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Tag Archives: OCC

Director Cordray and Comptroller Curry speak at LendIt USA conference

Posted in Marketplace Lending, Technology

Earlier this week, we attended the LendIt USA conference in New York City, a leading annual fintech conference, at which both CFPB Director Richard Cordray and Comptroller of the Currency Thomas Curry spoke. Director Cordray began his remarks by returning to his familiar “level playing field” theme, observing that “[e]venhanded oversight of all providers” regardless of… More >

CFPB and OCC settle claims of alleged unlawful practices for credit card add-on products

Posted in CFPB Enforcement, Credit Cards

The CFPB announced that it has entered into a consent order with First National Bank of Omaha to settle charges that the bank engaged in unfair or deceptive acts or practices in connection with the marketing and sale of credit card add-on products and the billing of consumers for such products.  The consent order requires… More >

Key Takeaways from the OCC Forum on Supporting Financial Innovation

Posted in CFPB General

While the CFPB has not yet held a public event devoted to FinTech or financial innovation, the Office of the Comptroller of the Currency (OCC) recently held a Forum On Supporting Financial Innovation in the Federal Banking System to discuss the agency’s approach to FinTech and other innovative products. The forum follows up on the… More >

OCC to hold forum on financial innovation

Posted in CFPB General

In his April 2016 appearance before the Senate Banking Committee, Director Cordray made clear that FinTech companies are on the CFPB’s radar screen.  In particular, he indicated that while FinTech companies should not have an advantage in the marketplace over banks because they are not complying with same rules, the CFPB would seek to enforce… More >

OCC updates consumer compliance examination manual to incorporate integrated disclosures

Posted in TILA / RESPA

The Office of the Comptroller of the Currency has released revised TILA and RESPA chapters of its examination manual for consumer compliance exams.  The revised chapters incorporate the detailed procedural and substantive requirements of the CFPB’s TILA/RESPA integrated disclosures (TRID) rule, which is set to go into effect on August 1, 2015.  The OCC’s publication… More >

OCC steps up SCRA focus in exams

Posted in Military Issues

As we have been reporting, the CFPB has made the Servicemembers Civil Relief Act (SCRA) a major focus and instructs its examiners to look at SCRA compliance during examinations.  The OCC has also stepped up its focus on SCRA compliance during examinations of national banks and federal savings associations, according to recent remarks by an… More >

Further comment on payday lending and deposit advances

Posted in Payday Lending

As suggested by prior blog posts, I am no fan of the direction the CFPB, OCC and FDIC seem to be going with respect to payday and deposit advance loans. These agencies have all signaled a willingness to prohibit these loans without regard to Dodd-Frank’s definitions of the terms “unfair” and “abusive” and without applying… More >

OCC and FDIC proposed guidance could effectively ban deposit advance loans

Posted in Deposit Advance Loans, Payday Lending

Last Thursday, the Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation proposed guidance on deposit advance loans.  The Federal Reserve Board declined to join the OCC and FDIC and instead provided a general warning that such loans need to be thoughtfully structured and lawfully provided.  Comments on the OCC and FDIC proposals must… More >

Proposal for OCC to charter “Federal Financial Services and Credit Companies” draws ire from consumer advocate

Posted in Payday Lending

A bill introduced in Congress that would provide for the OCC to charter and regulate “Federal Financial Services and Credit Companies” (FFSCCs) was recently called a “get out of regulation free card” in a blog post by Ed Mierzwinski, U.S. PIRG’s Consumer Program Director.    H.R. 1909, titled “FFSCC Charter Act of 2011” and introduced in May… More >

More on MOUs

Posted in CFPB General

As we reported in an earlier posting, it has taken considerable effort to locate the memoranda of understanding (MOUs) that the CFPB has put in place with various other federal agencies. More of those MOUs recently surfaced through, we believe, a Freedom of Information Act (FOIA) request. One of the newly uncovered MOUs is between… More >

Curry won’t rock the OCC preemption boat

Posted in CFPB General, CFPB People

We recently reported that as of July 21, the OCC finalized its reg confirming the view of Acting Comptroller Walsh that the Dodd-Frank Act did not require the OCC to rescind or modify its broad preemption regs. Those regs have enabled national banks to largely ignore state consumer protection laws. While there is still uncertainty as to whether… More >

The most important things happening at the CFPB today

Posted in CFPB People, Hot Issues

A rudderless ship? Unless and until the Senate confirms President Obama’s appointment of Richard Cordray as Director, or the President makes a valid recess appointment, the CFPB can’t come close to fulfilling its mission.  It can’t supervise non-banks or bring enforcement actions against them.  And it can’t engage in any rule-making under its authority to… More >

CFPB day 1: My perspective

Posted in CFPB General

Since I plan to post from time to time, I think it is only fair to share where I am coming from. Unless the NFL lockout ends today, this is not likely to be a happy day for me. I was not an advocate of the consumer protection provisions of Dodd-Frank generally or the CFPB… More >