Links in “Agencies”
- Head of FHA Stepping Down
Commissioner Carol Galante announces her intention to step down at the end of the year to take a professorship in the University of California system. The move comes less than two years after being confirmed as head of the Federal Housing Administration. [8/12/14]
- Industry Group to Regulators: Get Real with Call Reports
Independent Community Bankers of America tells regulatory agencies that the current call reporting framework is a tremendous burden on small financial institutions and does not provide meaningful financial information on a quarterly basis. [8/12/14]
- Let Those Telemarketers Know What You REALLY Think about Them
The Federal Trade Commission is opening up for comments on its Telemarketing Sales Rule (TSR) as part of its efforts to review all of the Commission's current regulations. Â [8/12/14]
- Group Urges CFPB to Go Further with Small Business Loan Data Collection
The National Community Reinvestment Coalition is urging the CFPB to not just collect data on whether a business is Asian or Hispanic, but to consider subcategories; and not just its revenues generally, but with sufficient detail to track loans to microbusinesses. [8/12/14]
- CFPB on Digital Currency: You Can’t Trust It as Far as You Could Throw It
The Bureau warns consumers about using digital currency for three reasons: a) volatile exchange rates, b) high threat from hackers and scammers, and c) digital currency is uninsured by any agency. [8/12/14]
- CFPB Move Seen as Possibly Paving the Way to New Digital Currency Rules
The CFPB issued a warning to consumers about the risks of digital currency and announced it is now accepting complaints on virtual currencies, moves which are often used as the start to rulemaking and enforcement. [8/12/14]
- If It Ainât Broke, Donât Fix It
FinCEN has proposed a renewal of suspicious activity reporting requirements. Thankfully, no changes are proposed, but comments are welcome. [8/11/14]
- Low-Income Credit Unions on the Rise
Two years ago NCUA announced the low-income credit union initiative. Now, there are over 2,100 low-income credit unions and the number is still growing. [8/11/14]
- Booming Subprime Auto Lending Industry = Booming DOJ Attention
Santander Consumer joins General Motors as recipients of Department of Justice subpoenas related to their subprime auto loans, a booming market segment fueled in part by an influx of money from private-equity firms. [8/11/14]
- USPS to Play the Part of Robin Hood?
The POSTAL Act of 2014 was introduced in July and would allow the US Postal Service to participate in several financial services. The white paper explains that 59% of post offices are in areas with one or no bank branches. The intention to render services to the underserved is not anticipated to create competition with banks, but rather to take a slice of pie from non-bank services such as payday lending. [8/8/14]
