Links in “Agencies”
- CFPB Promotes New Remittance Requirement Campaign
CFPB seeks to promote three primary requirements of remittance rules in multiple languages that went into play on 10/28. Big elements being promoted include general info on rules, fees and charges, right to cancel and error resolution. [10/29]
- Tack on Another $5.1 Billion to JPM Settlements
JPMorgan Chase to pay $4 billion to Federal Housing Finance Agency and $1.1 billion to Fannie Mae and Freddie Mac to resolve mortgage-purchase issues. [10/28]
- FDIC’s September Enforcement Orders Issued
Includes 11 civil monetary penalties issued and 8 removal actions. But, on a positive note, also includes 11 termination of consent orders compared to just 3 newly issued consent orders. CMPs always worth reading for insights into training. [10/28]
- Not Wasting Time, Diversity Proposal Hits Federal Register
Take notice. Office of Minority and Women Inclusion (OMWI) proposal hits Federal Register with 60-day comment period. The impact on FIs will depend on size, but the proposal notes elements such as filing of reports (EEO-1), preparation of annual affirmative action plans, metrics to evaluate and assess workforce diversity and inclusion efforts, management accountability for diversity and inclusion efforts through policies and practices that create diverse applicant pools for both internal and external opportunities. [10/25]
- NCUA Issues Minimum Liquidity Guidelines
New items from recent meetings held by NCUA Board included focus on liquidity with standards placed for all CUs depending on asset size. Anticipate an increased focus on liquidity practices in 2014. [10/25]
- Regulators Propose Guidance for Diversity Policies
Six federal regulators have issued proposed guidance for financial institutions to use in developing and assessing their diversity policies. It includes standards that are tailored to the individual characteristics of the institution and designed to encourage the inclusion of diversity in employment and contracting. The standards would be monitored by a division at each agency called the Office of Minority and Women Inclusion. [10/24]
- CFPB Introduces Open Source Tool “eRegulations”
Agency launches a new open source tool called "eRegulations" to "help make regulations easier to understand." Tool is designed to make navigating federal regulations online easier. [10/24]
- Office of Minority and Women Inclusion
Six federal regulators have jointly proposed diversity standards to be monitored by a division at each agency called the Office of Minority and Women Inclusion. [10/24]
- CFPB Goes Final on Remittance Rules
The goal is transparency, the obstacle is feasibility. Notwithstanding, the new rules go into affect 10/28/2013 and require disclosures, proper error resolution procedures and right of rescission on most remittances. Oh, and UDAAP issues are emphasized so anticipate analytics on FI remittance activities. [10/23]
- Analysts: FHA Reform Should Go Hand-in-hand with GSE Reform
While GSE reform is getting most of the attention, analysts argue that Federal Housing Administration reform, which has seen its portfolio grow from $400 billion before the housing crisis to $1.1 trillion since and has seen its capital reserves fall to -1.44% in 2012, must be done in conjunction in order to avoid a potential shift in volume back to FHA. [10/23]
