Links in “Agencies”
- Don’t Be Caught Off Guard: Modifications toTILA-RESPA Disclosure
Donât worry â the modifications are slight and include an extension of the timing requirement for revised disclosures under certain circumstances and the placement of the Nationwide Mortgage Licensing System and Registry ID on the integrated disclosures. [2/19/15]
- FTC Weighs In
An annual report regarding all of the FTCâs actions related to ECOA has been provided to the CFPB. Read the report here. [2/19/15]
- State Wins Federal Charter Three-to-One
Credit unions are switching from federal to state chartered in a ratio of 3:1. NCUA's Vice Chairman calls for a reform of the federal charter to combat these numbers. [2/18/15]
- Everything’s Bigger in Texas, Including Deception
The FTC recently released a final order against a Dallas auto dealer for deceptive advertising practices. Trophy Nissan auto dealership must cease misrepresenting the terms of promotions in advertisements provided to customers. [2/17/15]
- Building a Strong Financial Foundation for Children
With America Saves Week approaching on February 23, the CFPB has provided examples of how to increase the financial literacy of children. [2/17/15]
- Round Two of EGRPRA Launched
Three regulatory agencies announced round two of EGRPRA (Economic Growth and Regulatory Paperwork Reduction Act of 1996) aka the once a decade opportunity to reduce regulatory burden on certain regulations. This new round focuses on regs associated with banking operations (Reg CC, J and D), Capital, and the Community Reinvestment Act. Comment period ends 5/14/2015. [2/13/2015]
- GAO Reports FDIC Fund Improvement and Operational Clean Grade
The GAO released its annual report on the FDIC, noting the FDIC maintained "effective internal control over financial reporting" and no instances of noncompliance. Overall funds improved to 0.89% of insured deposits (goal of 2%) from 0.79% in 2013 with fewer (18) FIs failing in 2014. [2/13/2015]
- FDIC Promotes Penny Saved is Penny Earned Principle
The FDIC is encouraging consumers to use the upcoming America Saves Week, which runs between February 23 and February 28, 2015, as a time to begin or continue saving towards financial goals. [2/13/2015]
- Just Use the Formula!
The OCC, FRB, and FDIC launched an automated tool to calculate risk-based capital requirements for securitization exposures in what they are calling the simplified supervisory formula approach. [2/12/15]
- An Update from the OCC: It’s Not 1990 Anymore
The OCC's Comptroller's Handbook got a facelift with March 1990's "Check Credit" booklet being replaced by the new "Deposit-Related Consumer Credit." The update includes guidance on products, selection of third-party organizations, and due diligence. [2/12/15]
