Community Banks Consumer Financial Protection Bureau

News & Analysis as of

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

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

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

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

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

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...

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

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

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...

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

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

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

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

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

White House Opposes Bill Giving Small Businesses Greater Voice in CFPB Rulemaking

Last month, the White House informed Congress that it opposes a bill passed by the House of Representatives designed to give small businesses a larger role in developing Consumer Financial Protection Bureau (CFPB) rules and...more

Senator Shelby Moves Forward with Major Dodd-Frank Reforms

On May 12, 2015, U.S. Senator Richard Shelby (R-Ala.), Chairman of the United States Senate Committee on Banking, Housing, and Urban Affairs, released the text of draft legislation intended to reform the regulatory framework...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, Community Bank Advisory Council, or Credit Union...more

Community Banks Adding Prepaid Products Face New Imperatives

It has been well-known in banking compliance law that the Consumer Financial Protection Bureau (“CFPB”) has been planning to issue substantial consumer protection rules with respect to prepaid products. That time has now...more

Community Banking Legal Alert

In This Issue: - Banks May Need to Take a Second Look at “Free” Checking Account Promotions - Is Apple Pay in Your Future - Marketing Agreements for Mortgage Services Require Care - Financial...more

Banking & Financial Services E-Note - July 2014

In This Issue: - New Rule Will Require Banks to Provision for Bad Loans Earlier - Four Years After Dodd-Frank, Law Still Unfinished - Senate Panel to Review Borrowing of 'Too Big to Fail' Banks - Community...more

Dodd-Frank News - March 2014: Dodd-Frank Wall Street Reform And Consumer Protection Act Update

In This Issue: - Recent Cases January Through March 2014 ..Dodd-Frank Amendments to RESPA ..Dodd-Frank Prohibition on Arbitration Clauses ..Whistleblower Protection Under Dodd-Frank - News &...more

Financial Services Law -- Jan 17, 2014

Community Banks and the Volcker Rule: What’s Next? - For now, banks that have investments in CDO securities that are issued by funds that are invested in trust preferred securities (TruPS CDOs) have dodged a bullet. On...more

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