On January 25, the CFPB finalized certain changes to the original Final Prepaid Rule (the “Rule”) proposed last summer. The amended Rule still contains onerous restrictions on credit features and complicated disclosure...more
On December 14, the Financial Stability Oversight Council (FSOC), which was established by the Dodd-Frank Act to analyze and mitigate potential threats to the financial sector, released its first report under the Trump...more
12/20/2017
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Cyber Crimes ,
Cybersecurity ,
Data Breach ,
Financial Institutions ,
FSOC ,
Hackers ,
Information Sharing ,
Popular ,
Regulatory Oversight ,
Third-Party Service Provider
On September 21, the CFPB finalized its proposal to amend Regulation B requirements related to the collection of consumer ethnicity and race information, in order to resolve the differences between Regulation B and revised...more
9/22/2017
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Ethnicity ,
Financial Institutions ,
Financial Services Industry ,
HMDA ,
Mortgages ,
Regulation B ,
Regulation C ,
Reporting Requirements
Congress is back in session and this Thursday, September 7, the House Subcommittee on Financial Institutions and Consumer Credit will hold a one-panel hearing entitled “Legislative Proposals for a More Efficient Federal...more
9/6/2017
/ Banking Sector ,
Congressional Investigations & Hearings ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
CROA ,
Dodd-Frank ,
Fair Credit Reporting Act (FCRA) ,
FDCPA ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Global Systemically Important Banks (G-SIBs) ,
Mortgages ,
Regulatory Oversight ,
RESPA ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Truth in Lending Act (TILA)
Several federal agencies have issued reminders and requirements related to banking and credit services for borrowers affected by Hurricane Harvey. We previously reported on mortgage-related guidance issued by Fannie Mae,...more
9/1/2017
/ Banking Sector ,
Community Development ,
Community Reinvestment Act ,
Credit Unions ,
CSBS ,
Disaster Aid ,
Farm Credit Administration ,
FDIC ,
Financial Institutions ,
FRB ,
Hurricane Harvey ,
Hurricane Season ,
Natural Disasters ,
NCUA ,
OCC ,
Popular ,
Regulatory Standards ,
Severe Weather
As we previously reported, in October 2015, the CFPB adopted significant revisions to Regulation C, the Home Mortgage Disclosure Act (HMDA) rule, most of which become effective January 1, 2018. As a result of the revisions,...more
As we previewed earlier this year, the CFPB, on June 15, proposed substantive changes to the Prepaid Final Rule (the “Rule”). The proposed changes are generally positive for prepaid providers and incorporate feedback and...more
On April 20, the CFPB finalized a proposed rule to delay the effective date of the final rule governing Prepaid Accounts (Prepaid Account Final Rule) by six months, from October 1, 2017 to April 1, 2018 (Effective Date Final...more
Since the CFPB issued its final rule for general purpose prepaid accounts on October 5, 2016, it has faced attacks from Congress and criticism from industry participants
On April 5, in a letter to Congressional leaders,...more
Since the CFPB issued its final rule for general purpose prepaid accounts on October 5, 2016, it has faced challenges from Congress and criticism from industry participants. In recognition of the numerous compliance...more
The Consumer Financial Protection Bureau (CFPB) has issued its long-anticipated final rule for general purpose prepaid accounts. As expected, the new regulations expand the products covered by Regulation E, introduce...more