Last Week... Today! ⭐ The iTod Scoop on Today's U.S. Banking News⭐
By: Carly Souther
Every Saturday, iTod takes a look at the past week in U.S. banking news & current financial events.
Thursday, 6 April 2017. A U.S. District Court judge denied a request to dismiss a Fair Debt Collection Practices Act (FDCPA) case as outside the 1-year statute of limitations. The judge held that the statute doesn’t begin to run until the plaintiff “discovers” the alleged violation, rather than from the date of occurrence of the activity that gives rise to the cause of action. Read More.
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CONSUMER FINANCIAL PROTECTION BUREAU
Wednesday, 5 April 2017. GOP makes case for firing consumer bureau chief: The chairman of the House Financial Services Committee on Wednesday laid into the leader of the controversial Consumer Financial Protection Bureau (CFPB), calling on President Trump to fire him "immediately." Read More.
Wednesday, 5 April 2017. The head of the Consumer Financial Protection Bureau Richard Cordray faces lawmakers for his semi-annual report to Congress at a time when some Republicans want him replaced and the CFPB restructured. You can read the full transcript here.
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BANK & CREDIT UNION FRAUD
Thursday, 6 April 2017. Wells Fargo has reportedly overhauled the credit card processing business due to an internal inquiry that found some of its employees were falsely reporting customers’ sales and steered small businesses into contracts that were expensive and confusing. Read More.
Thursday, 6 April 2017. FAIRFIELD, Conn. (WTNH) — Fairfield Police arrested two suspects involved in trying to take out thousands of dollars from a bank on Black Rock Turnpike on Thursday. Read More.
Thursday, 6 April 2017. Warren police called out to investigate a reported brawl between brothers, arrested a suspect wanted for a half-million dollar bank fraud investigation involving stolen identities and several casinos. Read More.
- Woman admits using stolen mail to defraud banks, credit unions, The Sacramento Bee
Friday, 7 April 2017.A 27-year-old Roseville woman has pleaded guilty to defrauding banks and credit unions in a scheme using information gleaned from stolen mail. Read More.
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FAIR CREDIT REPORTING ACT
- Credit Reports Don’t Have to Disclose Bankruptcy Plan, Bloomberg BNA
Thursday, 6 April 2017. Credit reports don’t have to mention a debtor’s pending Chapter 13 plan, a California federal judge ruled March 31. Read More.
- Want to learn more about Credit Reporting?
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Thursday, 6 April 2017. Wall Street—and smaller banks across the country—are buzzing at the thought that one of the most important rules brought in to tame them after the 2008 crash could soon be scrapped. Read More.
- Republicans continue move toward reforming Dodd-Frank during hearing, Financial Regulation News
Thursday, 6 April 2017. Republican members of the House Financial Services Committee continued their assault on the Dodd-Frank Act and particularly the Consumer Financial Protection Bureau, created by the law, during hearings Thursday aimed at reforming the 2010 financial crisis bill. Read More.
- Big Bank Bankruptcy Bill Clears U.S. House, Bloomberg BNA
Thursday, 6 April 2017. The U.S. House passed legislation on April 5 that would create a new bankruptcy process for large financial institutions—those with assets of at least $50 billion. Read More.