Links in “Agencies”
- The Struggle Continues: Servicemembers Seek Legal Protections From Student Loan Servicers
Despite increased scrutiny by the CFPB, servicemembers continue to struggle with loan protection. In an effort to curb these frustrations the CFPB has developed a guide for servicemembers with student loans. [7/8/15]
- CUNA to CFPB: Oct. 3 Effective Date a Step in the Right Direction, But Not Enough
Today's the last day for public comments on the extended effective date for the TILA-RESPA Integrated Disclosure Rule. The CFPB has proposed pushing the date to 10/3, but CUNA is requesting a delay until Jan. 1, 2016 to allow for a proper transition, given the magnitude of the changes. [7/7/15]
- The CFPB’s Process for Reviewing Smaller Institutions Needs Work
Dodd-Frank limited the CFPB's compliance reviews to financial institutions above the $10 billion asset threshold. However, under some circumstances, the CFPB can turn its sites on smaller institutions. The Office of Inspector General has found that the CFPB's process for coordinating its reviews of smaller financial institutions with their primary regulator is lacking. [7/7/15]
- GAO Supports Giving NCUA 3rd Party Tech Provider Review Authority
Based on its review of fifteen IT examinations of financial institutions, the Government Accounting Office (GAO) is recommending that the NCUA be given the authority to examine 3rd party technology service providers. The NAFCU opposes this extended authority as unnecessary and costly for credit unions. [7/6/15]
- GAO Gives Regulators’ IT Examinations a “Needs to Improve”
The Government Accountability Office says bank regulators do not have standardized methods for collecting data, which limits their ability to analyze data and trends. It also finds that examiners with limited IT experience perform exams at smaller institutions. [7/6/15]
- CFPB on the Offense Against Companies for Unfair Billing of Credit Card Add-On Products and Services
The CFPB took action against two credit card add-on product vendors: Affinion Group Holdings, Inc., and Intersections Inc. The credit card companies offered "add-on" services such as "credit monitoring" or "identity theft protection" for a monthly or annual membership fee. The credit card companies in question had partnered with banks to provide these products, but the CFPB's investigations revealed that Affinion  and Intersections engaged in unfair practices related to the billing or administration of the products in violation of the Dodd-Frank Wall Street Reform and Consumer Protection Act. [7/2/15]
- Who Made the List? FDIC Issues List of Banks Examined for CRA Compliance
The FDIC issued yesterday its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in April 2015. [7/2/15]
- Complinace Webinar Hosted by the NCUA
The NCUA is offering a webinar, "Fine-Tuning Your Compliance Program: Common Compliance Violations," which will provide valuable information about best practices for avoiding violations. The free webinar will be held on Tuesday, July 21. [7/2/15]
- Compliance Risk Heating Up
The OCC has rated compliance risk as one of the top supervisory concerns for 2015, along with cybersecurity, interest rate, underwriting, and strategic risks. [7/1/15]
- Cybersecurity Assessment Tool Available
The FFIEC has released a new cybersecurity assessment tool meant to determine an institutionâs cybersecurity risk and level of preparedness. [7/1/15]
