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CFPB Snapshot: California Leads Nation in Complaints to Agency

The CFPB receives more than 20,000 complaints every month, according to Director Richard Cordray, and the bureau’s latest installment of its Monthly Complaint Report highlights consumer complaints at the state level. As of June 1, the CFPB has received more than 1.2 million complaints across the country since it began accepting them in 2011. The top three states with the most complaints are California, Florida and Texas with 159,158, 111,559 and 93,472 complaints, respectively.


U.S. Treasury Report Backs Dodd-Frank Reforms

The U.S. Treasury Department published “A Financial System that Creates Economic Opportunities” in response to President Trump’s executive order 13772 to regulate the country’s financial system along a set of core principles that includes more efficient regulation and the prevention of taxpayer-funded bailouts.


Trump Picks Clinger to Lead FDIC

President Trump has nominated longtime Congressional staffer James Clinger to head the FDIC. The veteran chief counsel for the House Financial Services Committee will replace current FDIC Chairman Martin Gruenberg, whose term ends in November.


FDIC Appoints a New Ombudsman

M. Anthony Lowe takes over FDIC ombudsman role, which involves interacting with bankers, other industry representatives, community groups and members of the public regarding questions and concerns about FDIC policies and regulations.

Pay Gov Newsletters


Pay Gov – June 2017, Vol. 11, Issue XI

In this issue: Industry Rallies on Innovation amid Uncertainty; N.J. Gets Tough on Prepaid; CFPB Slams Credit Repair Execs; Treasury Backs Reform; More


Pay Gov – June 2017, Vol. 11, Issue X

In this issue: Cross-Border Prepaid Headaches?; Dodd-Frank Overhaul Vote Friday; CFPB: Prepaid Complaints Dip; Defendant Challenges CFPB Constitutionality; Deutsche Bank’s AML Woes; More


Pay Gov – May 2017, Vol. 11, Issue IX

In this issue: CFPB in Court Today; OCC Loosening Financial Regulations?; 3 States with New Bitcoin Regs; More


Pay Gov – May 2017, Vol. 11, Issue VIII

In this issue: Industry Weighs in on Trump’s First 100 Days; Tick Tock on CRA for Prepaid Rule; Hensarling’s CFPB Bill Moves; Guess Who’s Suing OCC; more

Pay Gov State Update


New York Files Suit against OCC Fintech Charter

New York Department of Financial Services opposes the plan from the Office of the Comptroller of the Currency to enable fintech companies to become special purpose national banks. The NYDFS superintendent describes the proposal as “reckless folly.”


Digital Currency Roundup: Bitcoin Law Changes in Three States

Vermont, Washington state and Florida have significant developments on the digital currency regulation front.


Illinois Bill Would Require Retroactive Reporting of Gift Cards, Other Property

An Illinois bill could remove exemptions on unclaimed property reporting requirements for gift cards and property resulting from B2B transactions—and could require retroactive reporting of such property received as far back as 2003.


‘Mythbusting’ Payroll Cards

To coincide with its just released and first “Payroll Industry Scorecard,” CFSI is separating fact from fiction when it comes to payroll cards, which continue to face scrutiny by state regulators and the media.