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“The Consumer Financial Protection Bureau has begun drafting a Notice of Proposed Rulemaking (NPRM) to make adjustments to the Know Before You Owe rule,” CFPB director Richard Cordray told industry trade groups in an April 28 letter. Cordray said he hopes the NPRM will be issued in late July. Well his “hopes” became reality late last week. On July 28 the CFPB Published a 293-page proposal. The proposal has a quick 82-day comment period, which

The Consumer Financial Protection Bureau (CFPB) has ordered Delaware-based Santander Bank, N.A. to pay a $10 million fine for illegal overdraft service practices. Santander’s telemarketing vendor deceptively marketed the overdraft service and signed certain bank customers up for the service without their consent. In addition to paying the civil money penalty to the CFPB, Santander must go back and give consumers the opportunity to provide their affirmative consent to overdraft service, not use a vendor

Recently the Office of the Comptroller of the Currency (OCC); Board of Governors of the Federal Reserve System (Board); Federal Deposit Insurance Corporation (FDIC) published final revisions to the Interagency Questions and Answers Regarding Community Reinvestment. The final rule was based on a proposal issued on September 10, 2014 that addressed alternative systems for delivering retail banking services; community development-related issues; and the qualitative aspects of performance, including innovative or flexible lending practices and the

The much anticipated Filing Instructions Guide (FIG) has been published by the Consumer Financial Protection Bureau (CFPB). Actually the CFPB has published two FIGs – one for data collected in 2017 and one for data collected in 2018 or later. The 2017 FIG is 47 pages in length. The 2018 Guide is 78 pages in length. Both are dated July 2016.   The CFPB has also published a Technology Review and Frequently Asked Questions documents,

Last week the Consumer Financial Protection Bureau (CFPB) published a proposed amendment to Regulation P, which implements the Gramm-Leach-Bliley Act (GLBA) privacy provisions.  The amendment would implement a December 2015 statutory amendment to the GLBA providing an exception to this annual notice requirement for financial institutions that meet certain conditions. Final rules are expected shortly after the end of the 30-day comment period. A copy of the 41-page proposed rule is available at https://www.consumerfinance.gov/policy-compliance/rulemaking/rules-under-development/amendment-annual-privacy-notice-requirement-under-gramm-leach-bliley-act-regulation-p/