On March 10, the California Department of Financial Protection and Innovation closed Silicon Valley Bank and appointed the Federal Deposit Insurance Corporation (FDIC) as its receiver. Silicon Valley Bank had 17 branches in California and Massachusetts. The FDIC transferred all deposits and assets of the former bank to a newly created, full-service FDIC-operated bridge bank
On March 8, the Consumer Financial Protection Bureau (CFPB) released a special edition of its Supervisory Highlights report, focusing once again on fees assessed in relation to bank account deposits, auto loan servicing, mortgage loan servicing, payday lending, and student loan servicing. As the Supervisory Highlights reveal, the CFPB continues to scrutinize and challenge fees
On February 27, Wyoming Governor Mark Gordon signed into law House Bill 284, which requires debt buyers be licensed as “collection agencies” starting July 1, 2023.
The bill was introduced at the request of the Receivables Management Association International (RMAI) to address an emerging debate as to whether debt buyers should have been licensed
On February 28, the U.S. Department of Justice (DOJ) announced its sixth redlining settlement under its Combatting Redlining Initiative. This most recent case involves an agreement between the DOJ and Ohio-based Park National Bank to resolve allegations that the bank failed to provide mortgage loans by redlining majority-Black and Hispanic neighborhoods in the Columbus, Ohio
On February 28, the Financial Crimes Enforcement Network of the U.S. Department of Treasury (FinCEN) issued an alert warning financial institutions to be vigilant in identifying and reporting check fraud schemes targeting the U.S. Mail. The alert was prompted by a nationwide surge in such activity. In 2021, FinCEN saw a 23% increase in the
On February 23, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that it has issued orders to nine of the largest auto lenders requesting information about their auto lending portfolios. According to the CFPB, the nine targeted lenders represent a cross-section of the auto finance market and the data collected in response to these
On February 23, The Board of Governors of the Federal Reserve System (the Board), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, the Agencies) issued a statement on the liquidity risks presented by funding provided to banks related to certain crypto activities and offering some effective
As we previously reported on the blog, the Consumer Financial Protection Bureau (CFPB) recently published a proposed rule that would dramatically cut the safe harbor for credit card late fees. See the full blog post on the CFPB’s proposed credit card rule here. In his State of the Union address, President Joe Biden got
In a letter dated February 10, the American Bankers Association (ABA), Consumer Bankers Association (CBA), Credit Union National Association (CUNA), National Association of Federally‐Insured Credit Unions (NAFCU), and The Clearing House (TCH) (collectively, the Associations) vigorously requested that the Federal Reserve Board (Fed) extend the effective date for the final rule amending Regulation II (Final
On February 14, Patrice Ficklin, the Fair Lending Director for the Consumer Financial Protection Bureau (CFPB), together with senior officials from the Federal Reserve Board, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, National Credit Union Administration, U.S. Department of Housing and Urban Development, Federal Housing Finance Agency, and U.S. Department of