Bank Notes

  • March 30, 2016
    On Wednesday, March 30, 2016, the Federal Reserve (Fed) issued the results of its fifth annual survey on Consumers and Mobile Financial Services, which showed consumer adoption of mobile phones has plateaued at 87 percent. However, the percentage of mobile phone that are smartphones climbed 6 points to 71 percent. While mobile banking usage in general jumped 4 points, usage on smartphones only...
  • March 30, 2016
    On Wednesday, March 30, 2016, the CFPB issued a consent order to stop a student loan debt relief scam which allegedly tricked borrowers into paying fees for federal loan benefits and misrepresented to consumers it was affiliated with the U.S. Department of Education. The CFPB ordered the company, Student Aid Institute, Inc., and its CEO, Steven Lamont, to pay a penalty, halt debt relief services...
  • March 30, 2016
    This week, the CFPB indicated credit card issuers will receive an email with updated instructions regarding submission requirements for sending credit card agreements to the Bureau per The Truth in Lending Act and Regulation Z. The one-year reprieve from this requirement now has expired. The CFPB has attempted to alleviate the submission burden by allowing issuers to send webpage links in lieu of...
  • 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 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 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...

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