Links in “Agencies”

Open registration for 4/3/2014 webinar aimed at aiding credit unions in promoting financial literacy. Key topics include link between financial literacy and the credit union, resources, tips on literacy program building and new financial literacy pilot research program effort. [3/21]

Final rule issued on U.S. Small Business Administration (“SBA”) efforts to improve its two flagship business lending programs: the 504 Loan Program and the 7(a) Loan Program. Focus of the rule modification is about streamlining heavy documentation and expanding program participant requirements. [3/21]

CFPB's Deputy Director Steve Antonakes' speech to the U.S. Chamber of Commerce notes the Bureau's five tools of rulemaking, consumer complaint response, supervision, enforcement, and consumer education. Notes goal of Bureau to achieve evenhanded oversight, promote  innovation, and to see that consumer protections and business opportunities complement one another. [3/20]

House Financial Services Committee Chair calls on CFPB to end its closed-door meeting policy for its four advisory groups, adding that the agency has allegedly told its employees to include only minimal details about their work calendars. [3/20]

The NCUA announced that the Stabilization Fund requirement dropped $2.2 billion with projected future remaining assessments now between negative $2 billion and negative $600 million. NCUA efforts at recovery through litigation provided material relief and Chairman Matz noted that NCUA is "hopeful that we will not need to make future credit union assessments.” [3/19]

CFPB Director Richard Cordray's remarks at the National Association of State Treasurers highlighted the mortgage crisis, complaints, consumer education efforts, and use of prepaid cards by states. [3/19]

Under Secretary of Terrorism and Financial Intelligence speak on illicit finance risks of virtual currency. He noted heightened regulatory concerns over virtual currency and ways regulators are approaching the matter. [3/19]

12-page report provides insights on wide range of topics including the strength of Insurance Fund, threats to and management of cyber security, voluntary liquidation, "know your member," verification, fraud, HMDA data, and Fair Lending impact. [3/18]

Speech today by OCC Comptroller to ACAMS (Association of Certified AML Specialists) in Hollywood (Florida) touches on key BSA points, including strong efforts in the industry, noted deficiencies that warrant additional attention, overcoming "de-risking" using increased risk management practices, and the continued importance of sound management principles to guide an FI's AML program. [3/17]

Proposed expansion of SBA's Microloan Program that covers loans of $50,000 or less to businesses that assist women, low income, veteran, and minority entrepreneurs (et al) in financial assistance. Proposal would expand program to credit unions, allow loans to businesses with an associate who is on probation or parole, ease deposit requirements and require minimum levels of performance for intermediaries. [3/17]