreme Court released the long-awaited decision in Spokeo, Inc v. Robins . In a 6 to 2 vote, Justice Alito writing for the Court found: The “injury in fact” requirement to establish standing mandates a plaintiff prove both concrete and particularized harm. Since the appeals court only considered the “particularization” aspect and not the “concrete” element, the...
  • May 20, 2016
    On Wednesday, May 18, 2016, the CFPB updated its rulemaking agenda . A statement from Kelly Cochran, CFPB's Assistant Director for Regulations, provides additional context to the Bureau’s regulatory plans across a number of important areas: Arbitration: A notice of proposed rulemaking was released on May 5. Payday, Auto Title, and Similar Lending Products: A notice of proposed rulemaking is...
  • May 20, 2016
    The CFPB announced it will conduct a field hearing in Kansas City, Missouri, concerning small-dollar lending on Wednesday, May 18, 2016. The hearing will take place on Thursday, June 2 at 10 a.m. (CDT) at the Kansas City Convention Center’s Municipal Auditorium Complex Music Hall. The hearing will feature remarks from CFPB Director Richard Cordray and testimony from consumer groups, industry...

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