Links in “Agencies”
- The Quest for Reducing Regulatory Burden Continues
The federal bank regulatory agencies have requested comments on regulations in three areas: consumer protection; directors, officers, and employees; and money laundering. [6/1/15]
- Risk Watch 59 Part I: The BSA/AML Secret Weapons of Smaller Financial Institutions
The importance of a robust BSA/AML monitoring system is clear. However, an all-encompassing monitoring system often feels beyond the reach of the smaller financial institution. AdvisX analyst Cody Knudsen brings us the first BSA/AML secret weapon in this special two-part Risk Watch episode. Check back next week for part II! [5/22/15]
- “Officer” Coming to Get You: Shady Debt Collection Practices
The FTC shuts down three debt collection operations for such practices as sending texts that read "YOUR PAYMENT DECLINED WITH CARD ****-****-****-5463... CALL IMMEDIATELY..." without identifying themselves as debt collectors. They would also claim a "uniformed officer" was on the way to the consumer's home and they should "secure any large animals or firearms" before the officer arrived. "Legitimate debt collectors know the rules." [5/22/15]
- Following Marvel’s Success, FRB Goes After Its Own ‘Sinister Six’ for Foreign Exchange Manipulation
The FRB imposed more than $1.8 billion in fines against six major banking organizations for unsafe and unsound practices in the foreign exchange markets. In addition to the fines, UBS AG, Barclays Bank PLC, Citigroup Inc., JPMorgan Chase & Co., Royal Bank of Scotland PLC, and the Bank of America Corporation are also receiving cease and desist orders requiring improvements in oversight and controls over activities in the foreign exchange market. [5/21/15]
- Share Your Experience with Student Loans!
The CFPB, U.S. Department of Education, and U.S. Department of the Treasury are working together to identify ways that student loans services can be strengthened. These agencies want your input and experiences to help them prioritize resources to assist financial service providers develop best practices. [5/21/15]
- CFPB Gives Financial Coaches to Veterans and Vulnerable Consumers
The CFPB launched a financial coaching initiative to provide recently transitioned veterans and others economically vulnerable consumers with help to meet their financial goals. The Bureau created a team of 60 coaches strategically placed to provide these services. [5/21/15]
- Same Day ACH Approved
Slow and steady doesnât win the race this time. NACHA has approved same day ACH with the goal of increasing the speed and ease of ACH for consumers and modernizing the payment system. [5/20/15]
- PayPal Pays Big
The CFPB has filed a complaint against PayPal for a slew of deceptive actions ranging from misleading advertisements to mishandled billing disputes. The proposed penalty cost? $25 million. [5/20/15]
- Money, Money, Money
NCUA Board Member, J. Mark McWatters, states that public hearings on the NCUAâs annual budget would increase transparency, accountability, and is a âmatter of respect and professionalism. ..â [5/19/15]
- CFPB Talks Credit
On the quest for financial education for consumers, the CFPB has released an article all about credit and how consumers can make sure their personal information is safe. [5/19/15]
