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 Credit, payment processors and future enforcements after Sprint (Part 2)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.”
Credit, payment processors, and future enforcements after Sprint (Part 1)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.”
CFPB cites Wells, Chase, Maryland title firm for illegal kickbacksThe Consumer Financial Protection Bureau and the Maryland Attorney General announced actions against Wells Fargo and JPMorgan Chase for engaging in illegal marketing services with a now-defunct title company, Genuine Title. In addition to the banks, the bureau and Maryland took action against a former Wells Fargo employee and his wife for their involvement. In all, the penalties for the enforcement total more than $35 million. ICBA launches regulatory ‘Plan for Prosperity’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. CFPB taking applications for advisory positionsThe 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. TRIA reauthorization is signed into lawThe 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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Recent Headlines
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CFPB finalizes disclosure rulesThe Consumer Financial Protection Bureau recently finalized two modifications to the “Know Before You Owe” mortgage disclosure rules. Read on to learn more about what has been finalized.
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Mortgage Headlines
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Industry supports OCC promotion of bank collaboration Recognizing the unique challenges community banks face, the Office of the Comptroller of the Currency issued a paper on Jan. 13 that focused on how community banks can do more with less through collaboration. Read on to learn how collaborative arrangements can reduce costs and increase efficiency. |
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Banking Headlines
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CFPB fills several leadership positionsKnow your regulators: On Jan. 23 the Consumer Financial Protection Bureau announced the addition of several new members who will take on leadership roles at the bureau. The positions include assistant director of enforcement, deputy chief operating officer, northeast regional director of supervision examinations, and chief human capital officer. |
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CFPB Headlines
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Transparency rules grant SEC access to swap dataThe 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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Derivatives Headlines
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Agencies release public portions of living willsUnder the Dodd-Frank Act, bank holding companies with total consolidated assets of $50 billion or more and nonbank financial companies designated for enhanced prudential supervision by the Financial Stability Oversight Council are required to submit resolution plans to the Federal Reserve Board and the Federal Deposit Insurance Corp. describing the company’s resolution strategy in the event of material financial distress or failure. The public versions of these resolutions, commonly known as living wills, recently have been released. Read on for the details. |
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Financial Stability Headlines
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Featured Stories
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Monthly Newsletter
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Pew reveals public views of U.S. economy In his State of the Union address, President Barack Obama pledged to veto any bill that threatens to unravel the Dodd-Frank Act’s rules on Wall Street, stressing that current regulations have helped the economy grow. But how does the public feel about the economy and financial regulation? Read on to find out. |
more Inside the Beltway »
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OCC Community Bank Collaboration 2015Recognizing the unique challenges community banks face, the Office of the Comptroller of the Currency issued this paper on Jan. 13, focusing on how community banks can do more with less through collaboration. OCC, Comptroller, collaboration, paper, community banks, ICBA |
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