Links in “Agencies”
- CFPB Issues Credit Card Agreement Rules
The CFPB issued a final rule aimed at improving the way that companies submit consumer credit card agreements to the Bureau. The rule temporarily suspends a requirement that each quarter certain credit card issuers send their agreements to the Bureau, which publishes them in a public database on its website. Other requirements will remain unaffected by the new rule. [4/17/15]
- Information Calling!
The FDIC is hosting an informational call for FDIC-insured institutions on April 22, 2015, at 1:00 p.m. EDT to discuss the Brokered Deposit Frequently Asked Questions (FAQs) issued in FIL-2-2015. This call will focus on guidance for identifying brokered deposits, accepting deposits, listing services, and other brokered deposit-related matters. [4/17/15]
- Buying a House? Your Counselor Will See You Now
The CFPB reiterated guidance from 2013 regarding lenders providing housing counselors for mortgage applicants. The CFPB also provided guidance for lenders in compiling lists of housing counselors and qualifications for high-cost mortgage counseling. [4/16/15]
- Falling Oil Prices and Farm Products Mean Hard Times Are Ahead for Dakota CUs
CUs providing services to oil workers should expect higher delinquency rates and charge-offs if job losses in the sector continue. Agricultural cultural unions could face similar hardships due to changes in prices from farming products as well. NCUA chairwoman Debbie Matz said that the price fluctuations will influence the Dakotas differently but will present challenges. Now is the time to prepare! [4/16/15]
- Out With the Old, In With the New
The OCC continues its efforts to update sections of the Comptroller's Handbook. This time the "Trade Finance and Services" booklet replaces the "Trade Finance" and "Bankers' Acceptance." [4/16/15]
- April CFPB Updates
Whether you were on spring break or you were just too busy, if you haven't been watching the CFPB like a hawk recently, you've probably missed some important news. Find out what has been developing recently in this summary of April CFPB actions. [4/15/15]
- OCC Releases New RESPA Handbook Booklet
Due to recent updates to Regulation X (RESPA), the OCC has updated portions of its handbook to reflect the most recent regulatory standards. Take a look at the changes here. [4/15/15]
- First Enforcement Action Ever Issued Jointly By CFPB and Tribal Government
Richard Cordray, Director of the CFPB, announced Tuesday that a joint enforcement action had been taken against Southwest Loans. This company allegedly targeted low-income citizens of the Navajo Nation and intentionally steered them to high-cost loans. Read more about this groundbreaking case! [4/15/15]
- Let PayPal’s OFAC Settlement be a Guide
PayPal's recent settlement with the Office of Foreign Asset Control (OFAC) stands as a reminder of the importance for all financial institutions to maintain an adequate sanctions compliance program. PayPal's settlement of $7,658,300 was mainly from processing payments of an individual involved in a nuclear proliferation network. [4/15/15]
- Debt Brokers Settle FTC Charges
Two debt brokers have agreed to settle Federal Trade Commission charges that they exposed sensitive information of over 55,000 consumers to potential buyers. As part of the settlement, the firms must institute programs to protect the consumer information. [4/14/15]
