Bank Notes

  • January 29, 2016
    On Friday, January 29, 2016, the CFPB announced the settlement administrator distributed checks to consumers for restitution under the Ally Bank indirect auto settlement. As a reminder, the Ally enforcement action was filed in December of 2013 and ordered Ally to pay $80 million in consumer restitution and $18 million to the CFPB in civil money penalties.
  • January 29, 2016
    On Friday, January 29, 2016, CBA President and CEO Richard Hunt joined other banking trade heads in sending a letter to CFPB Director Richard Cordray requesting further clarification on TILA-RESPA Integrated Disclosure (TRID) requirements. The letter was in response to a December 29, 2015 communication from Director Cordray stating banks may correct minor errors and oversights on disclosure forms...
  • January 28, 2016
    On Thursday, January 28, 2016 the CFPB released the latest edition of its Monthly Complaint Report , which focused on complaints in the New York Metro area, as well as those falling into the “other financial services” category. Below are notable takeaways: For three months in a row, the top three “Most Complained about Companies” are credit bureaus, not banks. Prepaid complaints showed the...
  • January 28, 2016
    The CFPB field hearing focused on access will now take place on Wednesday, February 3 at 11:00 a.m. EST in Louisville, KY. The field hearing follows-up to the agency’s October 2014 forum on checking account access and screening.
  • January 28, 2016
    On Thursday, January 28, 2016, the OCC released economic and financial market scenarios to be used in upcoming stress tests for covered institutions with more than $10 billion in assets. The supervisory scenarios include baseline, adverse, and severely adverse scenarios, as described in the OCC’s final rules implementing stress test requirements of the Dodd-Frank Act.
  • January 27, 2016
    On Wednesday, January 27, 2016, CBA and other trade associations requested the U.S. Department of Defense (DOD) extend until March 1, 2016 its deadline for financial institutions to opt-in for access to the Pentagon’s Defense Manpower Data Center database (DMDC). The DMDC database allows lenders to verify military status for applicants applying for consumer credit other than a mortgage or...
  • January 22, 2016
    The new Military Lending Act (MLA) regulations require banks to determine military status for applicants applying for consumer credit other than a mortgage or purchase money loan. Lenders who verify military status through the U.S. Department of Defense (DOD) database or a nationwide credit bureau will be provided a compliance safe harbor. By February 1, 2016, bankers must email dodhr.dodc-mb...
  • January 22, 2016
    On Friday, January 22, 2016, in anticipation of severe winter storms, the OCC issued a statement authorizing national banks and other federal savings associations in potentially impacted areas to close, but cautioned them on their responsibility to consumers. The agency reminded banks of their obligations to aid financial institutions and consumers affected by the storm, and recognized the...
  • January 21, 2016
    On Thursday, January 21, 2016, the CFPB took action against Herbies Auto Sales, a buy-here pay-here used car dealer, for allegedly using abusive financing schemes, hiding auto finance charges and misleading consumers. Under the consent order, Herbies is required to pay $700,000 in redress to consumers, with a suspended civil penalty of $100,000. The company also must stop deceiving consumers...
  • January 20, 2016
    On Wednesday, January 20, 2016, the House Financial Services Committee (HFSC) released a report entitled: “Unsafe at any Bureaucracy, Part II: How the Bureau of Consumer Financial Protection Removed Anti-Fraud Safeguards to Achieve Political Goals.” The second in a series, the report investigates the CFPB’s actions in the indirect auto market. In conjunction with the release, the HFSC also...

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