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Agencies seek comments on proposed changes to CECL
On October 17, the OCC, Federal Reserve Board, FDIC, and NCUA published a proposed interagency policy statement on allowances for credit losses and proposed interagency guidance on credit risk review systems . The proposed policy statement describes the measurement of expected credit losses under...
InfoBytesHouse report blames CFPB "politicization" for drop in consumer relief
On October 16, Maxine Waters, Chairwoman of the House Financial Services Committee, released a majority staff report titled, “Settling for Nothing: How Kraninger’s CFPB Leaves Consumers High and Dry,” which details the results of the majority’s investigation into the CFPB’s handling of consumer...
InfoBytesState AGs urge CFPB to reconsider proposed changes to HMDA
On October 15, a coalition of 13 state attorneys general submitted a comment letter in response to the CFPB’s Advance Notice of Proposed Rulemaking issued last May seeking information on the costs and benefits of reporting certain data points under HMDA. (Previously covered by InfoBytes here .) In...
InfoBytesFourth Circuit affirms dismissal of FDCPA suit
On October 16, the U.S. Court of Appeals for the Fourth Circuit affirmed the dismissal of an action against a debt collector for allegedly violating the FDCPA and related state statutes when attempting to collect on unpaid debt. The plaintiffs alleged that the defendant’s attempts to collect unpaid...
InfoBytesDOJ charges Turkish bank in Iran sanctions violation scheme
On October 15, the DOJ announced charges against a Turkish bank alleging fraud, money laundering, and sanctions offenses related to the bank’s alleged participation in a scheme to evade U.S. sanctions on Iran. According to the indictment , the bank used money service businesses and front companies...
InfoBytesDistrict Court allows NCUA to substitute plaintiff, denies dismissal of breach of contract claim in RMBS action
On October 15, the U.S. District Court for the Southern District of New York held that the NCUA may substitute a new plaintiff to represent the agency’s claims in a residential mortgage-backed securities (RMBS) action against an international bank serving as an RMBS trustee. In the same order, the...
InfoBytesFDIC approves final stress-test revisions
On October 15, the FDIC approved the final rule revising stress testing requirements for FDIC-supervised institutions, consistent with changes made by Section 401 of the Economic Growth, Regulatory Relief, and Consumer Protection Act. The final rule remains unchanged from the proposed rule, which...
InfoBytesCFPB Private Education Loan Ombudsman's annual report focuses on debt relief scams
On October 15, the CFPB Private Education Loan Ombudsman published its annual report on consumer complaints submitted between September 1, 2017 and August 31, 2019. The report, titled Annual Report of the CFPB Student Loan Ombudsman , is based on approximately 20,600 complaints received by the...
InfoBytesCalifornia caps rate on installment loans
On October 10, the California governor signed AB 539 , known as the “Fair Access to Credit Act,” which amends the California Financing Law (CFL) to limit the rate of interest on certain installment loans. Specifically, for installment loans with a principal amount between $2,500 and $10,000,...
InfoBytesCalifornia governor signs CCPA amendments
On October 11, the California governor signed several amendments to the California Consumer Privacy Act (CCPA) and other privacy-related bills. As previously covered by a Buckley Special Alert , AB 874 , AB 1355 , AB 1146 , AB 25 , and AB 1564 leave the majority of the consumer’s rights intact in...
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