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
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?
Category: Overdrafts
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
CFPB UPDATES DEBT COLLECTION RULE FAQS
Category: CFPB, Fair Debt Collection Practices Act, Regulation F
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.
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
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