Links in “Agencies”
- CFPB Angling to Survey Overdrafters
The CFPB is seeking approval to conduct a survey of 8,000 individuals about their ATM/debit card overdraft experiences. The survey will oversample respondents who are more likely to have experience with overdraft fees. [9/10/15]
- Hold the Phone! FFIEC Taking Steps to Simplify Call Reports
The FFIEC recently announced a new initiative to streamline quarterly call reports and ease the regulatory reporting burden for community banks. The agency is seeking to identify opportunities to improve the reporting process through an open dialogue with community institutions, as well as explain upcoming reporting changes via teleconferences and webinars. [9/9/15]
- U.S. Secret Service Warns Banks and Credit Unions of Sweeping Mobile Payment Fraud
A wave of fraudulent mobile payment transactions has hit many high-end retailers and banking institutions in Northeastern sections of the U.S. over the past several months. The Secret Service has issued a warning to financial institutions and provided best-practice recommendations to shore up vulnerabilities and help catch identity theft related to mobile payment fraud. [9/9/15]
- A Look at the CFPB’s Technical Reports on Mortgages
The CFPB is issuing two technical reports on mortgage lending to support its policymaking activities. One is a national database of mortgages, and the other is a national survey of mortgage borrowers. [9/9/15]
- DOJ Hits Reverse Mortgage Servicer for $29 Million
The Department of Justice settles with Walter Investment Management for $29.6 million for its "knowing failure to comply with important HUD requirements" when servicing HUD-insured reverse mortgages. [9/8/15]
- Final Rule for Military Lending Issued
The Department of Defense has issued a final rule amending the Military Lending Act of 2006. It expands specific protections provided to service members and their families. [9/8/15]
- CFPB on Sneakers, Pre-teens and Teaching Financial Common Sense
The CFPB's blog takes on a financial literacy for preteens. The blog uses the case examples of buying sneakers and discusses the importance of the role parent's provide to their preteens regarding the skills needed for a strong financial foundation. Using provided examples presents the need to balance against the exposure of often-influenced youth from advertising and peer influences. [9/4/15]
- OCC: Too Many Banks Flunking SCRA
An OCC official says banks "continue to fail" to provide all the safeguards required by the Servicemember Civil Relief Act. Some even actively take advantage of servicemember vulnerabilities. [9/2/15]
- NCUA Makes Your Members’ Research A Little Easier
A new online search tool has been implemented on the NCUA website for finding information on federally insured credit unions. The tool makes researching credit unions easier for consumers by providing various search functions, an interactive map, and basic information for each institution. [9/2/15]
- CFPB Seeks to Help Protect Servicemembers’ Credit
The CFPB recently released a Fraud Alert Fact Sheet aimed to help service members protect their credit while deployed on active duty. The sheet details how to sign up for an Active Duty Alert, which places restrictions on opening new lines of credit in the servicemember's name and forces lenders to thoroughly verify their identity. [9/2/15]
