Most Clicked CBA SmartBrief Stories


1. Report: CFPB preparing consent orders for 3 auto lenders

CBA SmartBrief | Jul 01, 2015

The Consumer Financial Protection Bureau is expected to announce unintentional discrimination consent orders for Toyota Motor Credit, Nissan Motor Acceptance and American Honda Finance this month. The consent orders seek to require the lenders to set lower limits on offers to dealers and to pay remuneration to consumers. AmericanBanker.com (free content) (06/30)


2. OCC cites risk in auto-lending practices

CBA SmartBrief | Jul 02, 2015

Auto lenders are focusing too much on making monthly payments affordable for borrowers through longer repayment periods, and the practice could translate to future losses, warns the Office of the Comptroller of the Currency. The regulator is also concerned about loans that exceed the car's value. The Wall Street Journal (tiered subscription model) (06/30)


3. CFPB scrutiny won't spur Toyota Financial to drop dealer reserve

CBA SmartBrief | Jul 06, 2015

The Consumer Financial Protection Bureau is investigating Toyota Financial Services along with its parent Toyota Motor Credit and two other auto finance firms for unintentional discrimination. Toyota Financial says it "currently has no plans to change our pricing model." Automotive News (free content) (07/06)


4. JPMorgan Chase revamps prepaid, checking policies

CBA SmartBrief | Jun 30, 2015

JPMorgan Chase will offer users of its Chase Liquid prepaid card access to services such as online bill payment and person-to-person payment, according to a letter sent to Eric Schneiderman, the New York attorney general. The bank also has revised its criteria for new checking accounts, eliminating penalties for applicants who frequently made overdrafts if the overdraft activity didn't happen within the past two years. Schneiderman said the changes "will help expand access to low-cost financial services." The Wall Street Journal (tiered subscription model) (06/30)


5. Rep. Pelosi: Not all Dems stand with Sen. Warren on financial regulations

CBA SmartBrief | Jul 02, 2015

Rep. Nancy Pelosi, D-Calif., said the views of Sen. Elizabeth Warren, D-Mass., on the need for tougher Wall Street regulation are "not the consensus in our party." CNBC (07/01)


6. Greek crisis moves to next level after IMF default

CBA SmartBrief | Jul 01, 2015

Greece is willing to accept creditors' bailout proposals with some changes, Greek Prime Minister Alexis Tsipras wrote to European financial chiefs. The International Monetary Fund has confirmed Greece failed to make a €1.5 billion payment due Tuesday. Greece on Sunday will hold a referendum on the bailout offer. Bloomberg (06/30) CNN (06/30) Reuters (07/01) The New York Times (tiered subscription model) (06/30)


7. CFPB fines companies for bogus add-on benefits

CBA SmartBrief | Jul 02, 2015

The Consumer Financial Protection Bureau is fining Intersections $1.2 million and Affinion Group Holdings $1.9 million for charging consumers for credit card add-on benefits that weren't provided. Affinion also must refund 73,000 customers a total of $6.8 million. Intersections, which previously signed an agreement with the CFPB to refund customers, will need to disburse a remaining $55,000. The Consumerist (07/01)


8. Greek crisis has limited effect on U.S. banks, economist says

CBA SmartBrief | Jun 30, 2015

Greece looks likely to default on its International Monetary Fund loan, which is due for payment by midnight tonight. Greece's financial crisis won't have significant effects for U.S. banks because European banks and the IMF hold most of Greece's debt, says Jay Bryson, Wells Fargo's managing director and global economist. "Direct fallout on U.S. is really pretty limited," he said. That could change if the contagion spreads to other European countries, Bryson said. The New York Times (tiered subscription model) (06/29) American City Business Journals (06/29) Bloomberg (06/30)


9. CFPB: Student loan cosigners should better understand release options

CBA SmartBrief | Jul 01, 2015

Nearly 90% of consumers who apply to be released from their cosigner status on student loans are rejected, according to a report by the Consumer Financial Protection Bureau. The report recommends that consumers educate themselves on the rules regarding cosigner releases. Forbes (06/30)


10. Greek voters resoundingly reject rescue criteria

CBA SmartBrief | Jul 06, 2015

Greeks voted overwhelmingly against accepting international creditors' bailout terms. Prime Minister Alexis Tsipras said he was open to resuming negotiations with lenders. However, it wasn't clear how European leaders would respond. Greek Finance Minister Yanis Varoufakis resigned today in an effort to allow negotiations to continue. German Chancellor Angela Merkel and French President Francois Hollande have called for an EU summit Tuesday to deal with the matter. Deutsche Welle (Germany) (07/06) The New York Times (tiered subscription model) (07/05) The Wall Street Journal (tiered subscription model) (07/06) Kathimerini (Greece) (07/06)




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