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Posted Date: Friday, April 19, 2024
The Consumer Financial Protection Bureau (CFPB) has been no stranger to criticism since its inception. Lawmakers and industry insiders have noted the agency’s often unorthodox and, some would argue, unlawful approach to rulemaking, supervision and enforcement, as well as questions about the constitutionality of the bureau’s structure and financial reporting practices.
Persistent concerns over the CFPB’s transparency and accountability expressed by congressional Republicans recently spurred the House Financial Services Committee (FSC) to hold a hearing entitled, “Agency Audit: Reviewing CFPB Financial Reporting & Transparency.” Read on »
Posted Date: Friday, April 19, 2024
Community banks are urging Congress to consider specific revisions to the Farm Credit Adjustment Act, which is intended to aid rural credit institutions in providing critical financial support to farmers and producers throughout the country. The financial industry generally supports many of the bill’s provisions but has concerns regarding aspects applying to non-farm financing authorities within the Farm Credit System. Read on »
Posted Date: Tuesday, April 9, 2024
The legal battle over modernized Community Reinvestment Act requirements has culminated in a preliminary injunction in federal court. Dodd Frank Update spoke with Garris Horn PLLC Co-Managing Partner Richard Horn about the development, which did not come as a shock to many industry insiders aware of the challenges presented by the cumbersome final rule. Read on »
Posted Date: Tuesday, April 9, 2024
The National Association of Industrial Bankers, American Financial Services Association, and the American Fintech Council brought suit against the state of Colorado over the state “opting out” from a section of federal banking law, resulting in out-of-state lenders being subject to the state’s rate cap.
Should the bill take effect as planned on July 1, Colorado would be able to subject out-of-state lenders to the state’s rate cap. The trade groups argued this law exceeds the state’s authority and conflicts with the U.S. Constitution’s Supremacy and Commerce Clauses. Read on »
Posted Date: Friday, March 22, 2024
As New York considers legislative reforms to strengthen the state’s laws intended to protect consumers against unfair, deceptive, or abusive tactics, the Consumer Financial Protection Bureau expressed strong support for such a measure in identical letters to state leaders. Read on »
Posted Date: Friday, March 15, 2024
Numerous legislative proposals have gained support from industry trade advocates representing mortgage lenders, community bankers and credit unions. Learn more about these bills, as well as some recent developments in the mortgage market, in this roundup. Read on »
Posted Date: Friday, March 8, 2024
Financial Services Committee Chair Patrick McHenry (R-N.C.) hopes the fourth time is the charm for his legislation to create “regulatory sandboxes” allowing financial services providers to offer innovative products and services under an alternative compliance plan. Read on »
Posted Date: Tuesday, March 5, 2024
The Consumer Financial Protection Bureau finalized a rule seeking to reduce excessive credit card fees by closing a regulatory “loophole.” The new rule essentially blocks a 2011 rule amendment enacted by the Federal Reserve that allowed banks to charge fees exceeding the amount required to recover its expenses associated with a late payment. Read on »
Posted Date: Friday, February 9, 2024
Maryland is considering legislation to make it the next state to codify the “true lender” theory, which would impose new tests to identify the parties involved in loan transactions and prohibit efforts to evade such tests. Read on »
Posted Date: Friday, February 9, 2024
Trade advocates for community banks described their concerns to federal regulators in letters to the Federal Trade Commission and the Federal Deposit Insurance Corp. regarding their respective proposed rules. Learn about these matters and more in this roundup. Read on »
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