Bank Notes

  • 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
    The CFPB’s Office for Older Americans announced it will hold a webinar on May 25, 2016, at 2 p.m. EDT on how banks and credit unions can better protect older consumers from financial abuse. The webinar will highlight a recent CFPB report which looks at financial exploitation, case scenarios, and detailed recommendations for banks and credit unions for how to prevent, recognize, report, and...
  • May 6, 2016
    On Wednesday, May 4, 2016, the Federal Housing Finance Agency (FHFA) announced it has increased the 2016 multifamily lending caps for Fannie Mae and Freddie Mac from $31 billion to $35 billion, effective immediately. The adjustment is consistent with FHFA's 2016 Scorecard for the Enterprises in which FHFA committed to review the estimates for the size of the multifamily finance market each...
  • 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...
  • May 6, 2016
    On Thursday, May 5, 2016, the CFPB released its arbitration rulemaking proposal and the Final Report of the small business review panel. The proposal prohibits covered providers of consumer financial products and services from using pre-dispute arbitration agreements to prevent consumers from filing or participating in a class action against the provider. The proposal is largely consistent with...

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