White & Case’s Financial Institutions Advisory (FIA) practice is pleased to share its most recent quarterly newsletter on the Consumer Financial Protection Bureau’s ("CFPB” or "Bureau”) oversight of the consumer financial services industry. The newsletter highlights the CFPB's notable rulemaking, supervisory and enforcement actions from the third quarter, how these activities might impact the marketplace and what industry participants should expect next from the agency.
As we reported in our inaugural CFPB newsletter, 2016 is proving to be a busy year for the CFPB and market participants. In the third quarter, the CFPB reached a consent agreement with the country's third-largest bank, imposing the largest fine in its five-year history. The Bureau also had a number of major rulemakings as well as updates to its Supervision Examination Manual.
In this issue:
The CFPB speaks
- Incentive compensation and sales practices
- Semi-annual report to Congress
- Supervisory highlights
- Update to supervision examination manual – Military Lending Act
- CFPB outreach to credit unions
- Debt collection
- Proposed information privacy amendments
Bank accounts and credit cards
Small dollar loans
- Partnering with the Department of Education and the Department of Treasury
- CFPB report on student loan complaints
Upcoming in 2016 and beyond
- Update on PHH.
- Increased oversight of cross-selling and overdraft-fee practices.
- Arbitration rulemaking.
- Payday rulemaking.
- Debt collection SBREFA panel for first-party rulemaking.
Click here to download PDF.
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© 2016 White & Case LLP