Links in “Agencies”

Secretary Lew spoke at the Center For Strategic and International Studies' event Monday, mainly highlighting the Treasury's Office of Terrorism and Financial Intelligence (TRI). Lew gave a brief history of this institution and the role it has played in recent years by combating terrorist efforts without compromising the safety of individuals. This organization identifies and analyzes dangerous financial transactions, and seeks to shut down terrorist funding, harmful money laundering schemes, and more. [6/3]

The Office of the Comptroller of the Currency has released a list of CRA performance evaluations for the month of May. Of the 36 institutions evaluated, 8 were ranked as "outstanding," with 28 as "satisfactory." None of the institutions evaluated in May received a rating of "needs to improve" or "substantial noncompliance." [6/3]

The Massachusetts Division of Banks has received certificates of accreditation from the Conference of State Bank Supervisors (CSBS), the National Association of State Credit Union Supervisors (NASCUS), and the American Association of Residential Mortgage Regulators (AARMR). These accreditations certify that the Massachusetts Division of Banks maintains the highest standards in state banking, credit union, and mortgage supervision. This is the first triple-accreditation of its kind, and is part of a pilot program between the three organizations. [6/3]

Chairman of NCUA Debbie Matz responds to Congressman Peter King's letter about NCUA’s proposed rule to modernize the agency’s risk-based capital regulation for federally insured credit unions. Ms. Matz claims that overall, the proposed rule would only apply to federally insured credit unions with assets of $50 million or more—2,200 out of about 6,600. As a result, the 4,400 federally insured credit unions below $50 million in assets—two thirds of all credit unions—are not affected by the proposed rule. [6/2]

The agencies are issuing an interagency statement regarding the new National Flood Insurance Program (NFIP) maximum limit of flood insurance coverage for non-condominium residential buildings designed for use for five or more families (classified by the NFIP as "Other Residential Buildings"). [6/2]

The FDIC has issued its list of institutions scheduled for CRA examinations in the third-quarter. Accompanying the list is an explanation of the likely frequency of a CRA examination and a disclaimer that the schedule will likely change due to unforeseen events or circumstances. Regulators welcome public comment on the institutions scheduled for examination. [5/30]

CFPB Director, Richard Cordray, gave an address at the Financial Literacy and Education Commission Meeting Thursday. After discussing the significance of educating younger generations to be financially responsible, Cordray announced the CFPB's commitment to lead an effort called the "State Engagement Project." This project seeks to overcome hurdles of K-12 financial education by bringing state policymakers and federal agencies together. [5/30]

Consumer Portfolio Services, Inc. agreed to pay over $5.5 million to settle charges from the FTC involving violations of the Fair Debt Collection Practices Act and the Fair Credit Reporting Act. Director of the FTC, Jessica Rich, was unapologetic in underscoring the clarity of the law and the blatant abuse from CPS. In addition to charges for misleading, over-charging, and harassing consumers, CPS is also charged for not establishing reasonable written procedures and for failing to properly and promptly respond to consumer disputes. [5/30]

The final rule amends the definition of “creditor” in the Red Flags rule to reflect the definition of that term as added by the Clarification Act. The final rule also updates a cross-reference in the Red Flags rule to reflect a statutory change in rulemaking authority. [5/29]

The Board of Governors of the Federal Reserve System (Board) is repealing its Regulation P, 12 CFR part 216, which was issued to implement the privacy provisions of the Gramm-Leach-Bliley Act (GLB Act). [5/29]