On October 26, the United States District Court for the Southern District of Texas issued a nationwide preliminary injunction barring the CFPB from moving forward with implementing or enforcing the recently finalized Small Business Lending Rule, designed to implement Section 1071 of the Dodd-Frank Act.
Written testimony from the Association of Military Banks of America (AMBA) veered off the focus of the hearing to attack credit unions on military bases and supposed limits in access for those on the base, during a Senate Banking Committee hearing on financial Protection for servicemembers, veterans and families.
WASHINGTON — Citizens Bank, Sac City, Iowa, was closed today by the Iowa Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC entered into a Purchase and Assumption Agreement with Iowa Trust & Savings Bank, Emmetsburg, Iowa, to assume all of the deposits of Citizens Bank.
The United States Department of Education has released a package of regulations aimed at protecting beneficiaries of federal student aid, including rules that will prohibit most transcript withholding for individuals who owe money to their former college or university.
The Federal Trade Commission (FTC or Commission) has amended its Standards for Safeguarding Customer Information, commonly known as the "Safeguards Rule," to require non-bank financial institutions to report certain data breaches to the Commission.
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