The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of August 1, 2024, through August 31, 2024. The list contains only national banks, federal savings associations, and insured federal branches of foreign banks that have received ratings. The possible ratings are outstanding, satisfactory, needs to improve, and substantial noncompliance.
Building a customer base is time-consuming and expensive. Engaging existing customers is often easier and more profitable than acquiring new customers. In the US, email and other targeted marketing is a low-cost and high-ROI way to foster this engagement, which makes collecting customers’ email addresses (and other personal information) a high priority for marketers.
In this episode of his "Clearly Conspicuous" podcast series, "CFPB Warns of Manipulation and Dark Patterns in Digital Comparison Shopping Tools," consumer protection attorney Anthony DiResta discusses the Consumer Financial Protection Bureau's (CFPB) circular warning about comparison shopping operators potentially violating federal law.
The past four years have shown us that industry leaders should always keep an eye out for the unexpected. However, it should also remind us that with a bit of flexibility and resilience, no headwinds are too strong to navigate — including a global pandemic, tumultuous election cycles and the economic uncertainties that followed. In fact, sometimes these unprecedented events can yield positive momentum and opportunities for innovation.
The Consumer Financial Protection Bureau (CFPB) has imposed a $2.25 million civil penalty on New Day Financial, operating under the brand NewDay USA, for deceiving veterans and active-duty servicemembers with misleading cost comparisons on cash-out refinance loans. The CFPB found that NewDay USA made these loans appear less expensive than they were, particularly in North Carolina, Maine, and Minnesota, by omitting certain costs in their comparisons. This led many borrowers to believe they were getting a better deal than they actually were.
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