Bank Notes

  • May 13, 2016
    On 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, 2016
    On 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, 2016
    On 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, 2016
    On 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, 2016
    On 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, 2016
    According 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, 2016
    On 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...
  • May 6, 2016
    On Friday, April 29, 2016, the Federal Financial Institutions Examination Council (FFIEC) issued a request for comment on a proposal to revise the Uniform Interagency Consumer Compliance Rating System, more commonly known as the " CC Rating System ," to reflect the regulatory, examination (supervisory), technological, and market changes that have occurred in the years since the current rating...
  • May 6, 2016
    Last week, the CFPB released its fourth Fair Lending Report outlinging the agency’s fair lending activity in 2015. A few notable items include: Regarding indirect auto, CFPB Director Director Cordray “urge[d] indirect auto lenders to carefully consider the terms of these orders as they evaluate compliance in their own lending programs.” Last year, the Office of Fair Lending and Equal Opportunity...
  • May 6, 2016
    On April 28, 2016, Rep. Blaine Luetkemeyer (R-MO) introduced H.R. 5112 , the Unfair or Deceptive Acts or Practices (UDAP) Uniformity Act. The bill would eliminate the vaguely defined “abusive” standard created by Section 1031 of the Dodd-Frank Act. Since the passage of the Dodd-Frank Act, the CFPB has not issued any guidance to define abusive practices, thereby making compliance with the standard...

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