News & Analysis as of

Community Banks Consumer Financial Protection Bureau

Regulators Tackle Board Effectiveness and Overdrafts

by Bryan Cave on

Host Jonathan Hightower is joined by Ken Achenbach to discuss this week's proposed guidance from the Federal Reserve on the effectiveness of bank boards. In addition, at the outset of the episode Jonathan and Ken reviewed...more

The Department of the Treasury Issues Recommendations on the Regulation of U.S. Depository Institutions

by Jones Day on

"A Financial System that Creates Economic Opportunities: Banks and Credit Unions," a Report by the Department of the Treasury, identifies potential reforms that would promote the "Core Principles for Regulating the United...more

CFPB Community Bank Advisory Council to meet April 25

by Ballard Spahr LLP on

On April 25 2017, the CFPB will hold a meeting of its Community Bank Advisory Council in Washington, D.C. at which Acting Deputy Director David Silberman will give remarks....more

NAFCU urges regulatory relief for credit unions in letter to Secretary of the Treasury Mnuchin

by Ballard Spahr LLP on

On February 28, 2017, B. Dan Berger, President and Chief Executive Officer of the National Association of Federally-Insured Credit Unions (the “NAFCU“), urged regulatory relief for credit unions in a letter submitted to the...more

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

by Ballard Spahr LLP on

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

2017 Resolutions for Community Banks: A Focus on Cybersecurity

by Hogan Lovells on

In December 2016, Thomas Curry, the Comptroller of the Currency, stated that cybersecurity was the single greatest systemic threat to our financial system. He was not being hyperbolic. Cybersecurity should be on...more

Dodd-Frank and Other Laws Facing Indefinite Future in 2017

As 2017 begins, financial markets and the regulators that oversee them are facing significant uncertainty. When President-elect Donald Trump assumes the Oval Office on Jan. 20, all indications suggest that it will mark a...more

Banking trade groups urge creation of commission to run CFPB

by Ballard Spahr LLP on

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

CFPBs Meeting with Community Bank Advisory Council Provides Insights into Upcoming Debt Collection Rules

Last week , the Consumer Financial Protection Bureau (CFPB) met with the Community Bank Advisory Council (CBAC) to discuss the CFPB’s July 28, 2016, outline of the proposed debt collection rules (Outline) intended to...more

CFPB Community Bank Advisory Council to meet Sept. 29

by Ballard Spahr LLP on

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

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

by Ballard Spahr LLP on

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

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

by Ballard Spahr LLP on

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

CFPB announces new appointments to advisory groups

by Ballard Spahr LLP on

The CFPB has announced the appointment of new members to its Consumer Advisory Board, Community Bank Advisory Council, Credit Union Advisory Council, and Academic Research Council. In January 2016, the CFPB published a...more

State Banking Regulators Issue Annual Report

What were state banking regulators focused on last year? A new report from the Conference of State Bank Supervisors (CSBS) reveals that state regulators "increased coordination and collaboration between state regulators and...more

CFPB Community Bank Advisory Council to meet on April 21

by Ballard Spahr LLP on

The CFPB will hold a meeting of its Community Bank Advisory Council on April 21, 2016 in Washington, D.C. According to the CFPB’s notice published in today’s Federal Register, there will be a discussion of the CFPB’s...more

Payday Lending, Exemption for Community Banks, Arbitration and Ally Were the Hot Topics During CFPB Director Cordray's Testimony...

by Clark Hill PLC on

There was no shortage of emotionally charged rhetoric and pointed accusations during yesterday's testimony of the Consumer Financial Protection Bureau's (CFPB or "Bureau") Director, Richard Cordray, before the House Financial...more

Virtual Currencies and the Risks They Bring to Community Banks and the Financial Industry

Virtual currencies are once again at the forefront of discussion about top issues facing community banks and the financial industry as a whole. The Independent Community Bankers of America (“ICBA”), a trade association...more

Financial Services Weekly News - January 2016

by Goodwin on

Regulatory Developments - CFPB Responds To Industry’s TRID Implementation Concerns: On Dec. 29 the CFPB responded to a letter by the Mortgage Bankers Association (MBA) from Dec. 21. The MBA letter asked the CFPB to...more

Financial Services Weekly News - December 2015 #2

by Goodwin on

Regulatory Developments - FINRA Proposes to Adopt Capital Acquisition Broker Rules - On Dec. 4 FINRA filed with the SEC a proposal to create a separate rule set that would apply to firms that meet the definition of...more

Small Lenders Score a Needed Win before the CFPB: New Regs for Small Lenders Serving Rural and Underserved Areas Offers New...

by Balch & Bingham LLP on

When many small and community bankers serving rural and underserved areas prepare for their New Year’s Eve toast this year, they will be able to make a major New Year’s Resolution: make more home loans. The Consumer...more

CFPB Expands “Small Creditor” and “Rural Area” Definitions for Qualified Mortgages

by BakerHostetler on

On September 21, the Consumer Financial Protection Bureau (“CFPB”) released final and revised versions of mortgage rules regarding small creditors. These changes should ease lenders’ ability to originate qualified mortgages...more

CFPB announces new appointments to advisory groups

by Ballard Spahr LLP on

The CFPB announced the appointment of new members to its Consumer Advisory Board, Community Bank Advisory Council, and Credit Union Advisory Council. New members to the Consumer Advisory Board will serve three-year terms and...more

CFPB Community Bank Advisory Council to meet on Sept. 30

by Ballard Spahr LLP on

The CFPB has announced that a meeting of its Community Bank Advisory Council is scheduled for September 30, 2015 in Washington, D.C. Director Cordray will be in attendance and there will be a discussion of consumer challenges...more

Orrick's Financial Industry Week in Review

ESMA Final Report on Technical Advice on Delegated Acts Required Under the CSDR - On August 5, 2015, the European Securities and Markets Authority (ESMA) published its final report (ESMA/2015/1219) setting out technical...more

Senator Shelby Speaks to Baker Donelson; Releases Financial Regulatory Proposal

by Baker Donelson on

U.S. Senator Richard Shelby (R-Alabama), chairman of the United States Senate Committee on Banking, Housing, and Urban Affairs, last week released the text of the discussion draft of "The Financial Regulatory Improvement Act...more

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