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A hot topic among bankers and bank regulators lately has been UDAAP – Unfair, Deceptive or Abusive Acts or Practices. To gain insight into what more stringent UDAAP requirements might mean in the future for community banks, CFPB Journal interviewed Jo Ann Barefoot, co-chair of Treliant Risk Advisors.
On Oct. 13, the Consumer Financial Protection Bureau released its first Supervision and Examination Manual, the guide that CFPB examiners will use in exams with 111 banks, thrifts and credit unions with total assets over $10 billion.
Richard Cordray, President Obama’s nominee for director of the Consumer Financial Protection Bureau, cleared the first hurdle on Oct. 6 as the Senate Banking Committee voted along partisan lines to approve his nomination.
In two recent interviews, CFPB Journal spoke with Jo Ann Barefoot, co-chair of Treliant Risk Advisors and former Deputy Comptroller of the Currency.
On Sept. 15, the Consumer Financial Protection Bureau’s Raj Date delivered his first public speech in his role with the agency, titled Lessons Learned from the Financial Crisis: The Need for the CFPB at the National Constitution Center in Philadelphia.
Harvard Professor Elizabeth Warren, credited with creating and standing up the Consumer Financial Protection Bureau, officially announced Sept. 14 that she will run for the U.S. Senate.
First came the “joint statement of principles” between the CFPB and the state attorneys general, then there was the controversy over then-CFPB head Elizabeth Warren’s involvement in the 50-state mortgage servicer settlement negotiations lead by Iowa Attorney General Tom Miller.
Unlike the contentious hearings with Elizabeth Warren, the Senate Banking Committee’s exchange with Rich Cordray on Sept. 6 could be called cordial, if anticlimactic.
Go ahead, regulate the competition – that’s the message banking trade groups sent loud and clear to the Consumer Financial Protection Bureau.
Comments submitted during the rule-making process can be made public according to the Consumer Financial Protection Bureau’s Policy on Ex Parte Presentations in Rulemaking Proceedings, made public on Aug. 19.