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The ABA’s Regulatory Compliance Conference (ABA RCC) will be held in New Orleans from June 8 – 11, 2014. Hundreds of bankers attend this annual event. If you are attending the ABA RCC, expect long days in the Hyatt Regency choosing from more sessions than any one person can possibly attend and hot nights prowling the French Quarter and Bourbon Street. If you are unable to attend, check this blog daily for updates regarding conference

Recently the CFPB announced plans to launch an eClosing pilot project in the fall of 2014. The project is supposed to improve the closing experience for consumers. The project is being launched before the new integrated disclosures, the loan estimate and the closing disclosure, take effect. The CFPB has control over the two integrated disclosures, but many other forms involved in closing are not under the CFPB’s control. The success of the pilot will depend

On April 25, the U.S. District Court for the Eastern District of North Carolina entered a consent order and approved a settlement resolving the DOJ’s complaint charging Four Oaks Bank with unlawfully allowing third party merchants to work through the bank to defraud consumers. Four Oaks’ clients included a Texas-based third-party payment processor that provided access to the national payment system to a wide variety of merchants. Four Oaks was specifically informed that many of

Recently it has been revealed that the Consumer Financial Protection Bureau (CFPB) has a disparate treatment problem. CFPB managers have rated white staff members distinctly better than minority staff members in staff reviews that are used, in addition to other purposes, for determining raises and bonuses. The evidence against the CFPB appears solid. The manner in which the CFPB has responded to this embarrassing mess holds lessons for any bank subject to charges of disparate

On May 6, 2014, the Consumer Financial Protection Bureau (CFPB) proposed a rule that would amend Regulation P, Privacy of Consumer Financial Information.  The proposed rule would promote more effective privacy disclosures from financial institutions to their customers, while also providing some good news for banks. Currently financial institutions send annual privacy notices to their customers that describe if and how consumer’s nonpublic personal information will be shared.  If the institution shares information with an