The Biden transition has announced the members of its agency review teams....more
On November 10, the Senate Banking Committee will hold a hearing, “Oversight of Financial Regulators.”...more
On Wednesday, February 5, the House Financial Services Committee will hold the first part of a two-part hearing on “rent-a-bank” structures. The hearing is titled “Rent-A-Bank Schemes and New Debt Traps: Assessing Efforts to...more
2/3/2020
/ Ability-to-Repay ,
Banks ,
Congressional Investigations & Hearings ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Consumer Protection Laws ,
Director Kraninger ,
Fair Lending ,
FDIC ,
Financial Regulatory Reform ,
Financial Services Committee ,
Financial Services Industry ,
Interest Rate Caps ,
Loans ,
Madden v Midland Funding ,
OCC ,
Payday Loans ,
Popular ,
Testimony
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
1/6/2020
/ Banks ,
Community Reinvestment Act ,
Congressional Investigations & Hearings ,
FDIC ,
Financial Services Committee ,
Financial Services Industry ,
FinTech ,
Interest Rate Caps ,
Interest Rates ,
Madden v Midland Funding ,
Mobile Payments ,
OCC ,
Regulatory Agenda ,
Regulatory Oversight ,
Rulemaking Process
On July 25, 2019, from 2:00 p.m. to 3:00 p.m. ET, the FDIC and CFPB will co-host a webinar to outline strategies to address and prevent elder financial abuse.
The webinar will focus on the benefits of collaboration between...more
Democratic Senators Elizabeth Warren and Doug Jones have sent a letter to the CFPB, Federal Reserve, OCC, and FDIC expressing concern that fintech and traditional lenders using algorithms in their underwriting processes are...more
Thirteen Republican Senators have sent a letter to FDIC Chairman Jelena McWilliams urging the FDIC to take action to ensure that lawful businesses are no longer at risk of adverse financial consequences as a result of...more
The FDIC has issued a request for information that seeks comment on how the FDIC can make its communications with insured depository institutions (IDIs) “more effective, streamlined, and clear.” ...more
Jelena McWilliams, President Trump’s nominee, was sworn in on June 5 for a five-year term as FDIC Chairman and a six-year term as a member of the FDIC Board of Directors. As a result, the FDIC is firmly in the hands of...more
On May 7, 2018, in Arlington, Virginia, the FDIC will host a forum, “Use of Technology in the Business of Banking.” Registration is required to attend. The forum will also be webcast live and recorded for on-demand access...more
Effective July 18, 2017, the FDIC has adopted amendments to its Guidelines for Appeals of Material Supervisory Determinations. The FDIC proposed the amendments last August and received only two comment letters, one from a...more
Politico has reported that James Clinger, President Trump’s nominee to be the next FDIC Chairperson, has asked the White House to withdraw his nomination, citing family issues....more
The White House announced that President Trump intends to nominate James Clinger to be a FDIC member for a six-year term and to be Chairperson for a five-year term, effective November 29, 2017 when the current FDIC...more
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
1/31/2017
/ Banking Sector ,
Banks ,
Community Banks ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Department of Justice (DOJ) ,
Discrimination ,
ECOA ,
Enforcement Actions ,
Fair Housing Act (FHA) ,
Fair Lending ,
Family Businesses ,
FDIC ,
Financial Institutions ,
HMDA ,
Independent Community Bankers of America (ICBA) ,
Mortgage Lenders ,
Redlining ,
Small Business ,
Trump Administration
The Trump transition team has released the names of three more individuals who will be members of the CFPB landing team. “Landing teams” are members of the incoming president’s transition team tasked with gathering...more
According to Politico, the Trump transition team has created “landing teams” that will be tasked with going into federal agencies to prepare for the change in Administrations.
Politico has reported that Paul Atkins, who...more
On December 1, 2016, the FDIC will co-host an interagency webinar that will focus on Military Lending Act regulations and the Department of Defense’s recently-released interpretive rule.
In addition to a CFPB...more
11/22/2016
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Department of Defense (DOD) ,
FDIC ,
Federal Reserve ,
Interpretive Rule ,
Military Lending Act ,
Military Service Members ,
OCC ,
Webinars
According to Politico, the CFPB, OCC, Fed and FDIC have launched a review of bank sales practices, with the reviews to be conducted as special reviews rather than as part of the regular examination process....more
10/28/2016
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Depository Institutions ,
FDIC ,
Federal Reserve ,
Loans ,
OCC ,
Sales ,
Small Business ,
Wealth Management
The American Bankers Association has sent a letter to the DOJ, Fed, OCC, FDIC, HUD and CFPB requesting confirmation “in interagency guidance, updated exam procedures, and where appropriate amended regulations that the...more
8/11/2015
/ Affordable Housing ,
American Bankers Association ,
Banking Sector ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Discrimination ,
Disparate Impact ,
Disparate Treatment ,
ECOA ,
Fair Housing Act (FHA) ,
FDIC ,
Financial Institutions ,
HUD ,
Interagency Agreement ,
OCC ,
Pattern or Practice ,
Real Estate Market ,
Residential Real Estate Market ,
SCOTUS ,
Texas Dept of Housing v Inclusive Communities
Concurrently with a proposal from the Fed to repeal Regulation AA (12 CFR part 227), the CFPB and the federal banking agencies (Fed, OCC, FDIC and NCUA) have issued interagency guidance regarding unfair or deceptive credit...more
8/27/2014
/ Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
FDIC ,
Federal Trade Commission (FTC) ,
NCUA ,
OCC ,
Regulation AA ,
Repeal ,
U.S. Treasury ,
UDAAP ,
Unfair or Deceptive Trade Practices
While Director Cordray’s appearance at the House Financial Services Committee’s hearing on the CFPB’s fifth Semi-Annual Report yesterday was accompanied by the usual dose of political theater, his testimony did yield the...more
6/20/2014
/ Automotive Industry ,
Automotive Loans ,
Banks ,
Choke Point ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Defense (DOD) ,
Department of Justice (DOJ) ,
Discrimination ,
ECOA ,
Fair Housing Act (FHA) ,
Fannie Mae ,
FDIC ,
Financial Services Committee ,
Freddie Mac ,
Information Reports ,
Lenders ,
Military Lending Act ,
Mortgages ,
Qualified Mortgage Rule
A bill introduced by Republican Senator Dan Coats would further limit the CFPB’s supervisory authority as to insured depository institutions and credit unions with total assets of $10 billion or less....more
Based on the CFPB’s rulemaking agenda issued in December 2013, we continue to expect overdraft programs to be the subject of another CFPB white paper and/or an advance notice of proposed rulemaking this year. (In June 2013,...more
Because the CFPB is not subject to the appropriations process, it remains open during the federal government shutdown. For the same reason, the Federal Reserve, the FDIC, and the OCC also remain open....more
CFPB Director Richard Cordray was among the federal financial regulators who attended a closed door meeting yesterday with President Obama. Other regulators attending the meeting included the Chairs of the Fed, FDIC and SEC....more