On June 8, 2017, the Financial CHOICE Act of 2017 (H.R. 10 – 115th Congress) passed the house with a 233-186 vote adhering to party lines (233 of voting 234 Republicans voted for the bill while all 185 voting Democrats voted against the bill). H.R. 10 was introduced to Congress on April 26, 2017, sponsored by Representative and Chairman of the House Financial Services Committee Jeb Hensarling (R-TX). If the bill becomes law it would […]
Category: Uncategorized
CFPB ISSUES ANNUAL FAIR LENDING REPORT AND IDENTIFIES PRIORITIES FOR 2017
On April 14, 2017, the CFPB released its fifth Fair Lending Report reflecting the Bureau’s rulemaking, supervision, enforcement, interagency collaboration, and outreach activities for 2016 as well as its fair lending priorities for 2017. Perhaps most importantly for financial institutions is the Report’s identification of fair lending priorities for 2017, which includes redlining, mortgage and student loan servicing, and small business lending, as well as the method for identifying fair lending priorities. The Report notes […]
SETBACK FOR CFPB
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 […]
DODD-FRANK OR NO DODD-FRANK?
Another Order was signed by President Trump on Friday, February 3rd that may have a substantial impact on those of us in the financial services industry, or at least we think it might, maybe, possibly? After a White House meeting with business executives on Friday, Mr. Trump signed a directive calling for a rewriting of major provisions of the Dodd-Frank Act, crafted by the Obama administration and passed by Congress in response to the 2008 […]
HAPPY NEW YEAR!
2016 was a busy year for compliance. It looks like 2017 is lining up to be another big year, but there no way to account for the impact of the wild card factor called President Trump. We hope that 2016 has been a good year for you and for those you love and we hope that 2017 is better in every way.