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Posted Date: Wednesday, February 24, 2021
The Officer of the Comptroller of the Currency has released economic and financial market scenarios for use in the upcoming Dodd-Frank stress test.
Read on for more details. Read on »
Posted Date: Monday, February 8, 2021
The Consumer Financial Protection Bureau released its supervisory highlights from the prioritized assessments conducted during the COVID-19 pandemic.
According to the report, the bureau used its supervision program to analyze pandemic-related market developments and determine issues most likely to pose risks to consumers. Markets included student loan servicing, consumer reporting and furnishing, debt collection, and small-business lending.
For details from the report, read on. Read on »
Posted Date: Thursday, December 3, 2020
The Consumer Financial Protection Bureau has finalized its advisory opinions policy.
In addition, the bureau issued two new advisory opinions regarding earned wage access products, and whether certain education loan products are covered by the definition of “private education loan” in the Truth in Lending Act and Regulation Z.
For more details on the policy, read on. Read on »
Posted Date: Friday, November 20, 2020
Anthony Alexis, former assistant director and head of enforcement at the Consumer Financial Protection Bureau, and Ori Lev, former deputy director of enforcement, engaged in a virtual forum with Dan Smith, Consumer Bankers Association executive vice president.
The trio discussed the current state of the CFPB’s supervisory, enforcement, and fair lending division.
Read on for details. Read on »
Posted Date: Friday, November 13, 2020
QuestSoft Corp. has added a new digital compliance tool to its Compliance EAGLE platform to assist lenders in the loan prequalification process.
Read on for details. Read on »
Posted Date: Tuesday, October 13, 2020
The Consumer Financial Services Association of America and a Texas trade group are asking a federal judge to invalidate the Consumer Financial Protection Bureau’s payday loan rule, citing a recent U.S. Supreme Court case, the Administrative Procedures Act, and other precedents.
The payday loan rule has been controversial since its enactment in 2017.
Read on for details. Read on »
Posted Date: Thursday, October 8, 2020
The Commodity Futures Trading Commission announced the departure of James McDonald, its enforcement director.
Read on for more details.
Read on »
Posted Date: Monday, October 5, 2020
A new poll from Lake Research Partners (LRP) shows voters, regardless of political association, race, ethnicity, age and region, overwhelmingly support tighter regulations for the financial sector.
The survey also showed strong approval of the Consumer Financial Protection Bureau’s mission and the belief Wall Street and large corporations have received too much help from the government during the COVID-19 crisis.
Read on to learn more survey results. Read on »
Posted Date: Tuesday, June 28, 2016
Twenty former and current members of Congress – including Barney Frank, Chris Dodd, Sens. Sherrod Brown (D-Ohio) and Elizabeth Warren (D-Mass.) and Rep. Nancy Pelosi (D-Calif.) – have signed an amicus brief in support of the Financial Stability Oversight Council in the council’s case against MetLife. U.S. District Judge Rosemary Collyer had issued an order removing the designation of MetLife as a systemically important financial institution (SIFI) subject to enhanced prudential oversight. FSOC has since appealed that decision. Read on »
Posted Date: Tuesday, June 28, 2016
You’ve determined that your loan products would be covered under the Consumer Financial Protection Bureau’s sweeping payday lending proposal. What does this mean? What are some of the possible limitations and liabilities? In Part 2 of this two-part series, Dodd Frank Update explores the bureau’s ability-to-repay requirements and the alternative lending options for short-term and longer-term loans. Read on »
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