Links in “Agencies”

Fall 2013 outlook notes overall strategic risk as elevated, noting focus on individual bank's strategic business plans for growth, cyber security threat management, competition impact, BSA/AML dynamic shifting towards new money laundering methods, and market volatility and price risk. [12/20]

Ocwen Loan Servicing required to make $2 billion principal reduction to current underwater borrowers and refund $125 million to 185,000 foreclosed borrowers (average $675). Ocwen cites failure at many stages of servicing including improper short-cuts, unauthorized fees, deception, improper consideration of modifications, misleading information, etc. [12/20]

The now 2,002 low-income credit unions have nearly 20 million members and $176 billion in assets and are designated by meeting certain benchmarks. Benefits of designation are significant. [12/20]

Five-part education effort promoted by CFPB regarding new mortgage rules including a new guide for housing counselors, mortgage tips, an answer guide for consumers, a toolkit for consumers, and fact sheets on the new rules. [12/19]

Number of employees rises from 970 in 2012 to 1,335 in 2013. Fund transfers from the fed totaled $518 million, up from $343 million in 2012. Despite the increases, agency reports that at the end of its fiscal year in 2013, "the CFPB was still below the full employment levels and funding it estimates for its steady state in future years.”  [12/19]

CARD Act's impact on issuers of credit cards to students reflected in key stats: fewer college card agreements (-41%), less pay to colleges and universities (-40%), fewer new college accounts opened (-18%). More calls for transparency between card issuers and higher education recipients who promote. [12/19]

Risk and response are key elements. Risk includes IRR, third-party relationships, cyber security, consolidation, alternative loans, and depository FIs. Key focus for upcoming four years on raising bar of NCUA, protecting members, and safety and soundness. [12/19]

Agencies release statement on supervisory approach for qualified and non-qualified mortgage loans; agencies' statement indicates that loans will not be subject to criticism based solely on whether they are QM or non-QM. [12/18]

CUNA, NAFCU and ABA are working together to urge Congress to pass legislation to fight patent abuse. Proposed legislation would discourage entities from sending out patent letters when they don’t have a reasonable claim. [12/18]

Agencies issue joint statement addressing how qualified mortgage and ability-to-repay rules fit with such standards as the Community Reinvestment Act. [12/18]