News & Analysis as of

Transitional period and initial supervisory practice over TRID

The CFPB sent industry trade groups a letter on October 1, 2015 to address the approach of the FFIEC member agencies during the initial months following the implementation of the TILA-RESPA Integrated Disclosure (TRID) rule...more

CFPB Issues TRID FAQs to Help Borrowers Understand the New Mortgage Process

On October 5, the CFPB posted on its blog six FAQs to assist borrowers in understanding the TRID rule and how the new process attempts to make the mortgage process easier. The post comes in light of the TRID rule becoming...more

“My, what beautiful eyes you have . . .” – Biometric Data and Privacy

Biometric data – obviously not in just the movies anymore. It is alive, well, and increasingly being used in our everyday society. But, on September 23, 2015, when the Office of Personnel Management revealed that fingerprint...more

CFPB Considering Proposals to Limit Pre-Dispute Arbitration Agreements for Consumer Financial Products and Services, Convenes...

On October 7, the CFPB issued proposals to limit the use of mandatory pre-dispute arbitration agreements, which it contends are often used to evade class action litigation. Under the proposals, the Bureau would seek to...more

CFPB Singles Out Class Action Waivers for Elimination from Consumer Financial Arbitration Agreements

The Consumer Financial Protection Bureau (“CFPB”) made clear this week that, in its view, class action waivers should be on the chopping block in the agency’s upcoming rulemaking aimed at regulating the use of arbitration...more

Regulators consult on regulatory references

PRA and FCA are consulting on regulatory references. The proposals, which take into account the recommendations of the Fair and Effective Markets Review, propose new rules for regulatory references for candidates applying...more

Credit Card Fraud Liability Shift is Here

Most credit and debit cards in the U.S., and the point of sale terminals and ATMs that read them, still use “magnetic stripe” technology. Magnetic stripes are obsolete and relatively insecure, allowing fraudulent practices...more

CSBS’ Multi-State Mortgage Committee: Mortgage Companies Must Comply with Technology-Based Examination Process

On September 29, the Conference of State Bank Supervisors (CSBS) and the Multi-state Mortgage Committee (MMC) released a bulletin titled, “Supervisory Expectations Regarding the Use of Electronic Examination Tools.”...more

Basel Committee reports on RWA regulatory consistency

The Basel Committee has published its report on the regulatory consistency of risk-weighted assets (RWAs) for counterparty credit risk. The report forms part of the wider regulatory consistency assessment programme intended...more

CPMI consults on correspondent banking

BIS’ Committee on Payments and Market Infrastructures (CPMI) has issued a consultative report on correspondent banking. The report reviews certain technical measures relating to...more

CFPB Hearing on Arbitration Agreements: Initial Impressions

DWT recently attended a CFPB field hearing on arbitration agreements relating to consumer financial products or services. The CFPB conducted the hearing in conjunction with the agency’s publication of an outline of proposals...more

FMLC writes to Treasury on bank recovery and resolution

FMLC has written two letters to Treasury regarding bank recovery and resolution: - FMLC requests clarification as to the forms of set-off which are safeguarded by the Banking Act 2009 (Restriction of Special Bail-in...more

Justice Department Focuing on Offshore Account

At a recent tax conference a senior Justice Department official reaffirmed the commitment of the U.S. Department of Justice to continue offshore enforcement efforts. As is widely reported the official stated...more

U.S. Supreme Court Hears Oral Arguments in Case to Decide Whether Loan Guarantors Are “Applicants” Under ECOA

Earlier this week the Supreme Court heard oral arguments in the case of Hawkins v. Community Bank of Raymore. We have issued an E-alert discussing this important case, which we expect will resolve whether a spouse-guarantor...more

CFPB Publishes Bulletin on Respa Compliance and Marketing Services Agreements

For some time now, the residential lending community has been concerned that the Consumer Financial Protection Bureau has taken unclear positions with respect to marketing services agreements (MSA’s) in its enforcement...more

New Greek Ban on Shorting Shares of Five Greek Banks

On September 30, the Greek national financial regulator, the Hellenic Capital Markets Commission (HCMC), announced that is has imposed an extended ban on the short-selling of Greek bank shares––by any persons anywhere in the...more

CFPB Taking Steps to Ban Class Action Waivers

On October 7, the CFPB announced at a field hearing in Denver, Colorado, that it plans to propose rules via its rule-making authority that would prohibit financial services companies from including class action waivers in...more

FSB discusses ongoing workplan progress

FSB has met to discuss progress in its ongoing workplan. Its key priorities include: - market liquidity and asset management: encouraging the appropriate stress testing by funds to assess their ability to meet...more

CFPB and DOJ Announce Redlining Settlement

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

Commission adopts securitisation proposals

As part of the CMU action plan, the Commission has adopted a proposal for a Securitisation Regulation setting out a general framework for securitisation and amendments to the Capital Requirements Regulation (CRR). ...more

Commission seeks view on financial services regulation

The Commission has issued a call for evidence on the benefits, unintended effects, consistency and coherence of the financial legislation adopted in response to the financial crisis. It wants to get a clearer understanding of...more

CFPB Proposal Would Make Class Actions More Likely. Here's What's Next.

On Wednesday, October 7, the Consumer Financial Protection Bureau issued proposals that would, if adopted, limit the use of arbitration provisions in contracts for consumer financial products. The CFPB’s proposals would not...more

U.S. Supreme Court Hears Oral Arguments in Case to Decide Whether Loan Guarantors Are “Applicants” Under ECOA

The U.S. Supreme Court heard oral arguments on Monday in the case of Hawkins v. Community Bank of Raymore, the result of which will determine whether a spousal guarantor is an “applicant” under the Equal Credit Opportunity...more

EBA updates single rulebook Q&A

EBA has added eight new items to its single rulebook Q&A. ...more

AML Trends Signal Changing Times For Regional Banks

Recent activity involving state and federal bank regulators reflects an upswing in enforcement actions against regional and super-regional banks for Bank Secrecy Act/anti-money laundering compliance failures. Bank of Mingo,...more

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