On Sunday night, March 22, 2020, the federal banking agencies (OCC, FDIC, NCUA, Federal Reserve), the Consumer Financial Protection Bureau and the State Conference of Bank Supervisors issued an Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus. The Guidance does two key things: 1. Short-term loan … Continue Reading
With the announcement of Richard Cordray’s resignation as Director of the federal Consumer Financial Protection Bureau (CFPB) by the end of November 2017, the latest D.C. guessing game is who will take over the helm of the CFPB. This simple question is really two questions. First, who will run the agency on an interim basis? … Continue Reading
There is no doubt that the regulation of financial technology (fintech) companies is on the rise. Fintech companies broadly mean companies that provide products, services and technology where traditional banking and financial services leave off and technology takes off. Though all of the federal banking agencies and other agencies will play a vital role in … Continue Reading
CFPB Issues Report on Servicers Servicing Servicemembers’ Student Loans On July 7, the CFPB released a report covering student loan servicing complaints received by the CFPB from servicemembers. The report, “Overseas & Underserved: Student Loan Servicing and the Cost to Our Men and Women in Uniform,” summarizes issues the CFPB has observed with respect to … Continue Reading
CFPB Releases Spring 2015 Rulemaking Agenda The CFPB recently released its spring 2015 rulemaking agenda as required by the Regulatory Flexibility Act. It described the following upcoming rulemakings: Home Mortgage Disclosure Act. The CFPB issued a proposed rule in August 2014 to implement Dodd-Frank Act amendments to the Home Mortgage Disclosure Act (HMDA). The proposal … Continue Reading
Brett Kitt, Financial Regulatory Of Counsel, participated as a speaker in the Online Lenders Alliance Spring Summit held in Washington, D.C. from April 28 – 29. Brett moderated a panel at the Summit titled “Regulatory Recap” on April 29. The session provided an outlook on the Consumer Financial Protection Bureau’s outline for a proposed rule-governing … Continue Reading
