Links in “Agencies”

A new report from the Federal Trade Commission delves into the use of Big Data and discusses how outcomes from analysis can be used to provide benefits to underserved populations in opposition to excluding these populations from credit, healthcare, and education opportunities [1/7/16].

The Federal Trade Commission charged two payday lenders in April of 2012, Red Cedar Services Inc. and SFS Inc, alleging that the lenders misrepresented how much loans would cost consumers, and failed to accurately disclose the annual percentage rate of other loan terms. Each company has paid $2.2 million to settle these charges, and have collectively waived $68 million in fees to consumers which were not collected as a result of these violations of the FTC Act and TILA. [1/6/16]

PLA today updates the UDAAP Database with recent enforcement actions from prudential regulators, including the CFPB, FDIC, and the Board of Governors of the Federal Reserve System. A table illustrating these recent actions is viewable here. [1/6/16]

The CFPB has told NAFCU that it does not intend to issue a proposed rule on overdraft protection in 2016. On the other hand, NAFCU has also been told by the CFPB that it is studying the consistency with which financial institutions are calculating consumers’ available funds in relation to overdraft programs. [1/5/16]

The Office of Foreign Assets Control has published a final rule creating a new cyber-related sanctions program to block transactions with persons whose cyber activities threaten U.S. interests. This hasn't increased any institution's compliance burden . . . yet. [1/5/16]

In response to a letter from Mortgage Bankers Association regarding TRID enforcement, the CFPB notes that there may be unintentional errors in the early phase of implementation, but that initial examinations will focus on bankers' good faith efforts to ensure compliance. [1/4/16]

Department of Justice announces two more banks have settled for $107 million under its Swiss Bank Program, which provides Swiss banks a chance to come clean for possible tax-related criminal offenses with undeclared U.S.-related accounts without facing prosecution. [1/4/16]

Bureau says the law firm "relied on deception and faulty evidence to coerce consumers into paying debts that often could not be verified or may not be owed." [1/4/16]

Between the holidays, the FDIC issued 23 orders, including four consent orders, nine removal and prohibition orders, three Section 19 orders and one civil money penalty. But the news was not all gloomy: there were six terminations of consent and C&D orders. [1/4/16]

Several companies in the credit-repair industry are anonymously suing the CFPB. The CFPB is asking a federal judge to reveal the names of the companies. The companies say that public disclosure "will surely do irreparable reputational and financial harm." [1/4/16]