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SECTION 1071 TECHNOLOGY READINESS SESSIONS

On August 8, 2022, the Consumer Financial Protection Bureau (CFPB) announced live and virtual technical conversations about software used by financial institutions to facilitate compliance with the CFPB’s small business lending rulemaking (referred to as 1071). The CFPB 1071 technical team will share insights into how the CFPB generally builds regulatory compliance systems for the intake of submitted information from financial institutions, such as Home Mortgage Disclosure Act (HMDA) reporting system. The team will also […]

CFPB INTERPRETATIVE RULE FOR DIGITAL MARKETERS

On August 10, 2022, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule laying out when digital marketing providers for financial firms must comply with federal consumer financial protection law. Digital marketers: That are involved in the identification or selection of prospective customers or the selection or placement of content to affect consumer behavior are typically service providers for purposes of the law. Acting as service providers can be held liable by the CFPB […]

STATE OF NEW YORK ISSUES AN INDUSTRY LETTER TO ALL STATE CHARTERED BANKS! WILL THERE BE MORE?

On July 12, 2022, The New York State Department of Financial Services (DFS) issued an Industry Letter providing guidance on overdraft and non-sufficient funds (NSF) fees to depository institutions that it supervises. The DFS indicated that, through the supervisory process, it identified several unfair or deceptive acts or practices regarding the imposition of overdraft and NSF fees. The Industry Letter intended to alert New York institutions that the DFS “will evaluate whether Institutions are engaged in deceptive […]