Blog

May 10, 2016 is a monumental day for me. Forty years ago I began my banking career as an examiner for the FDIC. Every generation of bankers I have worked with says this new compliance stuff has taken the fun out of banking. Then that generation takes on the pile of new requirements, masters them, and makes them a part of the new daily routine. I had the privilege of working with some really great

As a result of a lot of pressure from many players in the mortgage lending game the CFPB has reluctantly agreed to publish proposed rules to clarify the massive pile of confusion that is called TRID. Recently CFPB Director Cordray sent a letter to the leadership and members of several industry trade groups reporting that the agency has begun drafting a Notice of Proposed Rulemaking on the TRID rules. Cordray stated the goal for publication

On May 11, 2016 FinCEN is publishing a 227-page final rule under the Bank Secrecy Act to clarify and strengthen customer due diligence requirements for banks and others. The rules contain explicit customer due diligence requirements and include a new requirement to identify and verify the identity of beneficial owners of legal entity customers, subject to certain exclusions and exemptions. Covered financial institutions are not presently required to know the identity of the individuals who

On March 29, 2016, U.S. District Judge Alison Nathan in the case of Abigail Strubel, Plaintiff v Capital One Bank. N.A., Defendant granted summary judgment against a putative class action alleging that the Garamond LC font used by Capital One Bank in its credit card applications was not “clear and conspicuous” as required by the Truth in Lending Act. The plaintiffs argued that the commentary provided by the Consumer Financial Protection Bureau (CFPB) indicated that no

The Foreclosure Relief and Extension for Servicemembers Act of 2015 was enacted on March 31, 2016. It amends the Honoring America’s Veterans and Caring for Camp Lejeune Families Act of 2012 by extending the one-year period after a service member’s military service during which certain protections apply. Those protections include: 1) a court may stay proceedings to enforce an obligation on real or personal property owned by the service member before such military service; and