1. On Wednesday, May 18, 2016, the Consumer Financial Protection Bureau (CFPB) and four, federal, financial, regulatory agencies issued guidance providing supervisory expectations on how financial institutions should handle consumer deposit discrepancies. Interagency guidance states that banks should avoid or reconcile, or resolve discrepancies between the amount they credit to a consumer’s account and how.
Recent Compliance Issues: 4/29/16 – 5/12/16
Nearly seven years after a landmark overhaul of the credit card industry, regulators are renewing their scrutiny of a popular credit card feature that can negatively impact consumers who don’t use it as intended. Deferred-interest promotions, commonly offered on store-brand credit cards, give consumers a chance to buy big-ticket items like appliances, furniture or even medical.
Recent Compliance Issues: 4/15/16 – 4/28/16
On Tuesday April 26, 2016, the Consumer Financial Protection Bureau (CFPB) released its latest monthly consumer complaint snapshot, highlighting consumer complaints related to mortgages. The report shows that consumers continue to encounter servicing problems when they are unable to make payments. This month’s snapshot also highlights trends seen in complaints coming from California. As of.