Links in “Agencies”

CFPB releases a report focusing on assisting consumers with big life decisions, such as going to college or buying a home. [10/30/15]

Continuing its crackdown on entities it believes are ripping off students and their families, the CFPB is taking action to halt Student Financial Resource Center and College Financial Advisory, which it says "illegally charged millions of dollars for sham financial services." [10/30/15]

The NCUA has amended current regulations to require that credit unions taking certain risks must hold capital commensurate with those risks. The intent of the NCUA is to reduce the number of high-risk institutions that are exhausting capital and causing systemic losses. [10/29/15]

The Federal Open Market Committee released a statement following a committee meeting in September. This statement suggests that economic activity has been expanding at a moderate pace. In addition, the statement noted household spending and business fixed investment have increased, the housing sector has improved, and inflation has continued to run below the Committee’s longer-run objective. [10/29/15]

In an effort to avoid the financial exploitation of older investors, FINRA (Financial Industry Regulatory Authority) has proposed new rules which would permit brokers to place temporary holds on the disbursement of funds from “specified adult” customer accounts, as well as requiring brokers to obtain the name of a “trusted contact person” who can be reached if a hold is imposed. The proposed rule can be found here. [10/28/15]

Final modifications to Regulation C are being published by the CFPB. These amendments seek to define the types of institutions and transactions subject to the regulation, the data which is required to be collected by institutions, and the reporting and disclosing processes for such data. [10/28/15]

CFPB focuses on mortgage complaints in its fourth volume of monthly complaint snapshots. "Despite strong protections that have been put in place to protect homeowners, this month's complaint report shows consumers are still having problems when dealing with their mortgages." [10/28/15]

With all the excitement surrounding the implementation of the TILA-RESPA Integrated Disclosure rule, some other significant compliance changes got pushed to the back seat. Among them are clarifications to the Final Flood Insurance Rule Amendments, which went into effect Oct. 1, 2015, the result of efforts from five federal regulatory agencies. Other amendments to the flood insurance rules come into play with the start of the new year. Let’s take a look at the major changes and how will they impact your financial institution. [10/17/15]

The Board of Directors of the FDIC has set the Designated Reserve Ratio for the Deposit Insurance Fund at 2% for 2016.  [10/27/15]

As a result of the Dodd-Frank Act, the Electronic Operations regulation was transferred from the Office of Thrift Supervision to the FDIC in July of 2011. The FDIC has determined that this regulation is unnecessary and burdensome and therefore has elected to rescind it.  [10/27/15]