Links in “Agencies”
- Reg Zâs Annual Makeover
Every year the CFPB adjusts several provisions within Regulation Z to ensure that thresholds and fees correspond with the new year. [9/21/15]
- OCC Laundry List
The list of enforcement actions has been released and includes seven civil money penalties, two formal agreements, two prohibition orders, and two terminations. [9/21/15]
- CFPB Director: Dire Predictions That Our Rules Would Kill Small Institutions “Unsupported Hyperbole”
Speaking before real estate agents, CFPB Director Cordray recaps the accomplishments of the bureau, including its role in addressing the mortgage crisis. He cited naysayers who "offered dire predictions that our rules would lead to the demise of community banks and credit unions... We never believed any of this unsupported hyperbole. And it turns out we were right." [9/18/15]
- New Tools for “Know Before You Owe”
With the new mortgage disclosure rules pending, the CFPB has released new online tools as part of its "Know Before You Owe" initiative aimed at consumers seeking mortgage loans. See also here. [9/18/15]
- White House Validates CFPB’s Efforts to Protect Uninformed Consumers
Behavioral economics, the mindset that consumers are not rational decision makers and have certain frailties that lead them to make decisions that are not in their best interest and therefore need protection, got a big boost this week. President Obama issued an Executive Order that encourages federal agencies to apply behavioral science insights to "improve how information is presented to consumers." [9/18/15]
- FDIC Not Involved in Operation Choke Point (Mostly)
The agency's inspector general's investigation finds that the FDIC's involvement in Operation Choke Point was "inconsequential." However, it did find evidence that some FDIC officials, including regional directors in Chicago and Atlanta, had sent communications to banks reflecting negatively on payday lenders that were not consistent with the FDIC's written policy and guidance. [9/18/15]
- NCUA Accepts $129.6 Settlement Offer From Royal Bank of Scotland
The NCUA has scored another victory in its ongoing war against the Wall Street firms and financial institutions that sold faulty mortgage-backed securities to corporate credit unions. The Royal Bank of Scotland has agreed to pay $129.6 million to settle claims for losses resulting from its sale of residential mortgage-backed securities to Members United and Southwest corporate credit unions. To date, the NCUA has obtained more than $1.9 billion in legal recoveries. [9/17/15]
- Tricolor’s Two Trip Ups
Tricolor Auto Group violated the Fair Credit Reporting Act, costing them $82,777 in civil penalties. Their two biggest mistakes? Failure to have written policies and proper disputed credit investigations. [9/17/15]
- Scammers Caught Red-Handed
What happens to those who engage in fraudulent debt collection practices? The FTC has the answer. Hint: Money is involved. [9/17/15]
- What in the World was World Law Thinking?
$67 million later, World Law Group has assuaged the CFPB for its illegal debt collection practices. Specifically, charging illegal upfront fees and making false promises. [9/16/15]
