Links in “Agencies”

The CFPB outlined a number of guiding principles for protecting consumers as the private sector develops newer, faster payment systems. The principles are largely aimed at influencing industry standards to promote security, transparency, error resolution, accessibility, and affordability. The capacity of the CFPB to enforce its will on payment system providers is partially indirect, but that does not mean the Bureau is without options and thereby suggests the need for industry consideration of its noted message. [7/10/15]

CFPB's Director Richard Cordray referenced the GAO's report on financial literacy in the workplace and the reports discussion on the role of employers in improving employees’ financial well-being. The report notes the CFPB's commitment to encouraging employers to promote financial wellness at work and gain understanding to financial questions. [7/10/15]

HUD announced the release of its final rule entitled Affirmatively Furthering Fair Housing that is designed to equip communities that receive HUD funding with data and tools to help them meet long-standing fair housing obligations in their use of HUD funds. The final rule has received strong affirmation from civic and housing leaders nationwide with highlights presented in the release. [7/10/15]

The CFPB and the Attorneys General from 47 states and D.C. are going after JPMorgan Chase for selling "zombie" credit card debt and illegally robo-signing court documents. Chase was ordered to stop collecting, enforcing in court, or selling more than 528,000 consumers’ accounts. In addition to the $30 million civil penalty to the OCC, Chase will pay at least $50 million in consumer refunds and$136 million in penalties and payments to the CFPB and states. Yeah... not a good day. [7/9/15]

I know, It's not nearly as effective as "...the Kraken!" The FRB, OCC, and FDIC released the updated list of distressed or underserved nonmetropolitan middle-income geographies where revitalization and stabilization activities will receive CRA consideration as part of community development. [7/9/15]

The OCC found deficiencies in the preparation and notarization of affidavits and other sworn documents used in the bank’s debt collection litigation as well as its Servicemembers Civil Relief Act compliance program. [7/9/15]

The HUD announced a new final rule to help communities receiving HUD funding to meet fair housing obligations. The rule creates a streamlined Assessment of Fair Housing planning process to assist in analyzing fair housing choice challenges and determine responses to fair housing barriers. [7/9/15]

A nationwide debt relief telemarketing was halted today under the allegations of scamming millions of dollars from consumers, further indebting those who were already in debt. [7/8/15]

Two payday lenders who were charged by the FTC last year have decided to settle and will be banned from consumer lending and charged with a total fee of $55 million. [7/8/15]

HUD has finalized a rule which clarifies and simplifies existing fair housing obligations and is designed to help communities analyze and address fair housing challenges. [7/8/15]