May 27, 2020 | Federal Regulation
Otting Steps Down as Head of OCC Comptroller of the Currency Joseph M. Otting announced that he will resign from office at the end of this week, just over halfway through his five-year term. First Deputy and Chief Operating Officer Brian P. Brooks will become Acting...
May 25, 2020 | Federal Regulation, News
Financial Regulators Issue Guidance for Offering Responsible Small-Dollar Loans Last week, four federal financial regulatory agencies released guidance titled “Interagency Lending Principles for Offering Responsible Small-Dollar Loans,” encouraging credit unions,...
May 20, 2020 | Federal Regulation, News
CFPB Outlines Billing Error Responsibilities of Financial Firms During Pandemic Last week, the Consumer Financial Protection Bureau (CFPB) released a statement and FAQs concerning the obligations of financial firms during the coronavirus pandemic. Specifically, the...
May 13, 2020 | Congressional Legislation, Federal Regulation, News
Senate Democrats Urge CFPB to Start Over on Payday Rule United States Senator Sherrod Brown (D-Ohio) was recently joined by 11 of his Senate colleagues in sending a letter to Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger, pressing her and the...
May 11, 2020 | Banks & Credit Unions, Federal Regulation, News
CFPB Releases Final Remittance Rule, Expanding Temporary Protections and Making Them Permanent Earlier today, the Consumer Financial Protection Bureau (CFPB) issued a final rule regarding remittance transfers, also known as international money transfers, which places...
May 4, 2020 | Federal Regulation, News
CFPB Report Shows Substantial Decline in Credit Applications in March According to a report issued last week by the Consumer Financial Protection Bureau (CFPB), consumer credit applications considerably declined in March, likely as a result of the COVID-19 pandemic....
