With uncertainty the rule, the best advice is to have banks’ change-management processes ready for whatever comes.
Marketers are being called upon like never before to assist business lines in achieving their sales objectives.
Keeping up with changing regulations was the top concern for U.S. financial services firms, according to Wolters Kluwer’s annual Regulatory and Risk Management Indicator survey.
CFPB Director Rohit Chopra acknowledged concerns raised by ABA and others that the rule could have an outsized effect on smaller institutions and could affect the supply of credit to the nation’s small businesses.
The American Bankers Association and six other trade groups on Tuesday asked a federal court in Texas to grant summary judgment in their lawsuit against the CFPB for exceeding its legal authority when it expanded the definition of “unfairness” to encompass discrimination in the UDAAP exam manual earlier this year.
Following a documented process should increase bank confidence when aiming to balance AML and consumer fairness risk.
As part of its ongoing efforts to address so-called “junk fees,” the CFPB today issued an advisory opinion stating that the Fair Debt Collection Practices Act prohibits debt collectors from charging “pay-to-pay” or convenience fees—which include fees imposed for making a payment online or by phone—unless those fees are expressly authorized by the agreement creating the debt or the amount of the fee is affirmatively permitted by law.
CFPB’s change is “contrary to law and subject to legal challenge” as well as potential congressional action, the groups said.
House Republican lawmakers this week slammed recent changes made by the CFPB to its supervision examination manual for unfair or deceptive acts and practices and its rules of practice and procedure regarding administrative adjudication procedures, noting that these actions “deviate significantly from past practices” and were taken outside of the notice and comment process.
The Consumer Financial Protection Bureau today said it would invoke a “largely unused” authority under the Dodd-Frank Act to directly examine nonbank financial services providers. “Given the rapid growth of consumer offerings by nonbanks, the CFPB is now utilizing a dormant authority to hold nonbanks to the same standards that banks are held to,” said CFPB Director Rohit Chopra.