On November 14, Office of the Comptroller of the Currency (OCC) Senior Deputy Comptroller for Bank Supervision Policy Grovetta Gardineer delivered keynote remarks at the 2022 CRA & Fair Lending Colloquium where she discussed the OCC’s commitment to “elevating fairness” and ongoing efforts to ensure its regulated institutions comply with the federal fair lending laws.

The Biden administration’s student loan forgiveness program is on hold indefinitely after a Texas federal court issued its decision, finding the program to be unconstitutional. In Brown v. U.S. Department of Education, the Northern District of Texas held that the Higher Education Relief Opportunities for Students Act of 2003 (HEROES Act) does not

In Hanrahan v. Statewide Collection, Inc., No. 21-16187 (9th Cir. Sep. 1, 2022), the Ninth Circuit affirmed an award of attorneys’ fees in favor of the plaintiff in an action brought under the Fair Debt Collections Practices Act (FDCPA). The case makes clear that, although the amount is discretionary, attorney fee awards to prevailing

In an October 27 letter, the American Bankers Association (ABA) expressed concern regarding a proposal currently being considered by the Consumer Financial Protection Bureau (CFPB) that would shift liability from consumers to banks for scams involving peer-to-peer (P2P) payments. This would include requiring banks to reimburse consumers for P2P payments made but later identified

As part of its ongoing initiative to scrutinize so-called “junk fees,” the Consumer Financial Protection Bureau (CFPB) published guidance on two practices that it opines potentially violate the Consumer Financial Protection Act’s prohibition on unfair practices. Specifically, the CFPB published a compliance bulletin, cautioning against charging across-the-board depositor fees to consumers who deposit a

At the Money 20/20 fintech conference, Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra announced his intent to move forward with the CFPB’s rulemaking under Section 1033 of the Consumer Financial Protection Act as part of the financial services industry’s movement toward “open banking,” a concept that involves the use of APIs that provide direct

On October 6, the New York State Department of Financial Services (NYDFS) announced a consent order with Rhinebeck Bank (Rhinebeck) to resolve allegations that, in violation of New York Executive Law Section 296-a, the bank instituted discretionary dealer markup policies that resulted in a disparate impact that negatively affected members of minority groups.

In addition

On October 13, the Consumer Financial Protection Bureau, the Federal Reserve Board, and the Office of the Comptroller of the Currency announced increased dollar thresholds used to determine whether certain consumer credit and lease transactions in 2023 are exempt from Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing).

Specifically, based on the annual

The Conference of State Bank Supervisors (“CSBS”) announced on June 24 that 23 states have joined a multistate agreement to standardize their licensing process for money services businesses (“MSBs”), such as money transmitters. The agreement centralizes the review of common licensing requirements, such as a MSBs’ “business plan; direct and indirect owners, including background checks;