Links in “Agencies”

CFPB issued a civil investigative demand in June 2012 to three tribally related payday lenders. The lenders requested the CFPB set aside the CIDs. The CFPB denied the petition, but granted the lenders an extension to October 2013, a date which has come and gone without further response. Now the CFPB has filed a petition in U.S. District Cout seeking to enforce the order. [4/15]

OCC Comptroller Curry's address to ABA Risk Management Forum focuses on key topics of risk facing today's financial institutions that include Operational risk, third-party management, cybersecurity, and internal controls and notes that such risks have arisen over the past 10 to 15 years warranting consideration of risks that are rising on today's environment that will crest in the future. [4/14]

The FDIC promotes the active use of cyber-related risk resources to respond to ever emerging threats facing today's FIs. The issued press release seeks to ensure that Information Security staff are aware of and subscribe to a list of 5 reliable and recognized resources aimed at identifying cyber risks as they emerge. [4/11]

The FFIEC issued a press release on the heartbleed bug requires FIs and third-party service providers to those FIs to incorporate patches on systems and services, applications, and appliances using OpenSSL and upgrade systems as soon as possible to address the significant vulnerability. [4/11]

OCC assessed its own $25 million penalty against Bank of America and its credit card subsidiary FIA Card Services along with $459.5 million in restitution for the 1.9 million consumer accounts for unfair and deceptive acts or practices violations associated with the bank's practices for add-on products related to identity theft protection. [4/10]

CFPB (see also OCC penalty) orders Bank of America, N.A. and FIA Card Services, N.A. to provide an estimated $727 million in relief to approximately 1.4 million consumers harmed by practices related to credit card add-on products. An additional $20 million CMP will be paid to CFPB by BofA as the 5th major FI fined for deceptive marketing of their add-on products related to credit monitoring and credit reporting services that were promoted, but not received. [4/10]

The nearly completed Troubled Asset Relief Program (TARP) designed to stabilize key industries when launched continues to reflect generally positive outcomes as it relates to taxpayer investment. The selling of 95,000,000 shares (approximately 55% of the total TARP holdings) of Ally Financial Inc. (Ally) common stock is expected to yield $2.375 billion and will mean that taxpayers recovered more than they invested in Ally. [4/10]

NCUA General Counsel McKenna told congress that since January 1, 2013, 70% of new regulations have actually reduced the regulatory burden or provided regulatory clarity for credit unions with no new compliance costs involved. [4/9]

According to an FDIC research study, the number of community banks (defined as insured banks with assets between $100 million and $10 billion) has actually increased by 7% from 1985 and 2013. Don't look behind the curtain for those under $100 million. [4/9]

Written testimony of Chief Legal Counsel promotes continued efforts of OCC towards working with community banks and minimizing burdens. [4/9]