Bank Notes

  • March 29, 2016
    On Tuesday, March 29, 2016, Federal Reserve Chair Janet Yellen gave a speech on monetary policy to the Economic Club of New York. In her remarks, she reiterated the Federal Open Market Committee (FOMC) "expects that economic conditions will evolve in a manner that will warrant only gradual increases in the federal funds rate." Describing the FOMC’s position as a forecast “not a plan set in stone...
  • March 29, 2016
    On Tuesday, March 29, 2016, the CFPB released its latest monthly consumer complaint snapshot , focusing this month on debt collection and the state of Florida. The Bureau received 834,400 complaints across all covered products as of March 1, 2016, of which debt collection complaints represent 26 percent (or 219,200). The most frequent complaints included continued attempts to collect debt not...
  • March 28, 2016
    On March 28, 2016, the Government Accountability Office (GAO) released a report titled: “Financial Regulation: Complex and Fragmented Structure Could Be Streamlined to Improve Effectiveness.” According to the GAO report, the U.S. financial regulatory structure is too complex and fragmented. The report finds, while the current structure allows for effective financial regulation in some key areas,...
  • March 23, 2016
    On Wednesday, March 23, 2016, the CFPB issued an advisory and a report with recommendations for banks and credit unions on how to prevent, recognize, report, and respond to financial exploitation of older Americans. According to the Bureau, financial exploitation, the illegal or improper use of a person’s funds, property or assets, is the most common form of elder abuse and costs seniors billions...
  • March 22, 2016
    On Tuesday, March 22, 2016, the CFPB released its annual report from the Office of Servicemember Affairs highlighting complaints submitted in 2015 and CFPB enforcement actions directly impacting the military community. The report claims servicemembers have submitted to the Bureau debt collection complaints at nearly twice the rate of non-military consumers. In addition, the report highlights the...
  • March 22, 2016
    The CFPB issued an interim final rule on Tuesday, March 22, 2016, which broadened the availability of certain special provisions for small creditors operating in rural or underserved areas. The new rule, which takes effect March 31, 2016, implements the Helping Expand Lending Practices in Rural Communities (HELP) Act, which allows more small creditors operating in rural or underserved areas to...
  • March 21, 2016
    On Monday, March 21, 2016, the OCC, Federal Reserve, FDIC, National Credit Union Administration (NCUA), and the Financial Crimes Enforcement Network (FinCEN), published guidance to clarify the applicability of the customer identification program (CIP) regulations implementing Section 326 of the USA PATRIOT Act to prepaid cards. The guidance specifically discusses the treatment under the CIP...
  • March 21, 2016
    On Monday, March 21, 2016, the U.S. House of Representatives unanimously approved S. 2393 , the Foreclosure Relief and Extension for Servicemembers Act of 2015. CBA joined other trade associations in sending a letter to House Speaker Paul Ryan (R-WI) and Minority Leader Nancy Pelosi (D-CA) expressing support for the legislation which would extend through 2017 an expired provision providing one...
  • March 18, 2016
    On Friday, March 18, 2016, a federal district court entered final judgment against debt relief company Morgan Drexen, Inc., resolving a lawsuit filed by the CFPB in August of 2013. The Bureau’s lawsuit against Morgan Drexen alleged the company charged illegal upfront fees and deceived consumers. The court found the company violated federal law, prohibited Morgan Drexen from collecting any further...
  • March 18, 2016
    On Friday, March 18, 2016, Comptroller of the Currency Thomas Curry delivered remarks at the National Community Reinvestment Coalition (NCRC) conference where he addressed how national banks and federal savings associations can more effectively serve the credit needs of rural communities, especially those who are economically distressed. During his remarks, Comptroller Curry mentioned changes to...

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