Links in “Agencies”

Comptroller of the Currency Thomas J. Curry discussed the various resources aimed at redevelopment and revitalization of communities following natural disasters and other events. He also addressed CRA impact. [6/19/15]

A recent NCUA meeting saw approval for five actions including a proposed rule giving federally insured credit unions greater flexibility and autonomy in offering member business loans. The rule will also lend support to minority credit unions and aid in approving the rule amending loans in special flood hazards. [6/19/15]

All in one announcement too! The OCC announced it will escheat remaining uncashed payments at the end of 2015 regarding the Independent Foreclosure Review so borrowers and their heirs can claim funds through the states. Additionally, Bank of America, Citibank, and PNC Bank had their April 2011 orders terminated while EverBank, HSBC Bank USA, JPMorgan Chase Bank, Santander Bank, U.S. Bank National Association, and Wells Fargo Bank did not meet the requirements of their consent orders and are thus facing further restrictions regarding mortgage servicing. [6/18/15]

The CFPB provided another reminder of why its not a great idea to use aggressive debt collection methods. Against servicemembers, no less! Security National Automotive Acceptance Company was sued by the CFPB for exaggerating potential disciplinary action they would face, threatening to contact commanding officers to pressure repayment, and falsely threatened wage garnishment. [6/18/15]

The CFPB detected an administrative error that would have pushed back the effective date of the rule two weeks. Extra time to make sure you how the rule will effect your institution. [6/18/15]

The NCUA has released its June report, covering topics from DDoS attacks to Board actions. [6/17/15]

The Bank of Mingo will have to pay a $4.5 million civil money penalty for its “severe and systemic failures in many aspects of its anti-money laundering program.” Ouch. [6/16/15]

Ally Financial and Ally Bank were charged in December 2013 with loan discrimination and ordered to pay $80 million in damages to consumers. Almost two years later, Ally is reaching out to these consumers to rectify the situation and pay up. [6/16/15]

The CFPB has released its seventh semi-annual report. The report covers topics such as consumer challenges, regulations and guidance, enforcement, fair lending, and diversity and excellence. [6/16/15]

The OCC has issued an updated “Residential Real Estate Lending” booklet. This booklet provides updated guidance to examiners and an overview of lending laws, regulations, and policies. [6/16/15]