Consumer Financial Protection Bureau Director Richard Cordray appeared before the Senate Banking Committee today and said during the question-and-answer period that the CFPB intends to revisit the income-verification standards under the Ability-to-Repay Rule.
Financial institutions are “well-positioned” to take a proactive stance on preventing fraud and financial exploitation of seniors, ABA Board Member F. Scott Dueser — who is chairman, president and CEO of First Financial Bankshares Inc., Abilene, Texas — told White House Conference on Aging participants yesterday.
ABA and other financial services groups yesterday urged the Senate to pass S.1711, which would provide lenders with a temporary safe harbor from enforcement of the TILA-RESPA integrated disclosures, expected to become effective Oct. 3.
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) on July 14 released a statement on the Joint Comprehensive Plan of Action (JCPOA) regarding Iran’s nuclear program.
The Consumer Financial Protection Bureau’s March study of mandatory pre-dispute arbitration agreements shows that arbitration has “significant, demonstrable benefits over litigation in general and class action litigation in particular,” ABA and two other trade groups said in a comment letter today. In keeping with those findings, the groups said, the Dodd-Frank Act would not permit
The FCC granted all four petitions made by ABA last fall to exempt certain time-sensitive texts and calls that banks make to their customers.
The four senators from Colorado and Oregon — the first two states to remove legal restrictions on recreational marijuana — yesterday introduced a bill intended to help state-licensed marijuana businesses access banking services in states that permit marijuana use and sale.
The Financial Crimes Enforcement Network (FinCEN), in coordination with the Internal Revenue Service (IRS) and the U.S. Attorney’s Office for the Southern District of Florida (SDFL), issued a Geographic Targeting Order (GTO) for South Florida, requiring check cashers to ask for additional identifying information about customers cashing tax refund checks over $1,000.
Sen. Tim Scott (R-S.C.), joined by 10 bipartisan co-sponsors, this week introduced a bill that would provide lenders with a temporary safe harbor from enforcement of the TILA-RESPA integrated disclosures, expected to be implemented starting Oct. 3.
As the effort to develop a faster payments system continues apace, the Consumer Financial Protection Bureau today added its perspective about how consumer protections might best be integrated into new payments mechanisms.