Deposits
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CFPB Issues Bulletin on Sales and Production Incentives
On November 28th the Consumer Financial Protection Bureau (CFPB) issued a bulletin warning financial companies, including banks and credit unions, of the pitfalls associated with employee and service provider incentives programs.
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Financial Institutions Must Submit Credit Card Agreements by May 2
The Consumer Financial Protection Bureau has issued a letter explaining how financial institutions can submit credit card agreements by May 2.
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Agencies Issue Guidance on CIP for Prepaid Cards
The federal financial institution agencies issued guidance that clarifies that certain prepaid cards issued by a financial institution should be subject to Customer Identification Program (CIP) requirements.
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Final Rule Issued on Flood Insurance
Numerous government agencies have issued a final rule regarding loans in areas having special flood hazards.
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CFPB Announces Potential Payday Loan Rules
The Consumer Financial Protection Bureau announced it is considering issuing proposals to end “payday debt traps” ― payday loans, deposit advance loans, vehicle title loans, and other high-cost installment and open-end loans.
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CFPB Proposes Giving Consumers More Prepaid Product Protections
The Consumer Financial Protection Bureau (CFPB) issued a proposal on November 13, 2014, providing consumers with several new “protections” related to the prepaid product market.