OIG: The CFPB Can Improve Its Practices to Safeguard the Office of Enforcement’s Confidential Investigative Information – CFPB Report 2017-SR-C-011


Oops! The Office of Enforcement did not timely restrict access to confidential information for reassigned or transferred personnel. In addition, the office’s labeling and storage standards were inconsistently followed and its naming conventions for investigative files were inconsistent, which could increase the risk of unauthorized disclosures. During our fieldwork, the office took steps to improve…

State Regulators Sue OCC Over Fintech Charter


The Conference of State Bank Supervisors yesterday sued the Office of the Comptroller of the Currency over the agency’s plan to issue special-purpose national bank charters to fintech firms, American Banker reported. “Citing the National Bank Act, the bank supervisor group argued that the OCC has the authority to charter only those firms engaged in…

Hensarling on the Move!


Rep. Jeb Hensarling’s revised proposed legislation to replace Dodd-Frank was unveiled yesterday and is expected to be introduced later this month. The Journal wrote: “The summary of proposed legislation from House Financial Services Committee Chairman Jeb Hensarling (R., Texas) shows the bill could ease a number of heightened regulatory standards enacted through the 2010 Dodd-Frank…

CFPB Rule Promotes Fraud?


Card issuers said the CFPB’s final prepaid rule will make it easier for scammers to commit fraud on unregistered cards since the banks would not have any information about the consumer, American Banker reported, in turn making it difficult to investigate. “’Companies are going to get calls from people saying someone is using their card,…