Monthly Archives: May 2013

Did You Catch This? CFPB Expands Efforts to Coordinate with State Regulators

Earlier this week, the Consumer Financial Protection Bureau (“CFPB”) announced it has reached a “framework” for working with the Conference of State Bank Supervisors (“CSBS”) for “cooperation on supervision and enforcement matters.” The newly developed framework builds upon a 2011 memorandum of understanding and a 2012 statement of intent between the CFPB and CSBS, both […]

CFPB Publishes 2013 Listing of “Rural” and “Underserved” Counties

The CFPB has issued a final rule clarifying whether a county is considered “rural” or “underserved” with respect to certain exemptions in the Dodd-Frank mortgage rules issued earlier this year. By way of reminder, several rules published this year, including the Qualified Mortgage Rule, contained special provisions and exemptions for borrowers located in rural or […]

Watch Out, Banks: Federal Reserve Issues Statement on Deposit Advance Products

On the heels of the Consumer Financial Protection Bureau’s (“CFPB”) April 24, 2013 white paper on payday loans and deposit advance products, the Board of Governors of the Federal Reserve Board (“Fed”) issued a formal statement to “emphasize to state member banks the significant consumer risks associated with deposit advance products.” So what is a […]

Dodd-Frank Community Banking Study Highlights Compliance Challenges

A recent study by the American Enterprise Institute (“AEI”) highlights the burdens imposed by the Dodd-Frank Act, which created the CFPB and rewrote the book on regulatory compliance concerns for banks and financial institutions. The full report, The Impact of Dodd-Frank on Community Banks, provides extensive references to support its analysis of the burdens that […]

CFPB Refers Alleged Debt-Relief Scam to Department of Justice

Standing in New York earlier this week, Richard Cordray, director of the Consumer Financial Protection Bureau (“CFPB”), announced the filing of a complaint against a debt-relief services company, as well as a referral of the company’s alleged criminal conduct to the Department of Justice. This first joint enforcement effort and referral of criminal activities is prescribed […]

Third-Party Vendors: Do You Have Appropriate Oversight in Place?

Although many community banks and other financial institutions strategically outsource certain functions (mortgage servicing, credit card products, etc.) in order to offer additional services or control costs, regulators have increased their scrutiny of how institutions are managing these vendors and their practices. It is important for every institution to conduct a periodic review of its […]

CFPB Continues to Push Out Small Entity Guidance

On May 2, 2013, the Consumer Financial Protection Bureau (“CFPB”) issued three additional Small Entity Compliance Guides on the heels of other guides published in April. The CFPB has stated that the purpose of these publications is to make the content of the new regulations more accessible and consumable for a broad array of industry […]

Another Try for New Leadership at FHFA – Another North Carolinian

President Obama nominated North Carolina Congressman Mel Watt, whose district snakes from Charlotte to Winston-Salem, to lead the Federal Housing Finance Agency (“FHFA”). The chief of the FHFA has become a key economic-policy post in Washington because of its oversight of the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, which own or guarantee approximately […]