Credit Unions Consumer Financial Protection Bureau

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Financial Regulatory Developments Focus - June 2015 #3

In This Issue: - US Financial Stability Oversight Council Releases Guidance Regarding Calculations of Stage 1 Threshold - US Federal Agencies Issue Final Standards for Assessing Diversity Policies and Practices of...more

CFPB Finalizes Rules to Regulate Nonbank Auto Lenders

The CFPB adopted a final that allows the agency to supervise larger nonbank auto finance companies for the first time. The CFPB also released the examination procedures that its examiners will use. Currently, the Bureau...more

CFPB Update - Bank Short Term Loans “Payday” for Banks? CFPB Outlines Sweeping Proposal to Level the Playing Field Between Payday...

Direct from Richmond, Virginia: yesterday, I (Travis) visited the Greater Richmond Convention Center, where the Consumer Financial Protection Bureau (CFPB) announced at a field hearing a sweeping proposal for new rules...more

CFPB’s Credit Union Advisory Council to meet March 12

A meeting of the CFPB’s Credit Union Advisory Council has been scheduled for March 12, 2015 at the CFPB’s offices in Washington, D.C The agenda indicates that the Council will discuss financial education and financial...more

CFPB adjusts HMDA/TILA asset-size exemption thresholds

Adjustments to two asset-size exemption thresholds were published by the CFPB in today’s Federal Register. First, the CFPB has increased the asset-size exemption threshold under HMDA/Regulation C which is currently set at $43...more

CFPB to Banks, Credit Unions: Don’t Use Credit Reports to “Blacklist” Consumers

Are banks and credit unions overusing credit reports to blacklist consumers from engaging in banking activities? Speaking at the Consumer Financial Protection Bureau’s (CFPB) Forum on Access to Checking Accounts,...more

CFPB Opens Board And Council Meetings To Public

On May 20, the CFPB announced that it will allow the public to attend and participate in meetings of its Consumer Advisory Board (CAB), as well as its Academic Research, Community Bank, and Credit Union Advisory Councils....more

CFPB Extends Comment Deadline for Proposed Temporary Exemption to Remittance Rule

The CFPB extended the comment period on proposed revisions to its remittance transfer rule that were previously issued in April 2014. The comment period was set to expire on May 27, 2014, and will instead now end on June 6,...more

CFPB Report Highlights Focus On Mortgage Servicing

Under Dodd-Frank, the CFPB supervises depository institutions and credit unions with total assets of more than $10 billion, as well as certain nonbanks, regardless of size, including mortgage companies, originators, brokers,...more

Hensarling calls on CFPB to open advisory group meetings

Republican Congressman Jeb Hensarling, who chairs the House Financial Services Committee, called on the CFPB this week to end its closed-door meeting policy for its four advisory groups. Those groups consist of the Community...more

CFPB seeking new members for Consumer Advisory Board and Credit Union/Community Bank Advisory Councils

The CFPB is seeking new members for its Consumer Advisory Board (CAB), Credit Union Advisory Council (CUAC), and Community Bank Advisory Council (CBAC). In a notice published in today’s Federal Register, the CFPB asks...more

CFPB’s Preliminary Report: Financial Consumers Can Only Avoid Arbitration By Using A Credit Union

Say it’s twenty degrees below zero outside, and you’d already seen boiling water turn into “snow” immediately upon making contact with the air, what would you do next? Assuming you were all caught up on your Words With...more

Social Media: Consumer Compliance Risk Management Guidance

On December 11, 2013, the Federal Financial Institutions Examination Council (FFIEC) released final guidance (“Guidance”) on the applicability of consumer protection and compliance laws, regulations, and policies to...more

Banking & Financial Services E-Note - October 30, 2013

In This Issue: - Fed Proposes Rule Requiring Banks to Stay Liquid During Crisis - Simulation Tests Banks' Survival Against Cyber Attacks - Largest Banks Close to Meeting Mortgage Settlement Obligations -...more

Banking & Financial Services E-Note - September 30, 2013

In This Issue: - NCUA Drafts Rule Subjecting Big Credit Unions to Stress Tests Report Finds FDIC Has Filed as Least 32 D&O Lawsuits This Year - CFPB Cracks Down on "Furnishers" Giving Credit Report Information -...more

CFPB Report Questions Overdraft Practices

On June 11, the CFPB released a white paper with initial findings from its study of bank and credit union overdraft practices. ...more

Banking & Financial Services E - Note - May 30, 2013

In This Issue: - New Suits Filed as Credit Card Swipe Fee Settlement Deadline Looms - Sec. Lew Tells Senate Committee of Plans to Accelerate Dodd-Frank - New Mortgage Rule to Block Access to Credit, Witnesses...more

Financial Services Legislative and Regulatory Update -- April 15, 2013

In This Issue: Leading the Past Week; Budget Summary; Legislative Branch; Executive Branch; and Upcoming Hearings. Excerpt from Leading the Past Week - Congress returned from a two-week recess and the...more

Banking & Financial Services E-Note - March 28, 2013

In This Issue: - Global Banking Group Calls for Several Rates to Replace Libor - U.S. Applies Money-Laundering Rules to "Virtual Currencies" - SEC Says Big Banks Don't Have to Hold Shareholder Break-Up Votes -...more

The Impact Of The CFPB’s Appraisal Rule

On January 18, 2013, the Consumer Financial Protection Bureau (CFPB) issued a final rule (the Appraisal Rule) implementing an amendment to the Equal Credit Opportunity Act (ECOA) that revises Regulation B’s provisions...more

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