Read about the latest Wells Fargo enforcement action, what a less aggressive CFPB could mean for Fintech companies, the major third party implications on illegal debt collection, what Regtech is all about, a couple of bills that will offer some marginal relief to smaller banks and more.
Industry News for the Week of March 19
Wells enforcement action sends a message: Read here
A less aggressive CFPB could be troublesome for FinTechs: Read here
Regulatory relief doesn’t really trickle down to TPRM: Read here
CFPB and FTC on illegal debt collection practices - yes, these can have major third party implications: Read here
Seats open on CFPB advisory board: Read here
Regtech - what it’s all about: Read here
Comedy of errors how a California bank failed in every way to follow BSA: Read here
From Money 20/20 Asia – regulators as guidedogs rather than watchdogs? Read here
Federal Reserve Bank says “not so fast” on reg reform and ready to supervise banks under $250B: Read here
A couple of bills that will offer some marginal relief to smaller banks:
H.R. 5076 Read here, the “Small Bank Exam Cycle Improvement Act of 2018”
Introduced by Representative Claudia Tenney (R-NY), the “Small Bank Exam Cycle Improvement Act of 2018” amends the Federal Deposit Insurance Act to increase the qualifying asset threshold for insured depository institutions eligible for 18-month on-site examination cycles from $1 billion to $3 billion. The bill passed 60-0.
H.R. 5082 Read here, the “Practice of Law Technical Clarification Act of 2018”
Introduced by Representative Alex Mooney (R-WV), the “Practice of Law Technical Clarification Act of 2018” amends the Fair Debt Collection Practices Act to exclude from the definition of "debt collector" any law firm or licensed attorney engaged in litigation activities in connection with a legal action in a court of law to collect a debt on behalf of a client to the extent that such legal action is served on the defendant debtor, or service is attempted, in accordance with the applicable statute or rules of civil procedure.
These activities include:
1. Serving, filing, or conveying formal legal pleadings, discovery requests, or other documents pursuant to the applicable rules of civil procedure; or
2. Communicating in, or at the direction of, a court of law, or in the enforcement of a judgment; or
3. Any other activities engaged in as part of the practice of law, under the laws of a State in which the attorney is licensed, that relate to the legal action.
This bill also amends the Consumer Financial Protection Act of 2010 to clarify that the Consumer Financial Protection Bureau (CFPB) may not exercise supervisory or enforcement authority with respect to attorneys engaged in the practice of law and not offering or providing consumer financial products or services. The bill passed 35-25.