Bank Notes

  • February 9, 2016
    On Tuesday, February 9, 2016, the White House announced its plans to implement a new Cybersecurity National Action Plan (CNAP). Through additional investment, public education, and coordination with the private sector, the plan seeks to strengthen the nation’s cybersecurity. Paired with the release of the President’s final budget proposal, the plan provides a 35 percent increase in cybersecurity...
  • February 9, 2016
    In his remarks at the National Interagency Community Reinvestment Conference on Tuesday, February 9, 2016, Comptroller of the Currency Thomas Curry indicated the OCC will release in the coming months a “Risk Management Guidance for Higher Loan-to-Value Lending in Communities Targeted for Revitalization.” This guidance is in response to concerns about barriers to financing homes and stabilizing...
  • February 8, 2016
    On Monday, February 8, 2016, CBA responded to a request for comment by the U.S. Department of Education regarding their forthcoming Enterprise Complaint System, which is mandated by the White House Student Aid Bill of Rights Presidential Memorandum . CBA advocated that the Department follow the Federal Trade Commission model and keep complaints private and only conveys information to the...
  • February 4, 2016
    On Thursday, February 4, 2016, in conjunction with a field hearing held in Louisville, KY, the Bureau sent a letter to the 25 largest retail banks encouraging them to make available and widely market SAFE accounts – basic checking accounts without overdraft, targeted to the underbanked or those consumers who have been denied traditional accounts. The CFPB also issued a bulletin warning...
  • February 4, 2016
    This week, the House considered and passed several financial services bills. Among them, on Thursday, February 4, 2016, the House passed a bill introduced by Rep. Blaine Luetkemeyer (R-MO), H.R. 766 , Financial Institution Customer Protection Act of 2015, which would prohibit federal bank regulators from ordering or pressuring banks to terminate customer accounts unless given "material reason to...
  • February 2, 2016
    On Tuesday, February 2, 2016, the CFPB announced a settlement , in conjunction with a Department of Justice (DOJ) action , with Toyota Motor Credit Corporation to resolve discriminatory outcomes in auto lending. Under the agreement, Toyota Credit will pay $21.9 million in restitution to African American and Asian or Pacific Islander consumers for pricing disparities from non-Hispanic white...
  • February 2, 2016
    On Tuesday, February 2, 2016, the House Financial Services Committee adopted by a vote of 33 to 24 its Budget Views and Estimates for financial services programs for Fiscal Year 2017. The Views and Estimates will now be submitted to the Budget Committee for consideration in formulating a budget resolution, which, by statute, is to be completed by April 15 of each year. In his opening statement,...
  • February 2, 2016
    On Tuesday, February 2, 2016, the Federal Reserve released a progress report on its faster payments initiative. This report comes a little more than a year since the agency presented its paper on Strategies for Improving the U.S. Payment System . The Fed, along with its Faster Payments Taskforce and Secured Payments Taskforce, has finalized “Effectiveness Criteria” for faster payments aimed at...
  • February 2, 2016
    This week, the CFPB announced an upcoming webinar hosted by the Federal Reserve which will address specific questions related to the Know Before you Owe mortgage disclosure rule and construction lending. The webinar will take place on Tuesday, March 1, 2016, at 2 p.m. EDT.
  • February 1, 2016
    In its winter 2015 Supervisory Highlights , released Monday, February 1, 2016, the FDIC issued guidance for its supervised banks doing business with marketplace lenders. The agency advised, “before participating in marketplace lending, financial institution management should identify potential vulnerabilities and implement an effective risk-management strategy that protects the bank from undue...

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