Links in “Agencies”

U.S. Representative Jeb Hensarling (R-Texas) urges the CFPB to abandon the "$215.8 million federal boondoggle" renovation project of its office building. The CFPB says it is reviewing the letter. [1/14/15]

While historically, courts have been split in rulings related to required rescission actions by consumers, the Supreme Court recently ruled on a case, setting a precedent for all other courts. Find out what is expected of institutions and consumers. [1/14/15]

CFPB Director Richard Cordray gave an address highlighting the past and present mortgage situations in the United States. Additionally, he discussed several impacts of the CFPB's recent report related to a lack of shopping around in the mortgage market. [1/14/15]

The NCUA's January report is now available. Among the highlighted topics, 2015 Supervisory Highlights top the list; find out what to expect in the coming year. [1/14/15]

The OCC has released a paper titled, "An Opportunity for Community Banks: Working Together Collaboratively," which highlights options for community banks to leverage one another. The paper also addresses the benefits of doing so, as well as ways to mitigate associated risk. [1/14/15]

Former loan guarantee specialist for HUD had a prior criminal record that spanned more than two decades. He was just sentenced to 26 months for defrauding the government of $843,000. [1/13/15]

Overly complicated language and the creation of as many obstacles as possible to connecting prepaid cards with credit extensions are two key flaws of the CFPB's prepaid card proposal. [1/13/15]

New CFPB report finds that almost half of consumers do not shop around for a mortgage when purchasing a home. The report also found that informed consumers are more likely to shop, especially if they are familiar with available mortgage rates. The CFPB is seeking to overcome this through a new initiative that includes an interactive, online toolkit called “Owning a Home,” that is designed to help consumers as they shop for a mortgage. The goal of the effort is to give consumers the information and confidence needed to get the best deal. [1/13/15]

John K. Lawrence of Dickenson Wright, PLLC provides a sound review of the FDIC's guidance on brokered deposits. The article provides a summary of the FAQs, highlights the limitations on brokered deposits, clarifies what constitutes a brokered deposit, and notes the reporting obligations. [1/13/15]

The Supreme Court will shortly be taking up a case that will test the legality of using statistical evidence of disparate impact to prove housing discrimination. The court will decide whether individuals have the right to sue based on evidence of disparate impact or whether they must demonstrate that there was an intent to discriminate. [1/12/15]