Bank Notes

  • 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 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...

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