GOP Members Press Agencies on ‘Choke Point’
Several GOP members of the House Financial Services Committee wrote to leaders of the Federal Reserve, CFPB and OCC to urge them to formally disclaim any involvement in Operation Choke Point.
Browsing: Compliance and Risk
Fed Adopts ABA-Advocated Rule Expanding Small Bank Relief
The Federal Reserve yesterday adopted a final rule that expands the regulatory relief provided by its small bank holding company policy statement.
CFPB Lawsuit Targets Payment Processors
The Consumer Financial Protection Bureau yesterday announced it had filed a lawsuit against several individuals and companies involved in what it said was a robo-calling phantom debt collection operation.
ABA Urges Changes to CFPB Complaint Narrative Database
ABA President and CEO Frank Keating in a letter yesterday shared members’ concerns about the Consumer Financial Protection Bureau’s recent decision to publish consumer complaint narratives, and he urged the bureau to improve its portal and database to help “mitigate unfair and inaccurate reputational damage to the banking industry.”
Keating Shares Banking Perspective in NYC Interviews
ABA President and CEO Frank Keating offered perspective on a wide range of issues — from banking regulation, interest rate increases and the low labor force participation rate to the Meerkat app and presidential politics — in interviews with New York City media outlets yesterday.
CFPB Reviews Consumer Complaint Trends
The Consumer Financial Protection Bureau released a report on Monday on consumer complaint trends in 2014. While complaint volume rose 53 percent from 2013 to 2014, the steady monthly increase in 2013 tapered off in 2014, averaging about 20,000 per month.
CFPB Releases Customer Guide to Accompany TILA-RESPA Forms
The Consumer Financial Protection Bureau yesterday released a new toolkit to “help consumers take full advantage of the new Loan Estimate and Closing Disclosure forms that lenders are required to begin providing in August.”
ABA Welcomes Proposed Rules for Small Creditors, Suggests Tweaks
ABA on Monday welcomed the Consumer Financial Protection Bureau’s proposed changes — many previously advocated by ABA — that will increase the number of banks able to benefit from the bureau’s small creditor and rural or underserved area exemptions in its mortgage rules.
Curry Highlights Role of Banks in Stopping Elder Fraud
Banks play a critical role in identifying financial fraud and protecting their older customers against related losses, Comptroller of the Currency Thomas Curry said in a speech Friday in Washington, D.C. He noted that bankers are helping to flag elder fraud by filing Suspicious Activity Reports with the Financial Crimes Enforcement Network, as well as by enhancing training and improving marketing and education materials to raise awareness of fraud schemes.
ABA, CBA Warn Against ‘One-Size-Fits-All’ Campus Accounts
Colleges should be able to work with banks to offer a flexible array of deposit products to their students, ABA and the Consumer Bankers Association told the Consumer Financial Protection Bureau today. The associations responded in a letter to the bureau’s draft “scorecard” for “safe” financial products to be offered on college campuses, such as