Links in “Agencies”

The Federal Reserve on Monday announced a $508 million penalty against BNP Paribas, S.A., Paris, France--the largest penalty ever assessed by the agency--for violations of U.S. sanctions laws. [7/1/2014]

CUNA has submitted a comment letter to NCUA in response to the proposed associational common bond rule in which it recommends that existing association groups that have already been approved be grandfathered in under the new rule. In the addition, CUNA has requested further information on several points, including the actual review process for new association groups and an appeal process. [6/30/14]

CFPB's Office of Minority and Women Inclusion director tells conference attendees that though the timeframe for the release of final standards is unknown, financial institutions should "start now" to take compliance steps. [6/30/14]

The FDIC issued a total of 39 orders which include two consent orders; one prompt corrective action directive; seven removal and prohibition orders; seven section 19 orders; three civil money penalties; 16 orders terminating consent orders and cease and desist orders; one order dismissing notice of assessment of civil money penalties and order to pay; one order terminating supervisory prompt corrective action directive; and one final order of dismissal. [6/30/14]

NCUA announced yesterday that it has developed a new webpage to assist credit unions with compliance to the new mortgage rules and other consumer lending regulations. The site provides consolidated information from NCUA, CFPB, FFIEC and other regulatory agencies and can be accessed here. [6/27/14]

While the U.S. Supreme Court invalidated President Obama's 2012 recess appointments to the National Labor Relations Board, on the grounds that such appointments can only be made to fill vacancies that arose during the recess, the ruling won't impact CFPB's Director Cordray, even though he was appointed on the same day and in the same way as the NLRB appointments. Here's why. [6/27/14]

As part of NCUA's Regulatory Modernization Initiative, the NCUA Board is proposing to revise two of NCUA's regulations regarding appraisals. Firstly, the revisions would eliminate the requirement that federal credit unions make available a copy of the appraisal used in connection with that member's application for a loan secured by a first lien on a dwelling. Secondly, the proposed rule would expand the current exemption for certain transactions involving an existing extension of credit. [6/27/14]

The CFPB has ordered GE Capital Retail Bank to pay the “largest credit card discrimination settlement in history,” $225 million, to compensate consumers for discriminatory and illegal credit card practices. The bureau found that GE Capital used deceptive marketing practices to promote add-on products, including deceiving customers as to their eligibility for benefits and not disclosing that customers were making a purchase. [6/27/14]

HUD announced today a Conciliation Agreement between the Connecticut Fair Housing Center (CFHC) and respondents Lil-1 Associates, AllPoints Realty and realtor Lillian Polak.  The real estate companies will pay more than $24,000 to settle allegations that they published discriminatory listings and advertisements for condominiums specifying that children were not permitted; which is in direct violation with the Fair Housing Act. [6/27/14]

The NCUA has proposed a rule which would continue the safe harbor for financial assets transferred in connection with securitizations and participations and defines the conditions for safe harbor protection for securitizations and participations. [6/27/14]