Links in “Agencies”
- Deceptive and Illegal Mortgage Servicing Practices Bring Down the Hammer
CFPB, DOJ, and HUD proposed a federal court order requiring SunTrust Mortgage, Inc. to provide $500 million in loss-mitigation relief to underwater borrowers. âTodayâs action will help homeowners and consumers harmed by SunTrustâs unlawful foreclosure practices," said Richard Cordray.  [6/18/14]
- Final Rule for Temporary Cease and Desist Orders Takes Effect
The Consumer Financial Protection Bureau (Bureau) published an interim final rule issuing a temporary cease-and-desist order, which requires the Bureau to establish procedures for conducting adjudication proceedings. This final rule takes effect on July 18, 2014. [6/18/14]
- Regulatory Scrutiny on How Banks Scrutinize Credit Reports
New York State and the CFPB are focusing on how banks make use of credit reporting data to screen potential customers for credit-worthiness. Regulators are concerned about how the screenings may unfairly block the unbanked and underbanked from opening new accounts, causing them to turn to more costly options. [6/18/14]
- What Could Bring the CFPB to Your Door
More details on the consent order between the CFPB and a New Jersey title service for RESPA violations, including how, in a growing number of instances, these actions are not initiated by the CFPB, but referred to the CFPB from other agencies. [6/17/14]
- Supreme Court Weighs In on NCUAâs MBS Lawsuits
The Supreme Court has instructed the 10th Circuit Court of Appeals to re-examine a ruling that allowed NCUA to sue several banks over deceptive mortgage backed securities they sold to failed corporate credit unions. Under the Court of Appeals ruling, NCUA was allowed to proceed with the suits despite the fact that the suits exceeded the 3-year statute of limitations. A more recent case involving an environmental action has cast a new light on the prior ruling for NCUA. [6/17/14]
- FDIC Asks: What Stresses You Out about the Annual Stress Test Rule?
The Federal Deposit Insurance Corporation (FDIC) today announced it is seeking comment on a notice of proposed rulemaking amending the FDIC's Annual Stress Test rule. [6/17/2014]
- The Hunted Becomes the Hunter: Hackers and the FTC
The Federal Trade Commission is looking to expand the technological arsenal that can be used in the battle against illegal phone spammers by challenging DEF CON 22 attendees to build the ultimate âhoneypotâ to lure in and identify perpetrators of illegal robocalls. [6/17/2014]
- Matz Says Reputation Risk Alone Will Not Trigger NCUA Enforcement Action
NCUA Chair Debbie Matz told the members of the House Financial Services Committee that concerns about reputation risk alone will not trigger enforcement action. However, she added that while the agency would not force a credit union to change its business practices solely due to a concern about reputation risk, the examiners would address any safety and soundness concerns that may be an underlying factor in causing the reputation risk. [6/16/14]
- CFPB Hits NJ Title Company for RESPA Violations
HUD tips off the CFPB into Stonebridge Title Services of New Jersey practice of paying commissions to third parties in exchange for title business referrals. RESPA permits commissions for referrals only to employees of the company. [6/16/14]
- CFPB Transparency, Accountability Bills Clear Committee
Several bills to promote greater transparency and accountability at the CFPB, such as the CFPB Slush Fund Elimination Act and the CFPBÂ Data Collection Security Act, have been approved by the House Financial Services Committee and move to the House floor for a vote. [6/16/14]
