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Search OptionsFinancial ServicesThe Department of Defense Issues an "Interpretative Rule" to the Military Lending Act - Auto and Personal Property Lenders Faced With Regulatory Uncertainty
Financial institutions offering purchase money auto and personal property loans received an unwanted holiday surprise from the Department of Defense (the "DoD" or the "Department"), with the December 14, 2017 "Interpretative Rule" (the "2017 Interpretative Rule") to the Military Lending Act (the… CFPB Issues Final Payday and Installment Loan Rule
The Consumer Financial Protection Bureau (the “CFPB” or the “Bureau”) released their Payday, Vehicle Title and Certain High Cost Installment Loans Rule (the “Final Rule”) on October 5, 2017. While the Final Rule is primarily aimed at the payday and vehicle title loan industry, it will also impact… When Is An Acting Director Not Really An Acting Director? Richard Cordray's Parting Shot Against The Trump Administration.
Richard Cordray officially resigned as the first Director of the Consumer Financial Protection Bureau (the "CFPB" or the "Bureau"), on Friday, November 24, 2017. While Mr. Cordray's resignation was previously announced, the industry did not anticipate the parting shot he would make against the… September/October Hoosier Banker: Waiving HELOC Closing Costs – While keeping line of credit open
As seen in the September/October 2017 issue of the Indiana Banker Association's Hoosier Banker. Question: Our chief lending officer wants to run a new promotion waiving all closing costs on home equity lines of credit, but is concerned that borrowers will pre-pay the loan before the bank recoups… September/October Hoosier Banker: Covering Your Losses With Flood Certifications
While federally regulated lenders are typically aware of the requirement under the Flood Disaster Protection Act of 19731 (the “Act”) to obtain flood certifications upon making a loan, lenders failing to update flood certifications when they increase, modify or renew a loan may find their… The CFPB Fires a Shot Across the Bow of Financial Services Companies Charging Convenience Fees - INDIANA
The Consumer Financial Protection Bureau (the “CFPB” or the “Bureau”) recently issued Compliance Bulletin 2017-01: Phone Pay Fees (the “Bulletin”),[1] and an accompanying Press Release,[2] warning covered persons and service providers that charging convenience fees in exchange for offering… The CFPB Fires a Shot Across the Bow of Financial Services Companies Charging Convenience Fees
The Consumer Financial Protection Bureau (the “CFPB” or the “Bureau”) recently issued Compliance Bulletin 2017-01: Phone Pay Fees (the “Bulletin”),[1] and an accompanying Press Release,[2] warning covered persons and service providers[3] that charging convenience fees in exchange for offering… CFPB Finalizes Arbitration Rule
The Consumer Financial Protection Bureau (the “CFPB” or the “Bureau”) released their Final Rule on Arbitration (the “Final Rule” or the “Rule”) on July 10, 2017, containing very few changes from that initially proposed in 2016, and significantly limiting the use of pre-dispute arbitration… July/August Hoosier Banker: Acquisition of Voting Shares Through Inheritance
As seen in the July/August 2017 issue of the Indiana Banker Association's Hoosier Banker. Question: Our largest shareholder passed away last week after a long illness. She owned approximately 35 percent of the outstanding shares of our holding company. We expect that all of her shares will be… Supreme Court Rules that Cities Can Sue Banks Under Fair Housing Act
On May 1, 2017, the Supreme Court in Bank of America Corp. v. City of Miami, Fla., 137 S. Ct. 1296 ruled that under the Fair Housing Act (“FHA”)[1] cities may sue banks over residential lending practices they allege led to urban blight. However, in order to prove damages, cities must establish a… May/June Hoosier Banker: Compliance Connection with Brett Ashton
As seen in the May/June 2017 issue of the Indiana Banker Association's Hoosier Banker. Question: Recently an elderly customer received into his account a large wire transfer of over $500,000. The customer came into the branch today, adamant that he wanted to withdraw the funds in cash to take… March/April Hoosier Banker: Compliance Connection with Brett Ashton
Question: Our bank received a series of paper checks, drawn on a corporate account, that appeared to be made out to legitimate payees. In fact the checks were part of a scam, payable to bogus companies established by the employee who was depositing the instruments. We did not discover the fraud… |
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