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On June 6 2016 the CFPB sued Intercept Corporation, a payment processor, and two of its executives, Bryan Smith and Craig Dresser, for allegedly enabling unauthorized and other illegal withdrawals from consumer accounts by their clients. In the suit filed in federal district court, the CFPB alleges that Intercept turned a blind eye to blatant warning signs of potential fraud or lawbreaking by its clients. These include actions by federal and state authorities, and sky-high

The CFPB released proposed changes to Regulation B on Friday, March 24th.  The proposal, a mere 56 pages, is designed to permit creditors additional flexibility in complying with Regulation B, in order to facilitate compliance with Regulation C – HMDA.  This proposal was not unexpected. In October 2015, the CFPB issued final rules to implement changes to Regulation C that allow an applicant to self-identify using disaggregated ethnic and racial categories.  These rules are generally

On October 3, 2016, the CFPB issued its 1,689 page Final Rule on Prepaid Accounts which was to primarily become effective on October 1, 2017.  Surprisingly, the CFPB announced in a release last week, on March 9, 2017, that it was proposing to delay the implementation date for the rule until April 1, 2018.  The CFPB is giving some love to the Deposit Compliance side of the bank much like it did with TRID on

Daylight Saving Time (DT) begins on March 12, 2017. What does that have to do with TRID? The TRID rules under Regulation Z require creditors to disclose the time zone applicable to its location when disclosing the date and time the interest rate lock and estimate of closing costs will expire on the loan estimate. As a result, financial institutions located in areas that observe DT need to remember to change the time designation used

The Department of Defense (DOD) has posted a news update on its Military Lending Act (MLA) website informing users of the following: “Between February 9, 2017 and February 15, 2017 there was a problem with MLA Multiple Record Requests that prevented 149 request files from processing. If you submitted a Multiple Record Request file between 9 and 15 February that failed to process, please submit the file again for processing.” Under the MLA covered borrowers