US Bank Regulatory News – Page 2 – News about Bank regulations in the USA

Federal Reserve Board issues enforcement actions with First Ipswich Bank, Brookline Bank, and former employee of Farmers & Merchants Bank

CFPB appoints Robert Cameron for ombudsman position

Robert G. Cameron has been appointed to serve as the Consumer Financial Protection Bureau’s (CFPB) private education loan ombudsman.© Shutterstock Cameron joins the CFPB from the Pennsylvania Higher Education Assistance Agency, where he was a high-ranking official responsible for litigation, compliance, and risk mitigation efforts. In his new role officials said Cameron would be responsible […]

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Robert G. Cameron has been appointed to serve as the Consumer Financial Protection Bureau’s (CFPB) private education loan ombudsman.

Cameron joins the CFPB from the Pennsylvania Higher Education Assistance Agency, where he was a high-ranking official responsible for litigation, compliance, and risk mitigation efforts.

In his new role officials said Cameron would be responsible for receiving, reviewing and attempting to resolve complaints from private student loan borrowers while also compiling and analyzing complaint data on private education loans and making appropriate recommendations to the Secretary of the Treasury, the Bureau Director, the Secretary of Education and Congress.

Consumer Bankers Association (CBA) President and CEO Richard Hunt said the organization is pleased the CFPB has filled the role and believes it should remain separate from the Office of Students.

“CBA looks forward to working with Mr. Cameron to help improve the student lending marketplace to benefit all borrowers,” Hunt said. “Through responsible lending practices and a 98 percent repayment rate, private student loans set students up for success. We believe there is a role for the federal government to help families most in need, but the current system has led to increased tuitions and double-digit default rates.”

The Dodd-Frank Act gave the Treasury secretary, in consultation with the CFPB director, the authority to designate the ombudsman.

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Comptroller of the Currency Approves Volcker Rule Reforms

Comptroller of the Currency Joseph Otting today signed a final rule amending the “Volcker Rule” to tailor and simplify the rule while maintaining protections core to the safety and soundness of the federal banking system.

Comptroller of the Currency Joseph Otting today signed a final rule amending the "Volcker Rule" to tailor and simplify the rule while maintaining protections core to the safety and soundness of the federal banking system.

Comptroller of the Currency Approves Volcker Rule Reforms

Read more / Original news source: https://www.occ.gov/news-issuances/news-releases/2019/nr-occ-2019-94.html

Comptroller of the Currency Visits Areas of Washington, D.C., to Discuss Community Reinvestment Success and Opportunities

Comptroller of the Currency Joseph Otting, led a tour of Washington, D.C., areas that have benefitted from Community Reinvestment Act (CRA) activity and discussed how CRA regulations can be strengthened to promote more lending, investment, and services…

Comptroller of the Currency Visits Areas of Washington, D.C., to Discuss Community Reinvestment Success and Opportunities

Read more / Original news source: https://www.occ.gov/news-issuances/news-releases/2019/nr-occ-2019-93.html

Lawmakers seek info from CFPB on unlawful student loan practices

Lawmakers are seeking information from the Consumer Financial Protection Bureau (CFPB) on its efforts to protect consumers from unlawful student loan servicing practices.© Shutterstock Financial Services Committee Chair Rep. Maxine Waters (D-CA), Education and Labor Committee Chair Rep. Bobby Scott (D-VA), and Oversight and Reform Committee Chair Rep. Elijah Cummings (D-MD) expressed concerns that the […]

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Lawmakers are seeking information from the Consumer Financial Protection Bureau (CFPB) on its efforts to protect consumers from unlawful student loan servicing practices.

Financial Services Committee Chair Rep. Maxine Waters (D-CA), Education and Labor Committee Chair Rep. Bobby Scott (D-VA), and Oversight and Reform Committee Chair Rep. Elijah Cummings (D-MD) expressed concerns that the CFPB has taken actions that weaken its ability to protect student loan borrowers.

In a letter to CFPB Director Kathleen Kraninger, the chairs wrote that they are worried that student loan borrowers are getting potentially harmful and conflicting advice.

They cited former Student Loan Ombudsman Seth Frotman, who asserted in his resignation letter in August 2018 that CFPB leadership “has abandoned the very consumers it is tasked by Congress with protecting.” The position of Student Loan Ombudsman has been vacant since Frotman resigned.

The chairs are requesting the necessary records from the CFPB by Sept. 9.

They also sent a letter to Education Secretary Betsy DeVos expressing concern over the Education Department’s failure to protect consumers from student loan companies. The letter addresses recent reports that the department is shielding student loan servicing companies from state law enforcement and undermining the CFPB’s oversight of these companies.

“As chairs of committees with oversight responsibilities over the student loan industry, we are very concerned by reports that under your leadership, the Department of Education has failed to adequately oversee student loan servicers,” they wrote. “Reports indicate that improper practices by these servicers—including inaccurate determination of monthly payments, forbearance steering, and other practices—directly impact millions of Americans and have ripple effects on their families, communities, and the economy as a whole.”

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Analysis examines retirement instability

Lawmakers are encouraging Social Security’s protection and strengthening, following the release of a report examining the nation’s retirement instability.© Shutterstock “Despite Social Security’s success, the other two major components of our nation’s retirement system – private savings and pensions – are failing hard-working Americans,” Rep. Carolyn B. Maloney (D-NY), vice chair of the Congress Joint […]

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Lawmakers are encouraging Social Security’s protection and strengthening, following the release of a report examining the nation’s retirement instability.

“Despite Social Security’s success, the other two major components of our nation’s retirement system – private savings and pensions – are failing hard-working Americans,” Rep. Carolyn B. Maloney (D-NY), vice chair of the Congress Joint Economic Committee said via a statement accompanying recent publication of Retirement Insecurity, a report written by the Democratic committee members.
“As a result, roughly half of Americans are at risk of losing their current standard of living in retirement. Americans find it increasingly hard to save for retirement amid stagnant wages and the rising cost of housing, healthcare, and college.”

Maloney noted the share of workers who receive pensions has almost fallen in half since the late 1980s, adding only about half of middle-income workers and less than 10 percent of the poorest Americans have defined-contribution accounts like 401(k)s.

“These problems are particularly acute for women, minorities, and people with low earnings or less education,” Maloney concluded. “Women, African Americans, and Hispanics on average have less saved for retirement and less retirement income. Women, in particular African American and Hispanic women, are at greater risk of outliving their retirement savings.”

Maloney emphasized the importance of protecting Social Security while also recognizing that the rest of our retirement system is in crisis.

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Read more / Original news source: https://financialregnews.com/analysis-examines-retirement-instability/

CUNA favors national data privacy standard

Credit Union National Association (CUNA) officials said the organization is supporting Federal Trade Commission (FTC) Safeguards Rule amendments addressing national data privacy standards.© Shutterstock “Strong data security laws will not stop criminals or rogue nation states from attempting to penetrate even the most sophisticated data and cybersecurity defenses,” Lance Noggle, CUNA senior director of Advocacy […]

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Credit Union National Association (CUNA) officials said the organization is supporting Federal Trade Commission (FTC) Safeguards Rule amendments addressing national data privacy standards.

“Strong data security laws will not stop criminals or rogue nation states from attempting to penetrate even the most sophisticated data and cybersecurity defenses,” Lance Noggle, CUNA senior director of Advocacy & Senior Counsel for Payments and Cybersecurity wrote in correspondence to the FTC. “However, American consumers that trust their personal information to businesses deserve the most diligent effort by those businesses and entities to protect this data from theft and misuse.”

The CUNA is recommending the definition of a financial institution be broadened as much as possible to maximize consumer protection, adding enhanced data security requirements should always help safeguard consumers’ private information.

Presently 115 privately insured credit unions are subject to FTC Safeguards Rule requirements, with CUNA maintaining privacy will not have the protection Americans deserve until Congress passes a law with strong privacy and data security protections regulating based on the type of information handled or maintained.

Federally insured credit unions and banks comply with data security and privacy requirements established in the Gramm Leach Bliley Act and examined by federal and state regulators for compliance.

CUNA advocates on behalf of all of America’s credit unions, which are owned by 115 million consumer members.

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Read more / Original news source: https://financialregnews.com/cuna-favors-national-data-privacy-standard/

CFPB Appoints Private Education Loan Ombudsman

The Consumer Financial Protection Bureau (Bureau) announced the appointment of Robert G. Cameron to serve as the Bureau’s private education loan ombudsman.