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 What's New

 

Bureau Announces Change Regarding CIDs (4/23/19) A year ago this week, ABA submitted its first of 13 comment letters to the CFPB Requests for Information (RFI), which then Acting Director Mulvaney initiated to generate feedback on CFPB policies, procedures and practices. The first RFI requested feedback on the use of Civil Investigative Demands (CID) in enforcement. ABA's comment letter pointed out that while CIDs can be important investigatory tools if carefully used, they can be—and too often were—employed abusively in ways that violate reasonable due process. We urged the CFPB to provide CID recipients more information about the underlying purpose of the CID and the products and services under investigation. This week the CFPB announced it is amending the CID policy to ensure "CIDs will provide more information about the potentially applicable provisions of law that may have been violated. CIDs will also typically specify the business activities subject to the Bureau’s authority." Contact Virginia O'Neill for questions.

FDIC to Host Seminars on Deposit Insurance Coverage (4/23/19) The FDIC will host four identical seminars on FDIC deposit insurance coverage for bank employees and bank officers between May 15, 2019, and Dec. 9, 2019. The seminars include deposit insurance coverage information on signature card requirements for joint accounts, Prepaid Cards, Bank Trade names, Health Savings Accounts, 529 plan accounts, and 529 Achieving a Better Life Experience (ABLE) plan accounts. Each identical live seminar will last approximately 120 minutes and include a Q&A session with FDIC subject matter experts. The seminars are free, but advance registration is required.

 

 Compliance Due Dates

 

​May 1 - Comments Due - Request for Information Regarding the Consumer Credit Card Market ​​​​​​​

 

 CFPB RFIs

 
 
See the Bureau's series of Requests for Information (RFIs) seeking comment on its enforcement, supervisory, rulemaking, market monitoring, and educational activities.
 

 Compliance Resources

 
 

 Related Resources

 
 

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