Dodd-Frank News Center

Cordray discusses financial education of Americans at literacy commission meeting

This story appeared in Bank Digest. 

Speaking at the Financial Literacy and Education Commission Meeting, CFPB Director Richard Cordray discussed the bureau's efforts to promote and encourage opportunities to incorporate financial education in schools, workplaces, and communities. He spoke of the country's economic system and argued it would only endure “over the long run if we are willing to take the necessary steps to strengthen that system from the bottom up, starting with the financial education of the individual.”

OFR Working Paper examines funding durability and risk

This story appeared in Bank Digest. 

A working paper entitled “A Map of Funding Durability and Risk,” has been published by the Office of Financial Research. The paper examines the funding operations within Bank/Dealers, adding a critical level of detail about potential funding risks. The paper also introduces the concept of “funding durability,” and provides insight into how funding weaknesses can pass from one institution to another and ultimately affect financial stability.

CFPB releases semi-annual report

This story appeared in Bank Digest. 

The CFPB has released its Spring 2014 semi-annual report. Among other things, the report states that the CFPB acted to refund more than $867 million to consumers who were victims of financial protection law violations and deposited over $119 million into the Civil Penalty Fund, which is used to compensate consumers and provide financial education. In January 2014, the mortgage rules the bureau issued to implement provisions of the Dodd-Frank Act took effect. In addition, the bureau has continued providing consumers with educational tools, according to the report.

Realty firm agrees to $500,000 settlement of RESPA violation charges

This story appeared in Bank Digest. 

The largest real estate broker in Alabama has agreed to pay $500,000 to settle charges that it gave consumers disclosures that were inadequate to satisfy requirements of the Real Estate Settlement Procedures Act, according to the CFPB. The bureau says that RealtySouth referred homebuyers to an affiliated title insurance and closing company without telling homebuyers that they were free to shop around for those services. This resulted in an illegal benefit for TitleSouth LLC, the affiliate, the CFPB alleges.

CFPB updates rulemaking agenda

This story appeared in Bank Digest. 

The CFPB has posted a semi-annual update of its rulemaking agenda. The bureau noted that its agenda is part of a broader initiative led by the Office of Management and Budget to publish a Unified Agenda of Regulatory and Deregulatory Actions across the federal government.

Banks and thrifts notified of OTS integration rule

This story appeared in Bank Digest.

National banks and federal savings associations have been notified of a final rule issued by the OCC that combines certain rules that the agency originally issued jointly with the other federal banking agencies regarding national banks with rules that the former Office of Thrift Supervision issued regarding savings associations. Under the final rule, the OCC combined rules relating to consumer protection in insurance sales, Bank Secrecy Act compliance, management interlocks, appraisals, disclosure and reporting of agreements related to the Community Reinvestment Act, and the Fair Credit Reporting Act (FCRA). The final rule also made technical amendments to the OCC's FCRA rule to conform to provisions of the Dodd-Frank Act.

 

CFPB highlights latest supervisory concerns

This story appeared in Bank Digest.

Recent non-public supervisory activities have generated more than $70 million in consumer relief paid by nonbanks that benefitted approximately 775,000 consumers, the Consumer Financial Protection Bureau says. According to the CFPB's Spring 2014 issue of Supervisory Highlights, the bureau has so far carried out more than 100 initial or follow-up examinations of banks and nonbanks, and it expects to conduct about 150 in 2014. The CFPB says its report focuses on problems found consistently among participants in three of these nonbank markets: payday lenders, debt collectors, and credit reporting agencies.

OCC proposes to integrate licensing rules for national banks and federal savings associations

This story appeared in Bank Digest.

The Office of the Comptroller of the Currency has issued a Notice of Proposed Rulemaking (NPRM) to integrate its rules for national banks and federal savings associations relating to policies and procedures for corporate activities and transactions (licensing rules). The NPRM revises some of these rules to eliminate unnecessary requirements or further the safe and sound operation of the institutions the OCC supervises and makes other technical and conforming changes. This integration would create, to a large extent, filing parity for national banks and federal savings associations for all activities and transactions addressed in the OCC's licensing rules. As part of this rulemaking, the OCC also is proposing amendments to update its rules for the agency's organization and function.

Financial Institutions and Consumer Credit Subcommittee examines transparency at CFPB

This story appeared in Bank Digest.

The Financial Institutions and Consumer Credit Subcommittee held a hearing to examine legislative proposals to improve transparency and accountability at the CFPB. Subcommittee Chairman Shelley Moore Capito (R-WV) said the bills discussed represent "a continuation of this committee's efforts to make the Consumer Financial Protection Bureau a more transparent and accountable agency. I would like to thank the sponsors of the legislation before us for their hard work in crafting common sense reforms to the Bureau."

Oversight and Investigations Subcommittee hears testimony on allegations of discrimination at CFPB

This story appeared in Bank Digest.

The Oversight and Investigations Subcommittee held a hearing titled "Allegations of Discrimination and Retaliation within the Consumer Financial Protection Bureau, Part Two," as part of its ongoing investigation into allegations of racial and gender discrimination and employee retaliation at the CFPB.