Monthly Archives: May 2014

Credit Suisse Case Offers Reminder of Many Layers of Oversight

With much fanfare and publicity, the Federal Reserve Board on Monday announced that Credit Suisse will pay a $100 million penalty for unsafe and unsound practices and failing to comply with the federal banking laws governing its United States activities. Credit Suisse is also subject to a cease and desist order requiring Credit Suisse to […]

Student Lending a Top CFPB Priority

Richard Cordray, Director of the Consumer Financial Protection Bureau (“CFPB”) recently presented a new tool for students seeking to finance education costs. The CFPB has targeted student lending as a regulatory priority, which is second only to mortgages in the rankings of debt categories. Mr. Cordray offered his prepared remarks at the Boulder Summer Conference […]

CFPB Proposes Changes to Mortgage Rules

Last week, the Consumer Financial Protection Bureau (“CFPB”) published amendments to Regulation Z, which implements the Truth in Lending Act (“TILA”). The updates are 85 pages of tweaks to the rules issued in January 2013 that were effective in January 2014. The CFPB has provided for a 30-day comment period. Financial institutions and mortgage industry […]