Links in “Agencies”
- Do the Crime, Do the Time (Or Pay the Fine)
The FTC settled with a Florida-based mortgage modification scammer Monday, underscoring the FTC's resolve to "[shut] down bogus mortgage relief schemes." The scammer is required to pay $815,865 and is banned from participation in debt-relief programs. [12/16/14]
- Fine Print Is Not Enough
Billion Auto and it's advertising company, Nichols Media, Inc. have agreed to pay a civil penalty to the FTC for violating an administrative order from 2012. Jessica Rich of the FTC commented that dealers cannot make claims and simply "take them away in fine print." [12/15/14]
- Twelve Is the New Eight
The CFPB has announced that the maximum allowable charge a consumer reporting agency may charge consumers has increased from $8 to $12. This change will be effective starting January 1, 2015 and will be re-evaluated each year pursuant to the Dodd-Frank Act. [12/15/14]
- CFPB Announces Prepaid Card Pilot Study
The CFPB has announced a research pilot with American Express to gain insight into saving habits among prepaid card users. Director Cordray is hopeful that this study will improve the CFPB's capacity to empower consumers to make better informed financial decisions. [12/15/14]
- The Ongoing Evolution of the Mortgage Servicing Rules
The CFPB is proposing more changes to the 2013 mortgage servicing rules. Among other things, the proposed changes include elements of force-placed insurance notices and periodic statement requirements found in RESPA and TILA. [12/15/14]
- NCUA Board Action Report Released
The December 2014 NCUA Board Action Bulletin announces, among other actions, that the NCUA will voluntarily participate in the Economic Growth and Regulatory Paperwork Reduction Act of 1996 to identify rules for possible modification, simplification, or repeal. The participation will include three months of regulatory review to determine potential streamlining opportunities. Find out what else the NCUA is doing here. [12/12/14]
- OCC on Cyber Security
Speech by OCC's senior critical infrastructure officer highlights rapid world of changing technology, rising risks, and response requirements needed to face those risks. Testimony provides a baseline of activities needed by financial institutions to promote compliance as well as recommendations for Congressional consideration regarding cyber security. [12/12/14]
- GAO Rains Down on FEMA
This insightful study by GAO into the world of subsidized flood insurance properties and related foregone premiums notes that FEMA has yet to implement required actions to determine the actual level of such premium loss, but that the level is as much as $1 billion annually. [12/12/14]
- CFPB Reports on Ailing Medical Debt Practices
The CFPB released its 53-page report on the medical debt collection and reporting industry. The report states that 43 million Americans have overdue medical debt on their credit reports, which significantly impacts consumer credit. The report provides actions for reporting agencies to promote dispute resolution. [12/12/14]
- Risk Watch 41: Why the CFPB Matters, Even to the Little Guys
Even though the CFPB only directly regulates financial institutions with assets in excess of $10 billion, every financial institutionâregardless of its asset sizeâis impacted in a big way by the CFPB. In this video, AffirmX Analyst Sydney Caskey explains why you might not want to ignore the newest regulatory agency in town. [12/12/14]
