Links in “Agencies”

The NCUA issued four prohibition orders, violation of which is a felony offense. [7/1/15]

Two auto dealers in Las Vegas, TC Dealership and JS Autoworld, have been charged for using deceptive ads which violated the Truth in Lending Act, FTC Act, and Consumer Leasing Act. [6/30/15]

Want to learn more about security expectations and how you can strengthen your cybersecurity? The second annual Cybersecurity Symposium will take place August 24-25, 2015 in Denver, Colorado. [6/30/15]

A Las Vegas money services business, Lee's Snack Shop, Inc, has been fined $60,000 for willfully violating the Bank Secrecy Act. Strikes against the MSB included failing to file at least 216 CTRs and attempting to conceal transactions. [6/29/15]

The OCC released performance elements for first-lien mortgages serviced by eight national banks that hold approximately 44% of such loans in the country. Overall performance levels improved during the first quarter of 2015 as indicated by factors such as improvement in current loans, decreases in serious delinquencies, and reduction in foreclosure actions. [6/26/15]

The Supreme Court, in a 5-4 opinion, upheld certain elements for the use of disparate impact regarding FHA, but also emphasized the importance of establishing causation and made clear that mere statistical disparities will not suffice to establish it. The decision includes guidance and limits on disparate impact charges, but does not eliminate the vulnerability of the financial service industry. [6/26/15]

The NCUA Board is issuing a final interpretive ruling and policy statement to establish a minority depository institution preservation program for federally insured credit unions. [6/25/15]

The U.S. Government Accountability Office (GAO) has identified several challenges facing federal agencies in addressing cybersecurity threats. Agencies often struggle to design and implement risk-based programs and do not provide adequate responses to data breaches. GAO, the Department of Homeland Security, and the Office of Management and Budget offer several initiatives to combat these trends. [6/25/15]

Five of the federal banking regulatory agencies—FDIC, FRB, OCC, FCA, and NCUA—have recently issued a joint final flood insurance rule. The rule accomplished many things, including requiring escrowing of flood insurance payments from non-exempt loans, and requiring borrowers be given the option to escrow flood insurance premiums and fees. [6/25/15]

The National Credit Union Administration released its 2014 Annual Report. See the full text here. The report highlights the agency's activities, policy initiatives, and accomplishments for the year. [6/24/15]