Links in “Agencies”

The CFPB is seeking new members for its academic research, consumer advisory, community bank advisory, and credit union advisory councils. Have you got what it takes? [1/21/16]

The Financial Crimes Enforcement Network (FinCEN) is going after “all cash” high end property purchases in New York and Miami. FinCEN will now require reporting on all purchases of residential property in Miami-Dade County over $1 million dollars and the New York Borough of Manhattan over $3 million made without a bank loan and using cash or other monetary instruments [1/21/15].

The Electronic Payments Association has launched the NACHA Challenge. This team-based competition aims to foster new ways of improving the ACH end-user experience, and is open to innovators from any entity, including corporates, academic institutions, financial institutions, and nonprofits. Teams competing could win a $15,000 Judges’ Choice or a $10,000 Audience Choice prize. All submissions must be received by NACHA by March 25. [1/20/16]

FinCEN-issued geographical targeting orders, effective March 1^st, will require certain title insurance companies in Manhattan and Miami to identify the beneficial owners in high-end, all-cash residential real estate purchases – and these current GTOs are likely to be followed with ones for other major metropolitan areas. [1/20/16]

During 2015, the CFPB obtained settlements that amounted to more than $1.6 billion in consumer compensation. One group of industry observers believes that, in some ways, the CFPB's approach to compliance may become even more aggressive in 2016. For example, CFPB is working toward limiting the use of arbitration agreements. [1/19/16]

When planning for compliance with laws that prohibit discriminatory or deceptive practices, service providers should consider the challenges posed by consumers whose English is limited.  The CFPB is increasingly active in this area.  [1/19/16]

CFPB alleged EZCORP violated the CFPA by making false threats of legal action, misrepresented repayment and collections processes, and collecting debts through in-home visits, third-party calls, and calls to consumers workplaces. Further, CFPB asserted EZCORP violated the EFTA by demanding authorization of electronic transfers as a condition for granting loans. Per the resulting consent order, EZCORP will pay $7.5 million to customers and a $3 million civil penalty. [1/19/16]

At its January 21^st meeting the NCUA Board is scheduled to vote on the 2017-2020 strategic plan. Of particular note is the plan's expectation to include the methodologies used to calculate the overhead transfer rate (OTR) and the operating fees used in funding the NCUA budget. [1/15/16]

The FDIC is hosting a webinar titled "Help Encourage Individuals and Families to Save" on February 3, 2016 that will highlight strategies and approaches for institutions to consider that encourage savings, all in conjunction with America Saves Week. [1/15/16]

FinCEN issued Geographic Targeting Orders (GTO) that will temporarily require certain U.S. title insurance companies to identify the natural persons behind companies used to pay “all cash” for high-end residential real estate in the Borough of Manhattan in New York City, New York, and Miami-Dade County, Florida. The order follows a series of actions involving detection of real estate and potential money laundering. [1/15/16]