Bank Notes

  • 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 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...

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