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- May 20, 2016On 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 13, 2016On Thursday, May 12, 2016, the CFPB launched its Spanish-language Twitter and Facebook accounts, the latest of the agency’s efforts to provide resources in Spanish. Currently, the Bureau offers Spanish version of its website, a portion of its blog posts, and its AskCFPB webpage.May 13, 2016On Wednesday, May 11, 2016, the CFPB took action against All American Check Cashing, Inc., for allegedly using deceptive tactics, including not disclosing fees to consumers, misrepresenting its payday loan products, and retaining consumers’ overpayments. The Bureau’s complaint also names Mid-State Finance, Inc., another payday loan and check cashing company, and Michael Gray, the President and...May 13, 2016On Tuesday, May 11, 2016, the U.S. Treasury Department published a white paper addressing the emerging marketplace lending sector of finance. Entitled: “Opportunities and Challenges in Online Marketplace Lending,” the document follows a Request for Information (RFI) issued in late 2015. Treasury described the document as a process to better understand the potential opportunities and risks...May 13, 2016On Tuesday, May 10, 2016, the OCC issued a new “Student Lending booklet ” of the Comptroller’s Handbook , prepared for use by OCC examiners in connection with their examination and supervision of national banks and federal savings associations engaged in private student lending. This booklet addressed the risks in private student lending by banks and in regulatory expectations for safe and sound...May 13, 2016On Tuesday, May 10, 2016, the Electronic Payments Coalition, of which CBA is a member, sent a letter House leadership requesting assistance in advancing data security and breach notification legislation. CBA remains supportive of H.R. 2205, the Data Security Act of 2015, which passed 46-9 through the House Financial Services Committee in December of 2015 with strong bipartisan support. The letter...May 13, 2016According to news reports, on Monday, May 9, 2016, Integrity Advance filed a lawsuit against the CFPB in D.C. District Court arguing the Bureau did not have authority to file a lawsuit against the company because it stopped offering loans before Director Richard Cordray was confirmed by the Senate. As previously reported, the CFPB announced an enforcement action against Integrity Advance on...May 13, 2016On Friday, May 6, 2016, the Federal Communications Commission released a Notice of Proposed Rulemaking ( NPRM ) to implement the Bipartisan Budget Act provision exempting servicers of government debt from the Telephone Consumer Protection Act (TCPA). The NPRM solicits feedback on numerous questions including which calls should be covered, who can be called, and the limits on number and duration...