Links in “Agencies”
- Small Bank M&A Rules Relaxed
The Board of Governors of the Federal Reserve Board recently relaxed its guidelines for small bank holding companies in order to facilitate the sale of smaller community banks. Requirements now state that holding companies with less that $1 billion in total consolidated assets qualify under the "Small Bank Holding Company Policy." Under the previous policy, only bank holding companies with less than $500 million in total consolidated assets qualified for the relaxed policies. [4/13/15]
- FTC Ends Chicago “Phantom” Debts
The Federal Trade Commission recently obtained a court order to halt an Aurora, Illinois debt collection scam. The debt collection agency, located in a western suburb of Chicago, was using intimidation tactics to trick consumers to pay loan debts they either did not owe, or did not owe to that particular company. [4/13/15]
- CFPB Fines RMK/Majestic for Deceptive Marketing
The CFPB took action against RMK Financial Corporation (aka Majestic Home Loans) for deceptive mortgage advertising practices, including sending over 100,000 ads that led consumers to believe that the company was affiliated with the U.S. government via the VA. RMK ordered to pay penalty of $250,000 and end the illegal practice. [4/10/15]
- FDIC Shows Progress in Information Security Recommendations Implementation
The GAO released its 2014 findings related to the FDIC's solid efforts to implement the GAO's numerous information security controls. The GAO found implementation of 27 of the 36 recommendations pertaining to reported security weaknesses with 9 actions progressing, but not complete. [4/10/15]
- The Robo Phantom Debt Collection Menace: Are These the Droids You’re Looking For?
A new look at an alternate script for Episode I released by George Lucas! In this rewrite, the Jedi order, renamed the CFPB, track down a Sith operation to collect non-existent debts from consumers using a calling center staffed by droids. [4/9/15]
- Proceed With Caution: Don’t Use Those Cashier’s Checks!
A digital shopper scam is using the correct routing number of a bank in New York on counterfeit cashier's checks. Here's what to look out for and how to report anything suspicious. [4/9/15]
- CFPB Offers Guide for Improving K-12 Education
The CFPBÂ released a guide for policymakers seeking to improve the K-12 financial education model. The Guide offers tools, information, and insights on how to enhance K-12 financial education. Although the guide was written for policymakers, it is designed to benefit all individuals involved in financial education. [4/8/15]
- Number of CFPB Examiners Doubled in a Year
A panel discussion in New York City featuring several CFPB representatives covered several noteworthy items. For one, the number of examiners in the CFPB's Office of Supervision has roughly doubled in the past year. [4/8/15]
- Cyber Attacks Lurking
The Federal Financial Institutions Examination Council (FFIEC) released two statements warning of cyber risks. The releases address the rising risk of destructive malware, which can destroy sensitive data and compromise personal information. The FFIEC also offers direction on how to deal with possible cyber security threats. [4/7/15]
- CRA Performance Evaluations Released
The Office of the Comptroller of the Currency (OCC) recently released a list of Community Reinvestment Act (CRA) performance evaluations. The evaluations cover 26 national banks, federal savings associations, and insured federal branches of foreign banks. [4/7/15]
