Links in “Agencies”
- CFPB Shines the Spotlight on Credit Reporting
The CFPB cites a "sharp increase" in credit reporting from June to July 2015. It also blogs about it here. [8/26/15]
- CFPB Complaint Trifecta: Debt Collection, Credit Reporting, Mortgages
The CFPB's July complaint snapshot finds debt collection (with 31% of the complaints in July) in the top spot, credit reporting (25%) in the second spot, and mortgages (17%) rounding out the top three. Mortgages still hold the top spot overall, accounting for 28% of all complaints since the bureau opened in 2011. [8/26/15]
- FDIC Releases Summer 2015 Supervisory Insights
Strategic planning in an evolving earnings environment, investing in securitizations and a regulatory and supervisory roundup are in the FDIC's latest issue. [8/25/15]
- Appeals Court: FTC Has Authority to Police Cyber Security
A U.S. appeals court gives the Federal Trade Commission power to hold a hotel operator accountable for breaches in which hackers stole credit card and other details from more than 600,000 consumers. [8/25/15]
- OCC Enforcement Order Roll Call
Three institutions are celebrating termination of their existing enforcement actions. But 15 others were saddled with cease and desist orders, civil money penalties, formal agreements, and other enforcement actions. [8/24/15]
- Misleading Pension Advance Consumers Brings CFPB Heat
The CFPB is going after companies it alleges duped consumers into taking out pension advance loans by deceiving them about the terms of the deal. The California-based companies offered consumers lump-sum cash advances, in return for agreeing to redirect all or part of their pension payments over a period of eight years. The product was in reality a loan with high interest rates and fees. [8/24/15]
- NCUA’s Consulting Successes Touted
The NCUA released its statement regarding 2015 second half efforts to provide no-cost consulting services to 191 qualified credit unions aimed at developing outreach strategies, implementing new products and services, or completing strategic plans, succession plans and marketing calendars. [8/21/2015]
- CFPB Takes on Pension Abusers
The CFPB combined forces with the New York Department of Financial Services and filed a lawsuit against two companies, Pension Funding, LLC and Pension Income, LLC, for deceiving consumers regarding the costs and risks of their pension advance loans. The effort is aimed at stopping deceptive marketing practics that fail to disclose high interest rates and fees, to prevent further consumer injury, and to obtain redress for consumers and other monetary relief. [8/21/15]
- Pharmaceutical Companies Busted for Conspiring to Raise Prices of Generic Drugs
Two pharmaceutical companies (Concordia and Par) have settled charges from the FTC for entering an illegal non-compete agreement. The agreement would reduce competition in the market for a generic ADHD drug, which in turn would increase profits for the companies at the expense of higher prices for consumers. Under the FTC settlement, the two companies are prohibited from entering further agreements to keep prices artificially high. [8/19/15]
- Three Weeks Later: FHA Neighborhood Watch Website is Back Up
The FHA's "early warning system" for monitoring mortgage defaults and lender performance crashed on July 27. The system is now back online. [8/19/15]
