Regulatory Reformation: Treasury’s First Recommendations for Improving Financial RegulationsOn February 3, 2017, President Donald Trump issued Executive Order 13772, which identified seven Core Principles by which his administration would regulate the U.S. financial system. The Executive Order also directed the U.S. Department of the Treasury to generate reports to identify any laws, treaties, regulations, guidance, reporting and recordkeeping requirements, and other government policies

Military Consumer Enforcement Act Introduced in Senate Seeks to Enhance SCRA EnforcementSeveral U.S. Senators have introduced legislation for a Military Consumer Enforcement Act that would seek to empower the Consumer Financial Protection Bureau (CFPB) to oversee and enforce compliance with the Servicemember Civil Relief Act (SCRA). If passed and signed into law, the new act would amend the Consumer Financial Protection Act of 2010.

The SCRA,

Is Your Company Compliant? CFPB Requires Written Enterprise-Wide UDAAP Risk-Management ProgramThe Consumer Financial Protection Bureau (CFPB) ordered First National Bank of Omaha (FNBO) to pay a $4.5 million civil money penalty and $27.75 million in customer restitution for violations of engaging in deceptive marketing tactics and illegally billing consumers for add-on credit productions under the Dodd-Frank Act, which prohibits unfair, deceptive or abusive acts or

Community Banks Face Ever-Increasing Compliance Burden As a Result of Dodd-Frank RulesAccording to a “Dodd-Frank Regulations Impacts on Community Banks, Credit Unions and Systematically Important Institutions” report recently released by the Government Accountability Office (GAO), community banks continue to experience increases in compliance burdens as a result of newly-issued rules that implement the Dodd-Frank Wall Street Reform and Consumer Protection of 2010 (Dodd-Frank Act), the most

Inside Information: Understanding Consumer Complaint Topics as a Key Defense Against UDAAPIn 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) introduced the current version of unfair, deceptive, or abusive acts and practices (UDAAP), making it unlawful for any service provider of consumer financial products or services to engage in any UDAAP. The challenge for businesses operating under the Consumer Financial Protection Bureau’s