CFPB

Trump vs. Biden: What’s at stake for banks

09/17/20

The future of Fannie Mae and Freddie Mac, the Fed’s supervisory regime for the biggest financial institutions, reform of the Community Reinvestment Act and a host of other industry-related issues are on the ballot this November.

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California Legislature Passes Mini-CFPB Bill; If You Liked The Department Of Business Oversight, Get Ready For The Department Of Financial Protection And Innovation

09/15/20

On August 31, both houses of the California legislature passed and sent to Governor Newsom for signature the California Consumer Financial Protection Law (the CCFPL).  Effective on January 1, 2021 if Governor Newsom signs the bill (which he is expected to do), the Department of Business Oversight will be replaced by the Department of Financial Protection and Innovation (DFPI).  Much of the law comes directly from Title X of the Dodd-Frank Act, with a particular focus on consumer protection.  While the DBO has authority to enforce specific laws, the focus of the DFPI will be on the kinds of

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CFPB data collection rule could exempt smallest small-business lenders

09/15/20

The agency finally detailed how it may implement congressional requirements to collect information on credit to small businesses. Lenders below certain asset thresholds and that make few business loans could be off the hook.

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CFPB to release outline on small-business data rule

09/14/20

The bureau will detail how it will implement a Dodd-Frank Act provision requiring the agency to collect information on small-business lending in order to identify discrimination.

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CFPB gets tough with debt collectors as it readies rule

09/11/20

The financial industry has praised the measured approach taken in a pending regulation on permitted communications with consumers. But two recent complaints by the bureau against debt collectors reflect a potentially aggressive enforcement stance.

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FDIC's brokered deposit proposal has a glaring problem

09/11/20

The plan would encourage more risk-taking by big banks, which would put the industry and taxpayers in harm’s way, write former CFPB Director Richard Cordray and Camden Fine, onetime head of the Independent Community Bankers of America.

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PPP lenders nearing $10B asset mark fear regulatory nightmare

09/03/20

Several community banks are warning Congress that their participation in the Paycheck Protection Program could cause them to cross a threshold that may lead to, among other things, supervision by the CFPB and a cap on interchange fees.

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CFPB’s latest underwriting revamp seen as boon to fintechs, GSEs

09/02/20

The agency’s plan to extend the "qualified mortgage" stamp of approval to more loans could help lenders that rely on alternative data and cushion the blow of other QM changes for Fannie Mae and Freddie Mac.

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Banks, consumer groups both got what they wanted in ‘mini-CFPB’ bill

08/31/20

The California plan to create a new, tougher state regulatory agency is at the finish line after lawmakers agreed to key exemptions for banks while maintaining strong enforcement measures for payday lenders and other firms.

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Ex-Bank of America employees allege ‘extreme pressure' to sell credit cards

08/27/20

Even as the bank’s sales practices faced intense government scrutiny following the Wells Fargo scandal, senior leaders in Oregon were fostering a culture that valued credit-card sales above all else, according to several former employees.

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