CFPB, Federal Agencies, State Agencies, and Attorneys General
The CFPB recently announced that it has issued a Compliance Assistance Statement of Terms Template (“CAST Template”) through its Compliance Assistance Sandbox Policy (“CAS Policy”) after receiving an application from Build Commonwealth, Inc. (“Commonwealth”).
The Commonwealth CAST Template can be used by employers as the basis for an application to the CFPB to obtain…
The CFPB filed a complaint on July 6, 2020 in a New York federal district court against My Loan Doctor LLC (“Loan Doctor”) and its founder, Dr. Edgar Radjabli, for allegedly making false, misleading, and inaccurate marketing representations in violation of the Consumer Financial Protection Act’s prohibition against unfair, deceptive or abusive acts or practices.…
We look at the impact of federal and state law including relevant CARES Act provisions, state garnishment directives, and federal preemption, identify issues banks should consider in handling garnishments or exercising setoff rights, and offer suggestions for mitigation measures banks can take as they decide how to address the challenges in this area.
The CFPB issued two sets of FAQs that discuss assistance that financial services providers can offer consumers during the COVID-19 pandemic.
One set of FAQs is directed at providers of checking, savings, or prepaid accounts. The FAQs deal with an account provider’s ability to change account terms and the ways account providers can provide immediate…
Effective April 24, 2020, the Federal Reserve amended Regulation D to remove the six-per-month limit on transfers or withdrawals from the definition of a “savings deposit.” The amendment is set forth in an interim final rule published in the Federal Register on April 28. Comments on the interim final rule must be filed by June…
While deposit account fraud can happen at any time, it is particularly likely to occur during times of economic stress. COVID-19 scams targeting deposit accounts are already running rampant; deposit litigation in response to these scams is certain to increase in the coming months. On Wednesday, April 15, 2020, from 12 p.m. to 1 p.m.…
The Subcommittee on Consumer Protection and Financial Institutions of the House Financial Services Committee has scheduled a hearing entitled “An Examination of Regulators’ Efforts to Preserve and Promote Minority Depository Institutions” on November 20, 2019. In its first hearing on minority depository institutions, the Subcommittee examined the unique challenges facing MDIs and the…
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…
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,…
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…
