Last week, the FDIC published its Consumer Compliance Supervisory Highlights that provides observations about its consumer compliance supervision activities in 2018. Importantly, the highlights include anonymized 2018 exam findings regarding violations of consumer protection laws and other information to help financial institutions stay abreast of issues and trends identified during exams and assist them in
Deposit Accounts
CFPB Winter 2019 Supervisory Highlights focuses on deposits, mortgage loan servicing, and remittances
By Reid F. Herlihy & James Kim on
The CFPB’s Winter 2019 Supervisory Highlights discusses the Bureau’s examination findings in the areas of automobile loan servicing, deposits, mortgage loan servicing, and remittances. We discussed the Bureau’s auto loan servicing findings in a separate blog post. In this blog post, we focus on the Bureau’s additional findings.
Although issued under Director Kraninger’s leadership,…
FDIC seeking comment on brokered deposit and interest rate regulations
By Scott A. Coleman on
The FDIC has issued an Advance Notice of Proposed Rulemaking (ANPR) seeking comment on its regulatory approach to brokered deposits and interest rate restrictions.
The FDIC’s current regulations on brokered deposits and interest rate restrictions are set forth at 12 C.F.R. Section 337.6. Such regulations implement Section 29 of the Federal Deposit Insurance Act which…
House members request reconsideration of FDIC brokered deposits interpretation
By Scott A. Coleman on
Last week, Representative Blaine Luetkemeyer, Chair of the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit, and Representative Scott Tipton sent a letter to Jelena McWilliams, Chair of the FDIC, that identified concerns with the FDIC’s interpretations and regulations surrounding brokered deposits and requested the FDIC to revisit its June 2016 Frequently…
House passes bills to facilitate online banking, allow federal savings associations to exercise national bank powers
By Barbara S. Mishkin on
The following bills were passed by the House earlier this week:
- The “Making Online Banking Initiation Legal and Easy (MOBILE) Act, H.R. 1457. Passed by a vote of 397-8, the MOBILE Act would allow a bank to scan and retain personal information from a state-issued driver’s license or personal identification card when an individual
…
CFPB August 2016 complaint report highlights bank account or service complaints, complaints from Ohio consumers
By Barbara S. Mishkin on
Posted in Deposit Accounts, Overdrafts
The CFPB has issued its August 2016 complaint report which highlights complaints about bank accounts or services and complaints from consumers in Ohio and the Columbus metro area. The CFPB began taking bank account or service complaints on March 1, 2012.
As noted below, the report indicates that consumers commonly complain about the use of…
CFPB issues guidance on deposit reconciliation practices; Ballard to hold June 21 webinar
By John L. Culhane, Jr. on
Posted in Deposit Accounts
The CFPB and four other agencies have issued “Interagency Guidance Regarding Deposit Reconciliation Practices.” The other agencies are the OCC, Fed, FDIC, and NCUA. The guidance is intended to set forth the agencies’ supervisory expectations regarding consumer account deposit reconciliation practices.
For purposes of the guidance, a “credit discrepancy” is created when the…
CFPB announces steps to improve checking account access
By Barbara S. Mishkin on
As anticipated, in conjunction with its field hearing today, the CFPB announced several steps it has taken to improve consumer access to checking accounts. These steps consist of a sending a letter to the 25 largest retail banks encouraging them to offer and market “lower-risk” deposit accounts “to help consumers avoid overdrafts,” issuing a bulletin…
CFPB postpones field hearing on checking account access to Feb. 3
By Barbara S. Mishkin on
Posted in Deposit Accounts
The CFPB has announced that due to inclement weather, it has postponed the field hearing about access to checking accounts until February 3, 2016. The hearing, which is to be held in Louisville, Kentucky, was originally scheduled for today.
As we previously reported, we expect the hearing to coincide with an announcement by the…
CFPB to hold January 27 field hearing on checking account access
By Barbara S. Mishkin on
Posted in Deposit Accounts
The CFPB has announced that it will hold a field hearing in Louisville, Kentucky about access to checking accounts on January 27, 2016.
In October 2014, the CFPB held a forum on checking account screening policies and practices. In his remarks, Director Cordray raised concerns about the accuracy of the reports obtained by banks and…