Center for American Progress, Joe Valenti | May 22, 2014: “In 2009, President Barack Obama signed into law the Credit Card Accountability, Responsibility, and Disclosure Act, or Credit CARD Act. This law ended credit card industry practices in which interest rates could change at any time and in which hidden provisions enabled companies to charge significant fees without justification.… Continue Reading
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Regulatory & Risk Management Burden Grows Heavier for U.S. Banks and Credit Unions
“U.S. banks and credit unions are carrying a much heavier regulatory and risk management burden than they were a year ago. That’s according to the results of the latest Regulatory & Risk Management Indicator for the U.S. banking industry issued today by Wolters Kluwer Financial Services, a comprehensive provider of risk management, compliance, finance and audit solutions and… Continue Reading
New GAO Report on Credit Card Marketing to Students
CREDIT CARDS: Marketing to College Students Appears to Have Declined, GAO-14-225: Published: Feb 25, 2014. Publicly Released: Feb 25, 2014. “Trends associated with college affinity card agreements include fewer agreements and cardholders and declining payments, according to data GAO analyzed from the Board of Governors of the Federal Reserve System (Federal Reserve) and the Bureau of Consumer… Continue Reading
New GAO Report – College Debit Cards
COLLEGE DEBIT CARDS: Actions Needed to Address ATM Access, Student Choice, and Transparency, GAO-14-91: Published: Feb 13, 2014. Publicly Released: Feb 13, 2014: “At least 852 schools, or 11 percent of U.S. colleges and universities, had agreements to provide debit or prepaid card services to their students as of July 2013, and most offered students the ability to receive… Continue Reading
Wells Fargo and US Bank End Bank Payday Lending
CFA Calls on Fifth Third Bank to Discontinue Deposit Advance Product: “In a positive step forward for consumers, three of the largest providers of bank payday loans announced that they would no longer offer high-cost loans to their checking account customers. Recent findings from a report issued by the Consumer Financial Protection Bureau found that bank payday loans, commonly… Continue Reading
Privacy Protection for Customer Financial Information
CRS – Privacy Protection for Customer Financial Information, M. Maureen Murphy, Legislative Attorney, January 9, 2014 “One of the functions transferred to the Consumer Financial Protection Bureau (CFPB) under P.L. 111-203, the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), is authority to issue regulations and take enforcement actions under the two major federal statutes that specify conditions under… Continue Reading
International Review of OCC’s Supervision of Large and Midsize Banks
An International Review of OCC’s Supervision of Large and Midsize Banks, Recommendations to Improve Supervisor Effectiveness. December 4, 2013. “The U.S. financial supervisory system in which the OCC operates is complicated. Commercial banks in the United States, particularly the large complex institutions, may be subject to multiple supervisory agencies including the Federal Reserve Board and district Federal Reserve… Continue Reading
Navigating the market
CFPB: “To understand the wide range of information sources consumers could be exposed to in making financial decisions, we commissioned a study of the size and scope of the financial information field. The results give an overall indication of the relative amounts spent in the U.S. on financial education and on the marketing of certain… Continue Reading
The LexisNexis® 15th Annual Mortgage Fraud Report
The LexisNexis® 15th Annual Mortgage Fraud Report, August 2013 “As the mortgage industry heads into the latter part of 2013, the housing market is showing signs of positive growth. According to the National Association of Realtor’s (NAR) Pending Home Sales Index (PHSI) which is based on purchase contracts, in May 2013, pending home sales were… Continue Reading
CFP Examines Student Loan Data to Identify Scope of Debt
CFPB: “A few weeks ago, we released new estimates on the size of the student loan market, which is approaching $1.2 trillion, with federal student loans crossing the $1 trillion mark. While there’s been a lot of discussion about changes to federal student loan interest rates on new loans, many of you have asked: what’s… Continue Reading
Student Loan Affordability Analysis of Public Input on Impact and Solutions
CFPB: Student Loan Affordability Analysis of Public Input on Impact and Solutions, May 8, 2013 “The Dodd-Frank Wall Street Reform and Consumer Protection Act established a student loan ombudsman within the Consumer Financial Protection Bureau to focus on student loans. Pursuant to the Act, the ombudsman shall conduct analysis on input from borrowers, prepare an… Continue Reading
The Recess Appointment Power After Noel Canning v. NLRB
The Recess Appointment Power After Noel Canning v. NLRB: Constitutional Implications. Todd Garvey, Legislative Attorney, David H. Carpenter, Legislative Attorney – March 27, 2013 “Under the Appointments Clause, the President is empowered to nominate and appoint principal officers of the United States, but only with the advice and consent of the Senate. In addition to… Continue Reading
