Links in “Agencies”
- The CFPB Steps In
Paymap Inc and LoanCare, LLC will be paying a combined amount of $38.5 million for deceptive advertisements. These advertisements were found deceptive for making false claims regarding savings and payments. [7/29/15]
- FinCEN Proposes Special Measures
FinCEN has passed a final rule which implements the fifth special measure against FBME Bank, a Middle Eastern bank which was cited as a money laundering concern back in July of 2014. [7/29/15]
- GAOâs Call to Action
Qualified mortgage rules have been estimated by the GAO to have little impact on financial institutions. However, the GOA is sending a call of action to eight agencies recommending that they perform an analysis of QM and QRM regulations. [7/28/15]
- OCC’s Curry: Balancing Regulatory Benefits Against Burdens
Speaking to a group in Boston, Thomas Curry, Comptroller of the Currency, discussed efforts the banking agencies are engaged in to minimize unnecessary regulatory burden. See also here. [7/27/15]
- Small Bank Earns Right to Challenge CFPB’s Constitutionality
A small Texas bank that challenged the constitutionality of the CFPB in 2012 has had its case revived by a federal appeals court, which ruled the bank had legal standing to proceed with the case. [7/27/15]
- Discovery at Discover Bank
The CFPB has taken action against Discover Bank for illegal private student loan servicing practices. The bank must pay a $2.5 million penalty and refund $16 million to affected consumers. [7/23/15]
- NCUA July Report
The NCUA has released its July issue, available here. This report highlights Board actions, approvals, and what is expected for the rest of 2015. [7/23/15]
- Learn More About the FFIECâs New Cybersecurity Assessment Tool
The NCUA is hosting an upcoming webinar on the FFIEC's new cybersecurity tool and how it can be used to help protect your institution. The webinar will be hosted by Tim Segerson, Deputy Director of Examination and Insurance, and Patrick Truett, an Information Systems Officer for the Office of Examination and Insurance. The webinar is free of charge, and participants may submit questions in advance to be answered during the webinar. [7/22/15]
- CFPB Striving for a Smooth Transition of âKnow Before You Oweâ Disclosure Rule
The âKnow Before You Oweâ mortgage disclosure rule, requiring lenders to provide easily-readable disclosure forms to applicants, has been finalized for October 3, 2015 as the effective date. The CFPB believes that pushing the date back several months will benefit both financial institutions and their consumers by giving the financial industry time to adapt to the ruling and implement new systems. [7/22/15]
- CFPB Takes Preventative Measures
The CFPB has released multiple letters to companies cautioning them to take a closer look at their advertisements and practices regarding military lending to ensure compliance. [7/21/15]
