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- March 3, 2016On Thursday, March 3, 2016, the CFPB incorporated feedback from CBA members and revised its Company Portal Manual for financial institutions using its consumer complaint portal. Notable changes included: A revised the definition of a “duplicate” complaint with the intention of providing more accurate overall complaint numbers. Re-categorized complaint resolution and added additional “...March 2, 2016On Wednesday, March 2, 2016, the CFPB announced an enforcement action against online payment platform Dwolla for allegedly deceiving consumers about its data security practices and the safety of its online payment system. “Consumers entrust digital payment companies with significant amounts of sensitive personal information,” said CFPB Director Richard Cordray in a statement . “With data breaches...March 2, 2016On Wednesday, March 2, 2016, the CFPB announced an application process for areas outside of rural counties or census blocks to request rural designation. This process would allow more areas to be eligible for certain exemptions and provisions for some mortgage lenders. Applicants would provide information allowing the CFPB to evaluate the request under the parameters in the Helping Expand Lending...March 2, 2016On Wednesday, March 2, 2015, the FDIC and Securities and Exchange Commission jointly issued a proposal to implement the orderly liquidation of covered brokers and dealers under the Dodd-Frank Act. Comments are due May 2, 2016.March 1, 2016On Tuesday, March 1, 2016, the CFPB published volume 8 of its Monthly Report , covering complaints received in January, as well as a focus on the Houston area and complaints pertaining to prepaid cards. As of February 1, 2016, the Bureau has handled approximately 811,700 complaints, including approximately 21,800 complaints in January 2016. Notable takeaways included: For the second month in a...March 1, 2016On Tuesday, March 1, 2016, CBA and other trades sent a letter to congressional leadership urging them to restore and extend the one-year protection from foreclosure for military personnel leaving active duty under the Servicemembers Civil Relief Act (SCRA). At the end of 2015, the one-year protection from foreclosure reverted back to 90 days, leaving many institutions concerned about being forced...February 25, 2016On Thursday, February 25, 2016, the CFPB Consumer Advisory Board ( CAB ) met to discuss the Bureau’s strategic outlook for 2016-2017 and Financial Well-Being. In prepared remarks , CFPB Director Richard Cordray discussed the agency’s nine priorities for the next two years, including mortgage lending, student loans and servicing, consumer reporting, small business lending, financial tools for...February 24, 2016On Wednesday, February 24, 2016, the House Education and Workforce Committee convened a hearing on the U.S. Department of Education’s Fiscal Year 2017 budget. The lone witness, Department Acting Secretary Dr. John King highlighted the proposed two percent increase in Department funding, which would promote preschool for all, expand the initiative to provide two years of free community college,...February 23, 2016On Tuesday, February 23, 2016, the CFPB issued two consent orders against Citibank, settling allegations the bank engaged in illegal debt collection and debt sales practices. In the first action , the Bureau alleges Citibank violated Dodd-Frank’s ban on unfair, deceptive or abusive acts or practices when it sold consumer credit card debt to debt buyers with “inflated interest rates” and failed to...February 22, 2016On Monday, February 22, 2016, CBA and other associations responded to the OCC’s request for comment on higher loan-to-value (LTV) lending in communities targeted for revitalization. The purpose of the request for comment is to fulfill the Paperwork Reduction Act requirements pursuant to the Draft Bulletin: Risk Management Guidance for Higher Loan-to-Value Lending in Communities Targeted for...