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
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
Last July, the OCC announced its decision to accept applications for special purpose national bank (SPNB) charters from fintech companies. ...more
Comptroller of the Currency Joseph Otting appeared before the House Financial Services Committee yesterday and before the Senate Banking Committee yesterday....more
6/15/2018
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Community Reinvestment Act ,
Consumer Lenders ,
Financial Services Committee ,
Financial Services Industry ,
FinTech ,
Madden v Midland Funding ,
OCC ,
Regulatory Oversight ,
Rulemaking Process ,
Special Purpose National Bank Charter
Comptroller of the Currency Joseph Otting is scheduled to make two appearances before Congress next week.
On Wednesday, June 13, 2018, he is scheduled to appear before the House Financial Services Committee at a hearing...more
In addition to the CFPB’s Spring 2018 rulemaking agenda that we have already blogged about, the Spring 2018 rulemaking agendas of several other federal agencies contain some items of interest to consumer financial services...more
5/18/2018
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Arbitration Agreements ,
Borrower Defense Rule ,
Community Reinvestment Act ,
Consumer Financial Products ,
Consumer Lenders ,
Financial Services Industry ,
NCUA ,
OCC ,
Regulatory Oversight ,
Regulatory Standards ,
Rulemaking Process
A New York federal district court has dismissed the lawsuit filed by the New York Department of Financial Services (DFS) challenging the OCC’s authority to grant special purpose national bank (SPNB) charters to nondepository...more
12/14/2017
/ Article III ,
Banking Sector ,
CSBS ,
Dismissals ,
Financial Services Industry ,
FinTech ,
National Bank Charters ,
NYDFS ,
OCC ,
Popular ,
Regulatory Oversight ,
Special Purpose National Bank Charter ,
Standing ,
Technology Sector
In an update to its Policies and Procedures Manual (PPM), the Office of the Comptroller of the Currency (OCC) has revised PPM 5310-3, “Enforcement Action Policy,” dated September 9, 2011. The PPM sets forth the OCC’s policies...more
The CFPB, Fed, and OCC have published notices in the Federal Register announcing that they are increasing three exemption thresholds that are subject to annual inflation adjustments. Effective January 1, 2018 through...more
11/10/2017
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Exemptions ,
Federal Reserve ,
Inflation Adjustments ,
Mortgages ,
OCC ,
Regulation M ,
Regulation Z ,
Threshold Requirements ,
Truth in Lending Act (TILA)
In a letter dated August 16, 2017 to House Judiciary Committee Chairman Bob Goodlatte, Assistant U.S. Attorney General Stephen Boyd stated that “[a]ll of the [DOJ’s] bank investigations conducted as part of Operation...more
At the Comply2017 conference held earlier this week in New York City, Scott Steckel, a member of the CFPB’s Office of Consumer Response, gave a presentation in which he detailed the CFPB’s complaint process and how the CFPB...more
The American Bankers Association and numerous media sources, including Politico and American Banker, have reported that the White House has announced that President Trump will nominate Joseph Otting to serve as Comptroller of...more
The Treasury Department has issued a press release announcing that Treasury Secretary Mnuchin plans to appoint Keith A. Noreika as a Deputy Comptroller and designate him the First Deputy Comptroller of the OCC. Effective May...more
In a recent blog post, Alan Kaplinsky and Scott Pearson wrote about the remarks made by CFPB Director Richard Cordray and Comptroller of the Currency Thomas Curry at the LendIt USA conference in New York City earlier this...more
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 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
8/29/2016
/ Add-ons ,
Banking Sector ,
Banks ,
Civil Monetary Penalty ,
Consent Order ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Enforcement Actions ,
Fees ,
Financial Services Industry ,
First National ,
Misrepresentation ,
OCC ,
Restitution ,
UDAAP
In his April 2016 appearance before the Senate Banking Committee, Director Cordray made clear that FinTech companies are on the CFPB’s radar screen. In particular, he indicated that while FinTech companies should not have an...more
The Office of the Comptroller of the Currency recently issued a revised Policies and Procedures Manual (PPM) for assessing civil money penalties (CMP). The PPM applies to CMPs assessed against all national banks, federal...more
The CFPB will be participating in the FTC’s third “Debt Collection Dialogue” to be held in in Atlanta, Georgia on November 18, 2015. Gregory Nodler, CFPB Senior Counsel for Enforcement Policy and Strategy, is scheduled to be...more
Consistent with recent indications from CFPB and Department of Justice officials that more redlining cases would soon be coming, the CFPB and DOJ have announced a proposed consent order with Hudson City Savings Bank to settle...more
9/28/2015
/ Banking Sector ,
Banks ,
Community Reinvestment Act ,
Compliance ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
CRA ,
Department of Justice (DOJ) ,
Discrimination ,
ECOA ,
Fair Housing Act (FHA) ,
Fair Lending ,
Financial Institutions ,
Investigations ,
Mortgage Brokers ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
OCC ,
Race Discrimination ,
Redlining ,
Statistical Analysis