On October 15 from 3:30 to 5:30 p.m., a meeting of the CFPB’s Community Bank Advisory Council will take place at the CFPB’s offices in Washington, DC. According to the agenda Brian Webster, Program Manager for the Office of Mortgage Markets, will discuss mortgages, and Gary Stein, Deposit Markets Program Manager and Jesse Leary, Section Chief of Consumer and Household Research, will discuss overdrafts. Both topics are very much of concern to community banks. On September 29, 2014, the Bureau announced that it had entered into a consent order with Flagstar Bank regarding alleged violations of the Bureau’s new mortgage servicing regulations. Earlier this year, the Bureau issued a report about overdrafts and it is anticipated that this was a prelude to rulemaking.
This meeting will be open to the public to attend in person or over the internet. The CFPB earlier this year decided to change its prior policy under which meetings of its advisory councils were held behind closed doors.