Links in “Agencies”

An inspector general's concerns about servicing transfers involving Fannie Mae and Freddie Mac loans caused Ginnie Mae to step in. Among other measures, President Tozer said they are "spending a lot of time upfront to ensure the people know what they are doing...before taking on the servicing." [7/7/14]

This writer analyzes the recent introduction of the End Operation Choke Point Act of 2014, which would attempt to do exactly what the name suggests. He says, "It really hasn't got a prayer of proceeding, much less passing." [7/7/14]

At CUNA's American Credit Union Conference, speakers Amber MacArthur and Fredda McDonald urged credit unions to take new technology and social media and run with it—if they want to be competitive and reach a larger audience, that is. Specifically, MacArthur provided eight social media best practices, including jumping on the bandwagon of "contagious" trends. A summary of MacArthur's talk can be accessed here. [7/3/14]

Many home equity lines of credit taken out during 2004-2009, on properties that were overinflated, featured balloon payments that are beginning to come due. The agencies have issues guidance to help financial institutions address the touchdown. [7/3/14]

A GAO report released on June 26 discussed the potential risks and benefits for consumers. According to the GAO, the risks facing consumers include lack of bank involvement (and thus the protections from the FDIC and other insurers), limits on financial recourse in the event that the virtual currency account is hacked, and volatile prices. The report found that addressing the risks associated with virtual currencies such as Bitcoin and other crypto currencies will require interagency collaboration, including a stronger presence from the CFPB. [7/3/14]

Governor Cuomo announced the launch of a new database and the cooperation of Bank of America, which will work with the NY's Department of Financial Services to protect consumers against payday lenders. The database serves multiple functions such as providing an additional resource for financial institutions to use as part of their KYC searches. [7/3/14]

The Federal Reserve Board, OCC, and FDIC issued the host state loan-to-deposit ratios that will be used to determine compliance with section 106 of the Riegle-Neal Interstate Banking and Branching Efficiency Act. [7/3/14]

After not receiving any comments regarding the renewal of existing information requirements, the FDIC submitted to the OMB a request for approving the renewal of collection practices regarding record keeping and disclosure requirements in connection with Regulation M and Regulation B. The FDIC is inviting comments for a second time on the renewal of these requirements, with a deadline set for September 2, 2014. [7/3/14]

Following last week's announcement of a settlement with a credit union for denying a mortgage because one of the applicants was on maternity leave, the U.S. Department of Housing and Urban Development settles another claim with a California-based mortgage lender for denying or delaying mortgage loans to women because they were on maternity leave. Time to take another look at what your loan policy says about maternity leave? [7/2/14]

Three trade groups write to the Office of Management and Budget in an effort to shut down the CFPB's plan to conduct a phone survey to assess consumer awareness of credit card dispute resolution provisions. CFPB's approach won't provide useful information, is materially flawed and inconsistent with statutory mandate, according to the associations. [7/2/14]