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Credit, payment processors, and future enforcements after Sprint (Part 1)
Posted Date: Friday, January 23, 2015
The current Consumer Financial Protection Bureau case against Sprint has raised some pretty tricky legal questions on the bureau’s regulatory reach. Although it may be a lawyer’s dream to discuss statutory interpretation, it can be an industry member’s nightmare. That is why Dodd Frank Update is revisiting the Sprint case in a two-part series this week. In Part 1, we discuss what it means to “extend credit.”
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Credit, payment processors and future enforcements after Sprint (Part 2)
Posted Date: Tuesday, January 27, 2015
The current Consumer Financial Protection Bureau case against Sprint has raised some pretty tricky legal questions on the bureau’s regulatory reach. Although it may be a lawyer’s dream to discuss statutory interpretation, it can be an industry member’s nightmare. That is why Dodd Frank Update is revisiting the Sprint case is a two-part series. In Part 2, we discuss what it means to be “payment processor.”
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Basel Committee proposes new standards for mortgage risk
Posted Date: Tuesday, December 30, 2014
On Dec. 23, the Basel Committee on Banking Supervision released proposed revisions to its standardized approach to credit risk. Among the exposure categories addressed, the Committee set out a new standard for exposures secured by mortgages on residential real estate.
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CFPB, industry differ on MLA proposals
Posted Date: Friday, January 2, 2015
The CFPB’s Office of Servicemember Affairs said in a new report, submitted in support of the Department of Defense's proposed amendments to the Military Lending Act, that lenders were able to step around the protections of the MLA. Banking agencies said the proposed changes could require every lending institution to check the military status of every potential credit customer and their family, and went too far.
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CFPB taking applications for advisory positions
Posted Date: Friday, January 16, 2015
The Consumer Financial Protection Bureau announced that it is accepting applications for membership on all of its advisory groups. Read on for details on how to apply.
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Three agencies undergo leadership changes
Posted Date: Friday, January 9, 2015
Know your regulators: The Consumer Financial Protection Bureau, Securities and Exchange Commission, and Federal Deposit Insurance Corp. have ushered in the new year by making leadership changes and appointments. Read on to find out which positions have been changed or filled, and by whom.
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SEC releases examination priorities for 2015
Posted Date: Tuesday, January 20, 2015
The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations released its examination priorities for 2015, focusing on certain practices and products that the office perceives to present potentially heightened risks to investors and capital markets.
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FTC obtains largest recovery against payday lenders
Posted Date: Tuesday, January 20, 2015
Federal financial regulatory agencies are continuing to investigate payday lenders. On Jan. 16, the Federal Trade Commission entered into a settlement that will bring about the agency’s largest recovery for violations under the Federal Trade Commission Act, the Truth in Lending Act, and the Electronic Fund Transfer Act.
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Fed announces new council, appointment
Posted Date: Tuesday, January 20, 2015
The Board of Governors for the Federal Reserve System has announced the formation of a new council and leadership changes within its monetary policy departments. Read on to know your regulators.
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Auto lender shut down in state UDAAP case
Posted Date: Tuesday, January 6, 2015
The Consumer Financial Protection Bureau is not the only entity that can file complaints for unfair, deceptive, or abusive acts or practices under the Dodd-Frank Act. Read on to learn more about the settlement of the first lawsuit filed by a state regulator under Section 1042.
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Fed nominee receives strong industry support
Posted Date: Friday, January 9, 2015
The latest nomination to one of the vacant seats on the Board of Governors for the Federal Reserve System has received support from prominent industry groups and Senate Banking Committee members. Read on to find out the details.
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Law clarifies insurance capital standards
Posted Date: Friday, January 2, 2015
The Insurance Capital Standards Clarification Act of 2014 was signed into law by President Barack Obama. The Act, which adds language to Section 171 of the Dodd-Frank Act, clarifies the standards required for insurers.
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Bill defeat sets the stage for 114th Congress Dodd-Frank legislation
Posted Date: Friday, January 9, 2015
In its first day back in session, House Republicans presented a package of 11 bills that contained changes to the Dodd-Frank Act’s provisions on derivatives and the Volcker rule. The bill was defeated in the House, but the action has set the stage for future Dodd-Frank discussions in the 114th Congress.
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TRIA reauthorization is signed into law
Posted Date: Tuesday, January 13, 2015
The Terrorism Risk Insurance Act was signed by President Barack Obama. The law extends the original act’s terrorism risk insurance program and includes provisions that amend the Dodd-Frank Act’s sections on derivative end-users. Read on to learn what other provisions have been included in the act.
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ABA reveals 2015 legislative priorities
Posted Date: Tuesday, January 13, 2015
The American Bankers Association shared its top legislative priorities for 2015 in a letter to Congress. Read on to learn more about the regulations the trade group hopes to pursue.
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Second Zillow employee files whistleblower suit
Posted Date: Friday, December 19, 2014
The Dodd-Frank Act’s Section 922 offers protection for industry whistleblowers. The ongoing case against Zillow involving the Sarbanes-Oxley Act is a valuable example of the sort of accountability that is expected of industry leaders when handling whistleblowers. Read on for the details of the latest complaint against Zillow.
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CFPB’s no-action letter proposal raises several concerns of uncertainty
Posted Date: Friday, December 19, 2014
Several agencies have systems in place that allow regulated individuals and entities to seek no-action letters, letters that essentially protect their requesters from enforcement action. Given the uncertainty surrounding the authority of the Consumer Financial Protection Bureau, one would expect the bureau’s proposed no-action letter system to be met with open arms. That wasn’t entirely the case.
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OCC report highlights policy priorities for 2015
Posted Date: Friday, January 2, 2015
Based on key risks it has observed, the Office of the Comptroller of the Currency’s National Risk Committee highlighted its policy priorities for 2015 in its Semiannual Risk Perspectives report.
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OCC report shows increased credit risks, eased underwriting standards
Posted Date: Tuesday, December 23, 2014
In its 20th annual Survey of Credit Underwriting, the Office of the Comptroller of the Currency identified trends in lending standards and credit risk for the most common types of commercial and retail credit offered by national banks and federal savings associations, finding that, for the third consecutive year, underwriting standards continued to ease while the relative level of credit risk increased.
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ICBA launches regulatory ‘Plan for Prosperity’
Posted Date: Tuesday, January 20, 2015
The Independent Community Bankers of America highlighted its regulatory relief platform for the 114th Congress in its “Plan for Prosperity.” With the goal of reducing regulatory burdens on community banks, the group will focus on raising capital, mortgage lending, and reforming the bank examination process, among other recommendations. Read on the learn more.
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Additional EGRPRA outreach meeting announced
Posted Date: Tuesday, January 20, 2015
As part of their regulatory review under the Economic Growth and Regulatory Paperwork Reduction Act of 1996, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corp., and the Board of Governors of the Federal Reserve System will hold an additional outreach meeting on Feb. 4. Read on for more details.
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ABA offers suggestions for CFPB Complaint Database audit
Posted Date: Friday, January 16, 2015
The American Bankers Association wrote a letter to the Inspector General that included several suggestions for when the Federal Reserve’s Office of the Inspector General audits the Consumer Financial Protection Bureau’s consumer complaint database. Read on to learn with the organization recommended.
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Transparency rules grant SEC access to swap data
Posted Date: Friday, January 16, 2015
The Securities and Exchange Commission adopted two new sets of rules that will implement mandates under Title VII of the Dodd-Frank Act concerning the registration and reporting requirements for security-based swap data repositories. Read on to learn more about what the rules require.
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CFPB: Almost half of consumers do not compare mortgage options
Posted Date: Friday, January 16, 2015
In a Consumer Protection Financial Protection report, the bureau examined the shopping habits of consumers looking for mortgages to purchase homes and found that almost half of consumers do not “shop around.” Read on to find out more about the potential cause of these shopping habits and what characteristics consumers find to be the most important when selecting lenders or brokers.
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Volcker changes: Don’t crack open bubbly just yet
Posted Date: Friday, January 16, 2015
H.R. 37 may have passed in the U.S. House of Representatives, but the package of 11 bills that aims to amend certain Volcker Rule and derivative regulations under the Dodd-Frank Act has a way to go before it becomes law.
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Proposed rules issued for QFCs
Posted Date: Tuesday, January 13, 2015
The Treasury Department has issued proposed rules on the qualified financial contract (QFC) recordkeeping requirements under Title II of the Dodd-Frank Act. Read on for the details of the proposal.
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Senators introduce student loan bills
Posted Date: Tuesday, January 13, 2015
In the first week of Congress, two bills were introduced to address student loans. One bill will examine repayment options while the other will aim to simplify the application process for federal student loans.
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OCC: Mortgage performance continues to improve
Posted Date: Tuesday, January 13, 2015
A report from the Office of the Comptroller of the Currency shows that the performance of first-lien mortgages serviced by seven national banks and one federal savings association improved in the third quarter of 2014. Read on to learn what other improvements were made.
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Data breaches remain costly for bankers
Posted Date: Friday, January 9, 2015
In a move that cost more than $90 million, community banks reissued nearly 7.5 million credit and debit cards as a result of data breaches from Home Depot. Data security is likely to remain a hot topic in 2015 as parties discuss the consequences of such breaches.
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ICBA urges FHFA to remove minimum asset test
Posted Date: Friday, January 9, 2015
In response to a proposal from the Federal Housing Finance Agency to require Federal Home Loan Bank applicants and member institutions to hold 1 percent of its assets in home mortgage loans, the Independent Community Bankers of America submitted a letter urging the agency to withdraw the proposal. Read on to find out what the trade group had to say.
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CFTC extends comment period on proposed position limits
Posted Date: Friday, January 9, 2015
The comment period for two Commodity Futures Trading Commission proposals on position limits for physical commodity derivatives and aggregation of positions has been extended until Jan. 22.
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CFPB cites UDAAP violations in debt collection enforcement
Posted Date: Tuesday, January 6, 2015
The Consumer Financial Protection Bureau found that Freedom Stores Inc., Freedom Acceptance Corp., and Military Credit Services engaged in illegal debt collection practices in violation of the Dodd-Frank Act’s prohibition against unfair, deceptive, or abusive acts or practices.
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GAO reviews Dodd-Frank progress
Posted Date: Tuesday, January 6, 2015
The Government Accountability Office has issued a report reviewing the regulatory analyses that federal financial regulators conducted in Dodd-Frank rulemakings, the interagency coordination on rulemakings by federal financial regulators, and the impact of selected Dodd-Frank provisions and related rules.
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FSOC seeks comments on hedge fund, asset management risks
Posted Date: Tuesday, January 6, 2015
The Financial Stability Oversight Council has released a notice seeking comments regarding the potential risks to U.S. financial stability imposed by hedge funds and other asset management products.
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Idaho regulator appointed to State Liaison Committee
Posted Date: Tuesday, January 6, 2015
The Federal Financial Institutions Examination Council, which prescribes uniform principles, standards, and report forms for the federal examination of financial institutions, has appointed a replacement to succeed Thomas Candon as the newest member of the council's State Liaison Committee. Read on learn more about the new appointment.
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Whistleblowers must report violations to SEC
Posted Date: Friday, January 2, 2015
A case decided in the U.S. District Court for the Southern District of New York clarifies what is required for employees to receive whistleblower protection under the Dodd-Frank Act. Read on for the details.
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SEC issues reports on credit rating agencies
Posted Date: Friday, January 2, 2015
The Securities and Exchange Commission released its annual report examining each credit rating agency registered as a nationally recognized statistical rating organization. Read on to find out what the commission discovered during its examinations.
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Report highlights CFPB’s workforce development
Posted Date: Friday, January 2, 2015
Section 1067 of the Dodd-Frank Act requires the Consumer Financial Protection Bureau to submit an annual report to the Senate Banking Committee and House Financial Services Committee that includes the bureau’s plans for its workforce training and development, workplace flexibilities and recruitment and retention. Read on for details of the bureau’s progress in developing its workforce.
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Designation brings insurer under Fed supervision
Posted Date: Tuesday, December 30, 2014
Under Section 113 of the Dodd-Frank Act, a nonbank financial company can be subjected to enhanced prudential standards and supervision by the Board of Governors of the Federal Reserve System if designated as systemically important. On Dec. 19, the Financial Stability Oversight Council voted to designate MetLife, Inc.
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Fed grants extension for Volcker compliance
Posted Date: Tuesday, December 30, 2014
Under Section 619 of the Dodd-Frank Act, commonly referred to as the Volcker Rule, banks generally are prohibited from engaging in proprietary trading and from acquiring or retaining an ownership interest in, sponsoring or having certain relationships with a hedge fund or private equity fund. In what the American Bankers Association has called a “win,” the Board of Governors of the Federal Reserve System has extended the conformance period for legacy covered funds.
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CFPB issues inflation-based adjustments
Posted Date: Tuesday, December 30, 2014
The Consumer Financial Protection Bureau issued a pair of final rules to provide inflation adjustments for thresholds affecting Regulation Z, the Truth in Lending Act, and Regulation C, the Home Mortgage Disclosure Act.
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TARP's auto program comes to an end
Posted Date: Tuesday, December 30, 2014
The U.S. Department of the Treasury sold its remaining 54.9 million shares in Ally Financial Inc. common stock as part of its Troubled Asset Relief Program. The sale marks the end of the department’s Auto Industry Financing Program.
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Swaps push-out repeal garners mixed reviews
Posted Date: Tuesday, December 23, 2014
Section 716 of the Dodd-Frank Act, which prohibits government bailouts of swap entities and requires insured banks to get rid of derivatives trading business, was repealed when Congress passed and President Obama signed the 2015 spending bill. The repeal has received mixed reviews between industry leaders and members of Congress.
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College credit card report shows market size down, competition up
Posted Date: Tuesday, December 23, 2014
Under the Dodd-Frank Act, the Consumer Financial Protection Bureau must compile a report pursuant to the Credit Card Accountability Responsibility and Disclosure Act of 2009, evaluating the credit card agreements between universities, their affiliates and credit card companies. This year’s report shows a continuing trend of declining credit card agreements despite more issuers entering the market. Read on for a break-down of the numbers.
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FDIC’s projected budget shows expected decline in bank failures
Posted Date: Tuesday, December 23, 2014
Under the Dodd-Frank Act, the Federal Deposit Insurance Corp. monitors the risks in large, systemically important financial institutions and, if necessary, prepares them for their orderly liquidation. A review of the agency’s budget for 2015 shows an expectation of fewer bank failures in 2015.
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CFPB teams with American Express to evaluate consumer saving
Posted Date: Tuesday, December 23, 2014
The CFPB has a new Project Catalyst initiative in the works, teaming up with American Express to analyze the effectiveness of practices designed to encourage saving among low- to moderate-income prepaid cardholders.
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Four Republicans to join Senate Banking Committee
Posted Date: Friday, December 19, 2014
When the 114th Congress shepherds in its newly elected officials and prepares for the new session, the Senate Banking Committee will get four fresh faces – three newly elected Republicans and one Republican incumbent. What policy initiatives can be expected to receive their support? Read on to find out.
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Seton Hall law professor to join FTC
Posted Date: Friday, December 19, 2014
The Federal Trade Commission’s Office of Policy Planning helps develop and implement long-range competition and consumer protection policy initiatives. The Commission has appointed a new director for the office. Read on to find out what the appointee may bring to the table.
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