Links in “Agencies”

Speaking at the American Banker Regulatory Symposium, CFPB's Cordray lays out the four D's that plague consumers and the efforts to combat those D's. They are: deceptive marketing, debt traps, dead ends, and discrimination. [9/25]

Guidelines on reporting of financial abuse of older adults generally laid out by regulators. [9/25]

NCUA, in conjunction with the other federal regulatory agencies, has confirmed that reporting elder abuse does not generally violate privacy laws. Reporting of elder abuse is required under the Gramm-Leach-Bliley Act and does not have notice and opt-out provisions. [9/25]

$4.1 million CMP against now defunct Saddle River Valley Bank notes slew of weaknesses in BSA/AML monitoring activities associated with casas de cambio activities. [9/24]

With release of HMDA data for 2012, CFPB emphasizes that the data can "shine a spotlight on lending disparities." [9/24]

Federal Housing Finance Agency hires spokesperson and mobilizes to spread the world to encourage eligible homeowners to take advantage of low interest rates by refinancing through the Home Affordable Refinance Program. [9/24]

Citing the failure of five credit unions due to investments in flawed mortgage-backed securities, NCUA files suit against Morgan Stanley, Barclays, Goldman Sachs, Wachovia and Ally (then RFS), JP Morgan/Bear Stearns, Credit Suisse, Royal Bank of Scotland and UBS. NCUA has led the charge in recoveries against securities firm. In other related news, NCUA sues various firms for LIBOR manipulation. See http://www.ncua.gov/News/Pages/NW20130923Libor.aspx. [9/24]

Comptroller Curry lays out innovative plan for self-review of the agency's approach to improving how the OCC supervises. Includes independent evaluation involving agencies from other nations that fared better during recent economic crisis. [9/24]

The $37.5 million penalty to TD Bank is on top of the $600 million paid in restitution and the $15 million in SEC Fines. The latest penalty focuses on BSA/AML issues associated with failures to heed alerts and file Suspicious Activity Reports (SARs) related to the $1.2 billion Ponzi scheme by Scott Rothstein. The fine is first civil money penalty assessed by FinCEN’s new elite Enforcement Division "who target the exploitation of the financial system by illicit actors" focusing on "compromised financial institutions and their officers, managers, and employees; compromised jurisdictions; and third party money launderers who facilitate financial crime." [9/24]

While the JPMorgan and Chase enforcement orders garnered the bulk of the headlines last week, there were several other institutions that received cease and desist orders, civil money penalties, formal agreements, and prompt corrective action directives. [9/23]