The New York Department of Financial Services reminded banking institutions of recent amendments to the New York Community Reinvestment Act that require additional information on activities with respect to minority- and women-owned businesses.
The CFPB extended the comment deadline an additional 60 days on a supplemental rule proposal to amend certain requirements on the collection of time-barred debts. The new comment deadline is August 4, 2020.
Federal Reserve Board Governor Lael Brainard proposed an approach to Community Reinvestment Act oversight that would use metrics on retail banking services and community development to evaluate banks in low- and moderate-income neighborhoods.
The House Financial Services Committee considered (i) testimony from federal banking regulators on a broad range of concerns and (ii) several proposed bills imposing additional requirements on financial institutions.
At a roundtable discussion hosted by the Federal Reserve Board, bankers and community groups described their experiences with Community Reinvestment Act implementation and proposed amendments to better address underserved areas.
On March 20, 2019, the Supreme Court ruled that a law firm that carries out non-judicial foreclosure proceedings would not be considered a "debt collector" under the Fair Debt Collection Practices Act.
The Consumer Financial Protection Bureau provided its annual report to Congress on the administration of the Fair Debt Collection Practices Act. The report highlights CFPB and Federal Trade Commission efforts to combat unlawful debt collection practices.
The Consumer Financial Protection Bureau reported supervisory observations and exam findings in automobile loan servicing, deposits, mortgage servicing, and remittances between June 2018 and November 2018.