CFPB Signals Interest in Regulating the Use of Consumer Financial Data

The Consumer Financial Protection Bureau’s (CFPB) recently-released Request for Information Regarding Consumer Access to Financial Records (RFI) suggests that the agency is considering making a new rule to set requirements and protections for the use of consumers’ financial information.  In publishing the RFI, the CFPB notes that the Dodd-Frank Act “provides…

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OCC to Create New "Office of Innovation"

At the end of October, the Office of the Comptroller of the Currency (“OCC”) released its Recommendations and Decisions for Implementing a Responsible Innovation Framework (the “Recommendations”).  The Recommendations are the latest step in a long process the OCC has undertaken to try to revamp its approach to new financial…

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CFPB Monthly Complaint Snapshot Brings Bank Accounts into Focus

On August 31, 2016, the Consumer Financial Protection Bureau (CFPB) released its Monthly Complaint Report for August 2016, this month focusing on complaints concerning bank accounts and related services.  The report, which compiles data from the CFPB’s complaint database to compare consumer complaints by subject, geography, and company on a…

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Treasury Department Weighs in on Online Marketplace Lending

On May 10, 2016, the U.S. Treasury Department released a white paper entitled, “Opportunities and Challenges in Online Marketplace Lending.”  The white paper is the result of a request for information that elicited more than 100 industry responses, and it reviews the benefits and risks of online marketplace lending before making…

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FHA Announces Final Revisions to Loan-Level Certification Form

On March 15, 2016, the Federal Housing Administration (FHA) announced final changes to its loan-level certification form, 92900-A HUD/VA Addendum to the Uniform Residential Loan Application.  The announcement represents important and highly-anticipated changes to the FHA’s required certification. The FHA’s loan-level certification form, which the lender completes for every loan…

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