Links in “Agencies”
- FinCEN Takes Aim at Armored Car and CTR Issues
The ever challenging arena of what role an armored car plays in the conductor & beneficiary issues of CTR is addressed. [7/12]
- Why the CFPB Matters, Even If It’s Not Your Regulator
It's not just big banks that should be paying attention to the CFPB's moves; also, a rare opportunity to hear from Meryl Streep and Anne Hathaway in a compliance blog. [7/12]
- CFPB at Public Field Hearing: Consumers Need Options Against Debt Collectors Who Break the Law
In a field hearing in Maine, CFPB director lays out how consumers can use action letters to communicate with debt collectors and how they can submit a complaint to the CFPB if they believe they are harmed by illegal conduct; CFPB also releases two new bulletins on debt collection practices. [7/12]
- Proposed Relief From New Appraisal Rule
NCUA and five other federal regulatory agencies have issued a proposed rule that would exempt from the new appraisal rules higher-priced mortgages that are: $25,000 or less, âstreamlinedâ refinancings, or manufactured home loans; new appraisal rules go into effect January 18, 2014. [7/11]
- Breaking Down Ability to Pay Rules for Credit Cards
AffirmX's Jane Pannier breaks down Ability to Pay rule for credit cards; voluntary compliance was effective on May 3, 2013, compliance is mandatory by November 4, 2013. [7/11]
- Caveat Lender! CFPB Goes Final on ATR & Foreclosure Protection
CFPB 161-page Final Rule clarifies issues on Ability-to-Repay and Rights in Foreclosure aimed at "facilitating the mortgage industry's compliance." [7/11]
- Regulators Carve Out on Appraisal Rule
Agencies' exemptions on Appraisal Requirements on Higher-Priced Mortgage Loans includes transactions of $25,000 or less, certain "Streamlined" Refinances (e.g., no cash out, no neg am, etc.) and certain manufactured housing loans. What else is there? Oh, 132 pages of explanation. [7/10]
- CFPB: Rounding Up Debt Collectors
Powerful connection to UDAAP makes this must-reading for all direct and indirect Debt Collectors and related Departments/Functions.
Related: FTC issues largest Debt Collection Penalty of $3.2 million. See http://www.ftc.gov/opa/2013/07/nco.shtm [7/10]
- CFPB in Hot Seat Over Consumer Account Information Collection
CFPB's Antonakes faced intensed questioning yesterday from House Subcommittee upset after he denied that the agency collects zip codes for consumer account holders, only to have that statement contradicted by the presentation of a contract between the CFPB and Experian that specifies that the zip code information is being provided to the agency; committee members also concerned about two government watchdog reports that cite deficiencies in the CFPBâs data security program. [7/10]
- Like Checklists? Then You’ll Love CFPB’s Dodd-Frank Readiness Guide
Part II of new guide offers a checklist tool for self-assessment in determining your CUâs progress towards compliance with the new mortgage rules. [7/10]
