Category News – General

Take Note – OCC Updates Mortgage Banking Handbook

On February 7, 2014, the Office of the Comptroller of the Currency (“OCC”) updated the Comptroller’s Handbook, which replaces the 1996, 1998, and 2008 versions that provided guidance for banks and thrifts.  This new document explains the specific policies and procedures that will be reviewed as part of examinations, as well as information technology requirements.  […]

Forthcoming Changes to ACH Debit Posting

Continuing the evolution to electronic payments, the Federal Reserve Board has proposed new rules that would alter the timing of ACH transfers (automated clearinghouse).  As the notice of proposed rulemaking explains, ACH debit transactions post at 11:00 a.m. (Eastern) and ACH credit transactions post at 8:30 a.m. (Eastern).  The Federal Reserve Board previously delayed the […]

Federal Reserve Releases First Beige Book of 2014

The Board of Governors of the Federal Reserve publishes an informal review of economic conditions nine times per year. The Beige Book (so called because of its beige hard copy cover) is an interesting and quick read for observing trends that various bankers and businesspersons have reported to the Federal Reserve. Each district reports separately, […]

Introducing the Spilman Consumer Finance Practice Group Newsletter: All Consuming

Although this blog provides regular updates on mortgage and consumer banking at the federal and state levels, Spilman Thomas & Battle’s Consumer Finance Practice Group has begun publishing a newsletter, All Consuming, that delivers additional valuable content as important issues arise. The first edition contains summaries of three “game changer” opinions issued by the West Virginia […]

Important: TCPA Changes Effective Today (10/16/13)

Beginning October 16, 2013, financial institutions and businesses must obtain express written consent in order to place (1) any autodialed or prerecorded call or text message to a cell phone; or (2) any prerecorded call to a residential land line for marketing purposes. What does this consent entail? Businesses must obtain express written consent that […]

CFPB and Other Agencies Issue New GLBA Exemption

Earlier this week, the Consumer Financial Protection Bureau joined various other financial-related agencies in issuing an Interagency Guidance on Privacy Laws and Reporting Financial Abuse of Older Adults. The CFPB joined with the CFTC, the FTC, the NCUA, the SEC, and the prudential bank regulators (FDIC, OCC, and Federal Reserve) to issue the guidance. The […]

A Push from the White House: Will the Pace of Dodd-Frank Implementation Increase?

Nearly three years after its passage by Congress, nearly two-thirds of the rulemaking requirements associated with the Dodd-Frank Act remain unfinished. These delays and the sporadic issuance of game-changing regulations has been the ire of financial institutions laboring to comply with the law and new rules. On Monday afternoon, President Obama hosted a meeting with […]

Cordray Confirmed as First Director of CFPB

On July 16, 2013, the United States Senate formally confirmed Richard Cordray as director of the Consumer Financial Protection Bureau (“CFPB”) by a vote of 66-34. Mr. Cordray has been serving as the CFPB director since January 2012 as the result of a “recess appointment,” but his formal confirmation had been blocked by Republicans concerned […]

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 […]