Dodd-Frank News Center

CFPB Office of Minority and Women Inclusion issues annual report

This story appeared in Bank Digest.

The Consumer Financial Protection Bureau’s Office of Minority and Women Inclusion has issued its annual report to Congress for 2014. The report outlines initiatives related to building and maintaining a diverse workforce, increasing contracting opportunities for minority and women owned businesses, and assessing the diversity policies and practices of entities regulated by the CFPB. The CFPB said that the report highlights its commitment to diversity and inclusion as evidenced by the numerous initiatives designed to embed diversity guiding principles into organizational culture.

FDIC renews Systemic Resolution Advisory Committee

This story appeared in Bank Digest.

The Federal Deposit Insurance Corporation has issued a notice announcing the renewal of the FDIC Systemic Resolution Advisory Committee. The agency said that the Committee will continue to provide advice and recommendations on how the FDIC's systemic resolution authority, and its implementation, may impact regulated entities and other stakeholders potentially affected by the process.

The agency said that the structure and responsibilities of the Committee are unchanged from when it was originally established in May 2011 and that the Committee will continue to operate in accordance with the provisions of the Federal Advisory Committee Act.

SIGTARP issues report on increasing HAMP's effectiveness

This story appeared in Bank Digest.

The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) has issued a report titled, "Treasury's Opportunity to Increase HAMP's Effectiveness by Reaching More Homeowners in States Underserved by HAMP." The report says that the Home Affordable Modification Program has struggled to reach the expected number of homeowners that Treasury envisioned for the program. The report asserts that Treasury must identify those areas where HAMP has underperformed and the barriers that have prevented homeowners in those areas from getting HAMP assistance. Then, Treasury must act to reduce or eliminate those barriers.

CFPB releases report on consumer complaints from military community

This story appeared in Bank Digest.

The Consumer Financial Protection Bureau has released its third Snapshot of Complaints Received from Servicemembers, Veterans and their Families. The report details the data and trends from consumer complaints the bureau has received from members of the military community since July 2011. The report states that:

• debt collection complaints have continued to rise since the last report, and now make up 39 percent of total complaints. It is the largest category of complaints from the military community;
• credit reporting remains a top category of concern. Among these complaints, 72 percent are about incorrect information on credit reports; and
• student loans are another concern. Among student loan complaints, 49 percent are about problems dealing with a lender or servicer. In these complaints, long-standing trends continue, such as servicemembers complaining about not being provided their Servicemembers Civil Relief Act rights.

Moran and Tester introduce bills on community banking

This story appeared in Bank Digest.

Senators Jerry Moran (R-Kan) and Jon Tester (D-Mont), members of the Senate Banking Committee, have introduced two bills they hope will ensure a healthy future for America's community banks--The Community Lending Enhancement and Regulatory (CLEAR) Relief Act (S. 812) and the CLEAR Plus Act (S. 927).

The CLEAR Relief Act (S. 812) would attempt to provide regulatory relief to community banks and their customers as well as support the housing recovery. By stripping away outdated or unnecessary regulation, the legislation would aim to help community banks focus on what they do best: providing loans to their communities and helping small businesses grow.

House passes H.R. 1195 amid controversy

This story appeared in Bank Digest.

House began debate on April 21, 2015, on a bill that would require the director of the Consumer Financial Protection Bureau to establish a Community Bank Advisory Council, a Credit Union Advisory Council, and a Small Business Advisory Board to advise and consult with the CFPB. The measure, as written and passed by the House Financial Services Committee, was supported by both Democrats and Republicans, but a recent amendment by Committee Chair Jeb Hensarling (R-Texas) has sparked debate, and the bipartisan bill now has become a subject of controversy. The House approved H.R. 1195 by a vote of 235 to 183 on April 22, 2015.

House debates bill related to CFPB advisory boards

This story appeared in Bank Digest.

As the House of Representatives considers H.R. 1195, the Bureau of Consumer Financial Protection Advisory Boards Act, legislation related to advisory boards at the Consumer Financial Protection Bureau, Rep. Maxine Waters (D-Calif), Ranking Member of the Financial Services Committee, lamented what she considered an underhanded attempt by the Republican majority to undermine bureau by significantly cutting its budget.

FDIC issues final rule concerning restrictions on the sale of assets of a failed institution

This story appeared in Bank Digest.

The Federal Deposit Insurance Corporation has issued a final rule, effective July 1, 2015, revising its rule concerning restrictions on the sale of assets of a failed institution under the Federal Deposit Insurance Act in order to clarify the purpose, scope and applicability of that rule and to make that rule more consistent with the FDIC's rule concerning restrictions on the sale of assets of a covered financial company under the Dodd-Frank Act.

•  Final rule
• Staff memorandum

Agencies issue final rule regarding appraisal management companies

This story appeared in Bank Digest.

The Office of the Comptroller of the Currency, the Federal Reserve Board, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Consumer Financial Protection Bureau, and the Federal Housing Finance Agency are adopting a final rule to implement the minimum requirements in the Dodd-Frank Act to be applied by participating states in the registration and supervision of appraisal management companies (AMCs). The final rule also implements the minimum requirements in the Dodd-Frank Act for AMCs that are subsidiaries owned and controlled by an insured depository institution and regulated by a Federal financial institutions regulatory agency (federally regulated AMCs).

CFPB takes action against military allotment processor for charging servicemembers hidden fees

This story appeared in Bank Digest.

The Consumer Financial Protection Bureau has taken action against Fort Knox National Company and its subsidiary, Military Assistance Company, LLC, for charging servicemembers millions of dollars in hidden fees. According to the CFPB, the military allotment processor did not clearly disclose various recurring fees, which could total $100 or more. Under a consent order entered into with the CFPB, Fort Knox National Company and Military Assistance Company will pay about $3.1 million in relief to harmed servicemembers.

• Press release
• Consent order
• Stipulation