Links in “Agencies”

The CFPB says that the Texas-based First Investors Financial Services Group Inc. distorted consumer credit records for years. The company was aware of flaws in their computer system that resulted in inaccurate information being provided to the credit reporting agencies. This action makes clear that computer system or vendor mistakes are not valid excuses for submitting incorrect information to the credit reporting agencies. [8/21/14]

The Treasury announced a new program, the CFDI Bond Guarantee Program, designed to help CDFIs fill a gap in the financing options available to underserved communities. [8/21/14]

CFPB hits First Investors Financial Services Group of Houston with $2.75 million fine for overstating amounts past due and inflating the number of delinquent payments. Company counters that it reported the errors when it found them and was in the process of working with its vendor to correct them. [8/21/14]

CFPB outlines expectation established for mortgage servicers. “At every step of the process to transfer the servicing of mortgage loans, the two companies involved must put in appropriate efforts to ensure no harm to consumers. This means ahead of the transfer, during the transfer, and after the transfer,” said CFPB's Cordray. "We will not tolerate consumers getting the runaround when mortgage servicers transfer loans." [8/20/14]

The 10^th Circuit Court of Appeals has handed NCUA a victory by reinstating its ruling that allowed NCUA to sue several banks over alleged deceptive practices related to their sales of mortgage backed securities to corporate credit unions.  The ruling affects six cases pending in the 10^th circuit.  NCUA has settled similar cases and recovered more than $1.75 billion. [8/20/14]

The 2013 data covering small business, small farm, and community development lending reported by certain commercial banks and savings associations are now available, pursuant to the CRA. Read all about it. [8/20/14]

FDIC, Federal Reserve and OCC are seeking a dismissal of a lawsuit by payday lenders accusing them of pressuring banks to terminate relationships with them. "Banks, not federal banking regulators, terminated those business relationships," said FDIC lawyers. [8/20/14]

HUD's plan to sell three unsubsidized mortgage loan notes and one healthcare loan note in a competitive auction on Sept. 17, 2014. [8/19/14]

Mike Crapo, the ranking member on the Senate Committee on Banking, sent a letter notifying the Department of Education of his concerns that the department's rulemaking efforts will attempt to regulate products that banks sell to college students, even if the product has nothing to do with financial aid. [8/19/14]

Merchant groups filed a petition asking the U.S. Supreme Court to review a Fed Reserve decision that left debit card swipe fees at 21 cents, rather than lowering them. [8/19/14]