CFPB Finalizes TRID Delay to Oct. 3
As formally proposed, the Consumer Financial Protection Bureau today finalized Oct. 3 as the new effective date for the TILA-RESPA integrated disclosures.
Browsing: Compliance and Risk
Volcker Rule Takes Effect Today
Today is the effective date of the Volcker Rule. Banks must have their compliance programs in place, and examiners will be reviewing banks’ compliance with the Volcker restrictions on proprietary trading and covered fund investments.
Compliance Officers: Growing Reg Burden Limits Products, Services
Growing regulatory compliance burdens have led nearly half of banks to reduce their offerings of financial products and services, according to ABA’s biannual Survey of Bank Chief Compliance Officers released today.
CFPB Launches New Monthly Reports on Consumer Complaints
The CFPB today issued the first in a series of new monthly reports on consumer complaints. The report covers complaint volume by product, state and company, and this first report includes a product spotlight on debt collection and a special geographically focused section on complaints in Milwaukee, where the CFPB held a recent field hearing.
Cordray Testimony Covers Ability-to-Repay, TRID, Credit Cards
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.
ABA Addresses Elder Financial Abuse at White House Conference
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, Groups Express Support for TRID Enforcement Delay Bill
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.
Joint Plan of Action Sanctions Relief with Iran Extended; Treasury Issues Statement
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.
ABA: CFPB Study Shows Benefits of Arbitration
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
ABA Wins All Four Mobile Alert Exemptions Sought from FCC
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.