On 3/6/2020, the CFPB announced three steps to advance its strategy on one of its key priorities: preventing consumer harm. In addition to these three steps, the CFPB presented proposed legislative language to Congress in hopes to establish a whistleblower award program to assist the CFPB in advancing enforcement cases, especially as it relates to fair lending violations. .

On 3/5/20, the OCC issued updated frequently asked questions (FAQs) to to supplement a 2013 bulletin (2013-29) titled “Third-Party Relationships: Risk Management Guidance.” The new FAQs were issued to clarify the OCC’s existing guidance and reflect evolving industry trends. The new bulletin also rescinds OCC Bulletin 2017-21, “Third-Party Relationships: Frequently Asked Questions to Supplement OCC Bulletin 2013-29,” issued on June 7, 2017. The FAQs from OCC Bulletin 2017-21 have been…

On February 21, 2020, the Federal Trade Commission (FTC) provided their annual Equal Credit Opportunity Act (ECOA) report to the CFPB. The FTC is responsible for ECOA enforcement and education regarding most non-bank financial service providers and the report describes the Commission’s work on ECOA-related issues, including activities addressed in research and policy development. The summary also outlines the Commission’s business and consumer education efforts on fair lending issues.

On February 21, 2020, the Department of Justice announced an agreement where Wells Fargo Bank, N.A. will pay $3 billion to resolve their potential criminal and civil liability stemming from a practice between 2002 and 2016 of pressuring employees to meet unrealistic sales goals that led thousands of employees to provide millions of accounts or products to customers under false pretenses or without consent, often by creating false records or misusing customers’ identities.

On February 21, 2020, the CFPB issued a Supplemental Notice of Proposed Rulemaking regarding the collection of time-barred debt. In this proposal, which would supplemnt the May 2019 proposal on debt collection practices, the Bureau is proposing to prohibit collectors from using non-litigation means (such as calls) to collect on time-barred debt unless…

On February 20, 2020, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) published two new FAQs relating to reporting, procedures and penalties regulations (RPPR). The two new FAQs relate to the 6/21/19 amendment to the RPPR.

In February of 2020, the CFPB released the Winter 2020 edition of their Supervisory Highlights publication. The findings included in this edition cover examinations in the areas of debt collection, mortgage servicing, payday lending, and student loan servicing that were completed between April 2019 and August 2019.

The full Winter 2020 edition of the CFPB’s Supervisory Highlights can be found here.