Collection Industry News

NOVEMBER 22, 2023

. – The Consumer Financial Protection Bureau (CFPB) is proposing to supervise larger nonbank companies that offer services like digital wallets and payment apps. These activities used to be conducted almost exclusively by supervised banks,” said CFPB Director Rohit Chopra.

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Collection Industry News

OCTOBER 25, 2021

The CFPB updated its Supervision and Examination Manual by adding a new section titled Compliance Management Review – Information Technology. The new examination procedures are meant to assist CFPB examiners when assessing an entity’s information technology (IT) controls as part of a Compliance Management System (CMS) review.

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Troutman Sanders

AUGUST 15, 2023

On August 8, the Federal Reserve Board (Fed) issued a press release providing additional information on its Novel Activities Supervision Program (Program) to monitor novel activities in the banks it oversees. Consumer compliance risks. Consumer compliance risks.

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Troutman Sanders

JULY 27, 2023

On July 26, the Consumer Financial Protection Bureau (CFPB or Bureau) released the summer edition of its Supervisory Highlights report, providing a high-level overview of alleged unfair, deceptive, or abusive acts or practices (UDAAP) identified by the agency during examinations from July 1, 2022 to March 31, 2023.

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Burr Forman

FEBRUARY 2, 2021

On February 1, 2021, the Financial Industry Regulatory Authority (“FINRA”) released its “Report on FINRA’s Risk Monitoring and Examination Activities.” Targeted Examinations on zero commission risks and disclosures. In past years, FINRA has addressed issues related to Supervision and Senior Investors separately.

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Troutman Sanders

FEBRUARY 22, 2024

Specifically, under the proposed rule the CFPB seeks to supervise large nonbanks that provide peer-to-peer (P2P) payments, funds transfers, or wallet functionalities through a digital payment application.

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Troutman Sanders

AUGUST 4, 2022

The petition notes that while banks and credit unions are regularly supervised and examined by the CFPB, non-depository institutions, such as “data aggregators,” data holders, and data users, are not. While data aggregators will be covered by any new Section 1033 rules, they will not be subject to the CFPB’s supervision.

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Troutman Sanders

JANUARY 11, 2023

On January 9, 2023, the DOJ advised the court that, pursuant to the settlement, the parties reached an agreement on the Variance Reduction System (VRS) compliance metrics. Meta will be subject to court oversight and regular review of its compliance with the settlement agreement through June 27, 2026.

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Burr Forman

MARCH 3, 2021

Securities and Exchange Commission (“SEC”) released its 2021 Examination Priorities on March 3. The Examinations group – elevated last December to Division status (formerly the Office of Compliance Investigations and Examinations (“OCIE”)) — covered the list of perennial concerns.

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Burr Forman

AUGUST 17, 2021

The Notice reminds firms that while they can outsource task or functions, they cannot outsource-away their regulatory compliance obligations. Drawing on examination findings and some previous enforcement actions, the Notice provides some best-practices in the form of questions to ask in each phase of outsourcing and vendor management.

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Burr Forman

AUGUST 18, 2021

The Financial Industry Regulatory Authority (“FINRA”) recently kicked off a “sweep” examination with its August 2021 Targeted Exam Letter on “practices and controls related to the opening of options accounts and related areas, including account supervision, communications and diligence.” Notice 21-15 is here: [link].

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Troutman Sanders

MARCH 17, 2022

But our doubts about its legal merits aside, the Bureau signaled that it intends to apply this position in supervision and enforcement matters, and the implications of this position for the financial services industry cannot be overstated. emphasis added). Under ECOA, discrimination is prohibited only against “applicants” for credit.

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Collection Industry News

JUNE 5, 2022

We agree that there is a benefit to consumers in the bureau supervising these entities and subjecting them to the same standards as traditional financial institutions.”. The post Credit Union Trades Applaud CFPB Decision To Supervise Fintechs appeared first on Collection Industry News.

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Troutman Sanders

NOVEMBER 2, 2021

On October 29, the Consumer Financial Protection Bureau (CFPB or Bureau) announced leadership changes in two positions: the assistant director for the Office of Supervision Policy and the assistant director for the Office of Enforcement. Erin Halperin joined the CFPB as assistant director for the Office of Enforcement. She earned an A.A.

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Troutman Sanders

MARCH 25, 2022

On March 17, the Financial Industry Regulatory Authority (FINRA) issued a notice, clarifying when chief compliance officers (CCOs) will face liability as supervisors under FINRA Rule 3110. [1] A CCO is not subject to liability under Rule 3110 because of the CCO’s title or because the CCO has a compliance function at a member firm.” [5]

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Consumer Financial Services Law

NOVEMBER 2, 2016

The Bulletin, like its 2012 predecessor, makes clear that the supervised entities are responsible with their service providers for their service providers’ compliance with federal consumer financial laws. CFPB Bulletin 2016-02.

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Troutman Sanders

SEPTEMBER 28, 2020

On September 15, the Conference of State Bank Supervisors (CSBS) announced that money transmitters operating in 40 or more states will be able to take advantage of a new, comprehensive exam designed to satisfy all state money transmitter examination requirements in 2021.

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Collection Industry News

MARCH 21, 2022

The bureau explained through a news release that during the course of examining banks’ and other companies’ compliance with consumer protection rules, the CFPB will scrutinize discriminatory conduct that violates the federal prohibition against unfair practices.

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True Accord

JUNE 29, 2023

Keeping Up With Compliance Along with federal regulations, individual states are also issuing new laws focused on consumer data protection. Know who has access to personal information and routinely examine if that access is necessary to complete that job function. Ready to collect more, faster from happier customers?

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True Accord

OCTOBER 5, 2022

Delivering communications to your customers has always been a compliance challenge with the plethora of laws, regulations, court decisions, and regulatory guidance in the debt collection space. Below are some of the key takeaways from their discussion, plus attendee poll results on top compliance questions.

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Burr Forman

FEBRUARY 18, 2021

Firms’ Supervision obligations under FINRA Rules historically have been mostly location-based. SIFMA’s proposals include: Risk-based, not location-based, supervision with office of supervisory jurisdiction (“OSJ”) and branch designations reserved for customer-facing or custodial operations. See FINRA Reg. Notice 20-42 (Dec.

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Troutman Sanders

MARCH 11, 2024

On February 26, the Office of Inspector General for the CFPB released a report titled, “The CFPB Can Enhance Certain Practices to Mitigate the Risk of Conflicts of Interest for Division of Supervision, Enforcement and Fair Lending Employees.” For more information, click here. state to enact a comprehensive privacy law.

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Collection Industry News

JULY 6, 2021

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) this week issued a report highlighting legal violations identified by the Bureau’s examinations in 2020. CFPB examiners often find problems during supervisory examinations that are resolved without an enforcement action. Examiners found redlining.

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Troutman Sanders

FEBRUARY 24, 2022

On February 14, the Consumer Financial Protection Bureau (CFPB) updated its Supervision and Examinations Manual to reflect changes it made to the Remittance Transfer Rule (Rule) in a final rule published on June 5, 2020.

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Troutman Sanders

FEBRUARY 21, 2024

The ASC is a subcommittee of the Federal Financial Institutions Examination Council (FFIEC), of which the Office of the Comptroller of the Currency is a member. The updated rule broadens the CFPB officials eligible to evaluate appeals, the options for resolving an appeal, the matters subject to appeal, and makes additional clarifying changes.

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Consumer Financial Services Law

SEPTEMBER 22, 2016

Curry stated that he has ordered examiners to "review the sales practices of all large and midsize banks we supervise and assess the sufficiency of controls with respect to sales practices." Logic dictates that the FDIC has issued a similar directive to its examiners, as well. Oral Statement of Thomas J. Curry (Sept.

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Consumer Financial Services Law

NOVEMBER 14, 2016

As you may recall, the Report highlights examinations that were conducted between May and August 2016 and provides a high level summary of the key findings made by the CFPB and the current emphasis of examiners. Debt collection appears to be back as a point of emphasis for examiners. COMPLIANCE WITH THE FCRA.

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Collection Industry News

MAY 16, 2022

The CFPB recently issued its Spring 2022 Supervisory Highlights , discussing findings from its examinations in connection with auto servicing, consumer reporting, credit card account management, debt collection, deposits, mortgage origination, prepaid accounts, remittances, and student loan servicing. Auto Servicing. Remittances.

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Collection Industry News

JULY 18, 2022

The New York State Department of Financial Services (DFS) has issued an Industry Letter providing guidance on overdraft and non-sufficient funds (NSF) fees to depository institutions that it supervises. Authorize positive, settle negative (APSN) transactions. Overdraft fees continue to be a CFPB focus. View source.].

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Troutman Sanders

JANUARY 17, 2024

Existing compliance measures like anti-money laundering programs and cybersecurity operations should specifically incorporate crypto asset activity as well, according to the report. Bowman discussed key developments in bank regulation and supervision that occurred during 2023. For more information, click here.

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Troutman Sanders

AUGUST 14, 2023

Consequently, bank management would typically consider more information than it would for in-house originations when determining compliance with the legal lending limit regulation for purchased loans. Supervisory teams will be tasked with monitoring and examining novel activities. For more information, click here.

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Collection Industry News

JUNE 19, 2023

Today, the CFPB released its Fair Lending Annual Report to Congress , describing our fair lending activities in enforcement and supervision; guidance and rulemaking; interagency coordination; and outreach and education for calendar year 2022.

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Troutman Sanders

SEPTEMBER 11, 2023

Barr, vice chair for supervision at the Federal Reserve, spoke about stablecoins, among other topics, at the Federal Reserve Bank of Philadelphia’s Seventh Annual Fintech Conference. On September 5, the FDIC issued its list of state nonmember banks recently evaluated for compliance with the CRA. For more information, click here.

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Troutman Sanders

FEBRUARY 26, 2024

The conversation will center on whether NFTs should be legally considered virtual assets in South Korea, with potential implications for licensing and compliance. The procedures require the CFPB to issue a notice to an entity not currently subject to a supervisory examination. For more information, click here.

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Collection Industry News

FEBRUARY 25, 2022

On February 14, the Consumer Financial Protection Bureau (CFPB) updated its Supervision and Examinations Manual to reflect changes it made to the Remittance Transfer Rule (Rule) in a final rule published on June 5, 2020.

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Qualco

NOVEMBER 7, 2023

A significant factor to consider is regulatory compliance. Any non-compliance incident can result in severe penalties and damage the financial institution’s reputation. Compliance with any local market and adaptation to regulatory changes through user parameterisation. Specifically, it incorporates the following: 1.

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Troutman Sanders

FEBRUARY 21, 2023

She spoke about the Federal Reserve’s role in supervising cybersecurity in the banking industry, including community banks: “Community banks have been the target of cyber and ransomware attacks, and they frequently name cybersecurity as one of the top risks facing the banking industry. For more information, click here.

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