On July 27, 2022, the Consumer Financial Protection Bureau (CFPB)added 15 new questions and answers to its Debt Collector Rule FAQs. The expanded sections include: Prohibitions on Third-Party Communications; Electronic Communication; Electronic Communication: Opt-out Notice; and Unusual or Inconvenient Times or Places.
Month: July 2022
OCC PUBLISHES CRA INFOGRAPHICS
The Office of the Comptroller of the Currency (OCC) has published a series of infographics to assist banks in understanding the requirements of the proposed interagency CRA rules. The proposed rules are an interagency effort. While the infographics come from the OCC, all banks, regardless of prudential regulator, will benefit from the information. The CRA NPR Infographics include: CRA Fact Sheet; Small Banks; Intermediate Banks; Large Banks; Wholesale or Limited Purpose Banks; and Large and […]
TRIDENT MORTGAGE TO PAY $22 MILLION FOR DISCRIMINATION VIOLATIONS
On July 27, 2022, the Consumer Financial Protection Bureau (CFPB) and U.S. Department of Justice (DOJ) took action to end Trident Mortgage Company’s intentional discrimination against families living in majority-minority neighborhoods in the greater Philadelphia area. The CFPB and DOJ allege Trident redlined majority-minority neighborhoods through its marketing, sales, and hiring actions. Specifically, Trident’s actions discouraged prospective applicants from applying for mortgage and refinance loans in the greater Philadelphia area’s majority-minority neighborhoods. If entered by […]
FTC PROPOSES REVISIONS TO THE GUIDES CONCERNING THE USE OF ENDORSEMENTS AND TESTIMONIALS IN ADVERTISING
On July 26, 2022, the Federal Trade Commission (FTC) published a request for comments on proposed revisions to its Guides Concerning the Use of Endorsements and Testimonials in Advertising. The Guides, 16 CFR part 255, are designed to assist businesses and others in conforming their endorsement and testimonial advertising practices to the requirements of section 5 of the FTC Act. Although the Guides interpret laws administered by the Commission, and thus are advisory in nature, […]
TREASURY REQUEST FOR COMMENT ON DIGITAL ASSETS
Last week, the Department of Treasury invited public input pursuant to Executive Order 14067 of March 9, 2022, “Ensuring Responsible Development of Digital Assets.” In particular, the Department invites input, data, and recommendations pertaining to the implications of development and adoption of digital assets and changes in financial market and payment infrastructures for United States consumers, investors, businesses, and for equitable economic growth. The Executive Order outlines principal U.S. policy objectives with respect to digital […]