Links in “Agencies”

A report from the CFPB estimates that 26 million Americans are "invisible" to credit reporting agencies, meaning they have no reported credit history. Read the report, as well as CFPB Director Richard Cordray's comments. [5/6/15]

Recent regulatory proposals from the Defense Department and the CFPB may cause significant changes to payday lending options available to military members through credit unions. [5/6/15]

Lending to military members is an ever-increasing concern, and it’s an area the CFPB has more than cracked down on. But due to a high volume of complaints from servicemembers, veterans, and their families as exposed in a recent report, the CFPB may be coming down even harder. [5/5/15]

Comptroller of the Currency, Thomas J. Curry, thinks it is time for the regulatory burden to be reduced on community banks and thrifts. Read his comments here. [5/5/15]

The CFPB has taken action against a land-development company, International Land Consultants, Inc. for misrepresenting marketing material to consumers regarding the state of the roads it was developing. [5/4/15]

Interagency examination procedures have been developed to incorporate the most recent changes in both TILA and RESPA. [5/4/15]

The six federal financial regulatory agencies issued their final rule that implemented minimum requirements for state registration and supervision of appraisal management companies (AMCs). The rule doesn't mandate state participation for registration and supervision, but restricts AMCs in those states from federally related transactions. In other words, states wanting to have AMCs in their respective states have 36 months from the effective date of the final rule to establish registration and supervision. [5/1/15]

The OCC released its study of regulated banks in 9 southern states that reflected continued strengthening albeit with emerging risk factors. The report noted that 91% of the 455 FIs had composite ratings of 1 or 2 and the number of problem banks fell to a pre-crisis level of 43 at the end of 2014 (down from 148 at YE 2011). The report also included a warning of credit underwriting easing that noted heavy competition may result in weakened credit. [5/1/15]

The National Credit Union Administration Board's fourth open meeting of 2015 included five approved items that included expanded number of automatic approval for 12 designated associational groups, pass-through insurance for certain account types, short-term relief bridge loan options, and new rules on capital rules for acquired retained earnings. [5/1/15]

The Federal Trade Commission announced the suspension of operations of a sham mortgage relief entity and is seeking to permanent closure. The entity operated under different names and included a principal that was previously barred from mortgage relief activities. [5/1/15]