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House Financial Services Committee announces January hearings on CRA, “rent-a-bank schemes,” mobile payments

The House Financial Services Committee has announced that it will hold the following hearings this month: On January 14, the Subcommittee on Consumer Protection and Financial Institutions will hold a hearing entitled, “The...more

CFPB revamps advisory groups

The CFPB has published a post blog indicating that it plans to reconstitute three of its advisory groups: the Consumer Advisory Board (CAB), the Community Bank Advisory Council (CBAC), and the Credit Union Advisory Council...more

Senate Banking Committee schedules Dec. 5 markup of regulatory reform bill

Last week, members of the Senate Banking Committee announced that they had reached bipartisan agreement on “legislative proposals to improve our nation’s financial regulatory framework and promote economic growth.” ...more

Plaintiffs in another case challenging CFPB’s constitutionality move to intervene in PHH case

The plaintiffs in State National Bank of Big Spring, Texas, et al. v. Lew have filed a “Motion To Intervene In Any En Banc Proceeding That May Be Granted” in the PHH case. The motion follows the D.C. federal district court’s...more

Community banks trade group asks Trump Administration to curb fair lending enforcement

The Independent Community Bankers of America issued a statement calling on the Trump administration “to rein in the overzealous application of fair lending laws.” ICBA stated that community banks are threatened by a recent...more

Fed to hold Feb. 2 consumer compliance webinar

On February 2, 2017 at 2 p.m. ET, the Federal Reserve will host a free webinar for bankers to provide a consumer compliance regulatory update. ...more

Court reported to reject request of plaintiffs in another case challenging CFPB’s constitutionality for consolidation with PHH

According to a Law360 report, the D.C. federal district court has denied the request of the plaintiffs in State National Bank of Big Spring, Texas, et al. v. Lew, et al. to consolidate their case with PHH on appeal to the...more

CFPB seeking new members for advisory groups

The CFPB has published a notice in the Federal Register announcing that it is seeking applications from persons interested in becoming members of its Consumer Advisory Board (Board), Community Bank Advisory Council (CBAC), or...more

CFPB announces annual adjustments to HMDA/TILA asset-size exemption thresholds

The CFPB has announced annual adjustments to two asset-size exemption thresholds. First, the CFPB has made no change to the asset-size exemption threshold under HMDA/Regulation C which is currently set at $44 million. ...more

Banking trade groups urge creation of commission to run CFPB

In a letter sent to Majority Leader McConnell and Minority Leader-elect Schumer, the Consumer Bankers Association, the Credit Union National Association, the Independent Community Bankers of America, and the National...more

CFPB submits proposal to expand consumer complaint feedback for OMB approval

The CFPB has taken another step towards implementing its proposal to add a survey to its current complaint intake form that a consumer could choose to complete to provide feedback on the company’s response to his or her...more

CFPB participates in Fed webinar on overdraft practices

On November 9, 2016, the Federal Reserve hosted a webinar on overdraft practices.  The CFPB was represented by Victoria Pawelski, Counsel, Supervision Policy, Supervision, Enforcement and Fair Lending.  In addition to a CFPB...more

CFPB issues fourth Financial Literacy Annual Report

The CFPB has issued its fourth Financial Literacy Annual Report to Congress. The report covers the CFPB’s activities to improve consumer financial literacy during the period from October 2015 through September 2016. The...more

CFPB enters into consent order with credit union

The CFPB announced that it has entered into a consent order with Navy Federal Credit Union to settle allegations that the credit union engaged in unfair and deceptive collection practices in violation of the Consumer...more

CFPB Community Bank Advisory Council to meet Sept. 29

The CFPB has published a notice in the Federal Register announcing that a meeting of its Community Bank Advisory Council (CBAC) will be held on September 29, 2016. The notice indicates that the CBAC will discuss youth...more

CBA President lists “Five Things the CFPB Should Do To Be More Widely Respected”

Richard Hunt, the President and CEO of the Consumer Bankers Association, recently published on his blog a list of “Five Things the CFPB Should Do To Be More Widely Respected.”   Mr. Hunt’s list consists of the following...more

Director Cordray Responds To Letter from Senators Seeking Tailored Rulemaking for Community Banks and Credit Unions

Last month, a bipartisan group of 70 senators were signatories to a letter sent to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray urging the CFPB to “carefully tailor its regulations to match the unique...more

CFPB August 2016 complaint report highlights bank account or service complaints, complaints from Ohio consumers

The CFPB has issued its August 2016 complaint report which highlights complaints about bank accounts or services and complaints from consumers in Ohio and the Columbus metro area.  The CFPB began taking bank account or...more

CFPB and OCC settles claims of alleged unlawful practices for credit card add-on products

The CFPB announced that it has entered into a consent order with First National Bank of Omaha to settle charges that the bank engaged in unfair or deceptive acts or practices in connection with the marketing and sale of...more

Director Cordray responds to letter from Senators seeking tailored rulemaking for community banks and credit unions

Last month, a bipartisan group of 70 Senators were signatories to a letter sent to Director Cordray urging the CFPB to “carefully tailor its regulations to match the unique nature of community banks and credit unions.” In...more

ABA and CBA seek revisions to generic clearance process

The American Bankers Association and the Consumer Bankers Association (the Associations) have sent a letter to the Office of Information and Regulatory Affairs (OIRA) (part of the Office of Management and Budget (OMB)) urging...more

CFPB touts initiatives in “fact sheets”

To commemorate its fifth anniversary, the CFPB released a series of “fact sheets” touting its initiatives. The “fact sheets” consist of the following: CFPB: By the numbers. The CFPB lists various statistics, such as...more

A fifth anniversary for the CFPB

Today, July 21, 2016, marks the fifth anniversary of the date on which the CFPB officially opened its doors for business. Since then, the CFPB has embarked on unprecedented initiatives that have dramatically changed the face...more

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