Links in “Agencies”

The Federal Register is open for comments regarding a rule change that would allow the CFPB to disclose unstructured complaint narratives among other certain complaint data. [8/5/14]

FinCEN is working together with its Mexican counterpart, the Unidad de Inteligencia Financiera, in order to crack down on cross-border cash transactions. FinCEN Director Jennifer Shasky Calvery states that “FinCEN is committed to working closely with our Mexican counterparts, law enforcement, and industry partners to bring greater transparency along our border and safeguarding the integrity of our financial systems.” [8/4/14]

FinCEN is proposing new rules under the Bank Secrecy Act which would put emphasis on identifying beneficial owners of legal entity customers. [8/4/14]

Evaluating employee performance is a good thing, right? Ever since the CFPB got slammed for employee discrimination, we aren’t too sure. [8/4/14]

ABA says Dept. of Education's recent proposal on campus financial products would severely limit access to traditional banking services for many students. [8/1/14]

The CFPB released a report revealing the true cost of opting-in to overdraft protection for ATM and debit card transactions, which results in an APR of 17,000%, a number which has captured the media's attention (see, for example, this). Expect significant changes to overdraft protection rules to follow shortly. [8/1/14]

Speaking to the House Financial Services Committee, CFPB Director Cordray blamed the pressure on quickly building the new agency for breakdowns in the working environment and review process for its employees that led to allegations of racial and gender discrimination. [8/1/14]

Many trade groups join together to lend support to CISA, the Cybersecurity Information Sharing Act, legislation designed to promote prompt information sharing on cyber threats between businesses and the government. [8/1/14]

The NCUA's Thursday Board meeting resulted in the unanimous approval of three items: 1) a proposed rule regarding fixed assets, 2) a reduction of NCUA's 2014 budget by $1.1 million, and 3) an expansion of the community charter of Call Federal Credit Union. [8/1/14]

Where do the civil money penalties imposed by the CFPB go? The Government Accountability Office reviewed the bureau's handling of the penalty fund and found that of $139 million in civil penalties collect, $31 million went to compensate victims, $13.4 million for consumer education, $1.5 million for administrative expenses, leaving $93 million in unallocated funds. [8/1/14]