The Consumer Financial Protection Bureau has filed a lawsuit against TCF Bank for allegedly failing to clarify its fee structure in the account application process for new customers, a practice the CFPB says leads to costly overdraft fees. TCF officials reject the claim and defend the bank's practices.
The Mississippi Bankers Association will gather Thursday to discuss third-party risk, cybersecurity and other issues concerning community banks. "As the banking industry continues to experience changes at an ever-increasing pace, it is imperative that bank management and directors stay abreast of industry trends, ever-changing regulations and challenges of cybersecurity," said President Mac Deaver.
Financial-technology firms including Personal Capital and Betterment have formed a coalition called Consumer Financial Data Rights, which supports consumers' right to share financial data with third parties. The organization will begin by sending a letter to regulators urging implementation of a risk hierarchy for the industry.
The National Economic Council has published a white paper outlining plans and goals for the financial-technology industry. Among highlights are initiatives supporting innovation in the financial and business sectors and a blueprint for policy and regulation.
Timothy Dixon, a former member of the CBA Small Business Committee, has been named chief lending officer at HomeBanc. Dixon, who has more than 35 years of industry experience, was a regional president at the bank.
FSR is among industry groups that have submitted comments regarding the Office of the Comptroller of the Currency's plan to offer national charters to fintech firms. Richard Foster, FSR's senior counsel for regulatory and legal affairs, and Christopher Feeney, president of BITS, FSR's technology and policy division, wrote that fintechs should be made to follow requirements "consistent with standards applicable to full-service national banks and federal thrifts."
The debit card fee controls of the Durbin Amendment do not strengthen the free market, and retailers who support the controls are just looking out for their own interests, writes Jason Kratovil, FSR's vice president for payments. Kratovil points to multiple examples of fee structures that work well, citing Uber, Airbnb and Google advertising.
Citibank and Cardtronics announced an agreement Tuesday to replace Chase ATMs with Citi-branded versions at retailers including Walgreens and Duane Reade. The deal will almost double the number of surcharge-free ATMs for Citibank customers, adding 30,000.
Republicans have stepped up their efforts to remove Consumer Financial Protection Bureau Director Richard Cordray with the release of a report saying he may have violated federal law as the CFPB developed a 2015 rule on auto lending. The agency is reviewing the report and defends its efforts to abide by all laws in undertaking its mission, a spokesman said.
The Consumer Financial Protection Bureau has sued Navient Solutions, accusing the former Sallie Mae department of violating the rights of student-loan borrowers by giving false information, improperly processing payments and failing to address complaints. Navient calls the allegations unfounded.
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