Links in “Agencies”
- A Plethora of Posts for Prepaid Products
The CFPB's arsenal of information delivery was on display as it promoted increased understanding and oversight on prepaid products. These included a new proposal and speech by Director Cordray as well as the noted blog. The blog provides a summary into the Bureau's efforts to promote consumer understanding and protection involving prepaids. [11/14/14]
- Steering Clear? Not So for Franklin
The CFPB ordered Franklin Loan Corporation (18 locations in Southern California and one in Chicago) to pay $730,000 for giving its employees illegal bonuses for steering consumers into loans with higher interest rates and is seeking injunctions to have the company end the practice and provide compensation to the potential 1,400 harmed consumers. [11/14/14]
- Summary of Recent U.S. Bitcoin Actions
The law firm of Katten Muchin Rosenman LLP provides a roundup and impact of recent US actions regarding Bitcoin. The summary focuses on the seemingly concerted actions of FinCEN, New York State Department of Financial Services (DFS), the Commodity Futures Trading Commission (CFTC), the Securities and Exchange Commission (SEC), and the US Department of Justice. [11/14/14]
- Federal Reserve Board to Adopt Payment System Risk Policy
After receiving only three comments regarding its proposed policy on payment system risk, the Federal Reserve Board is adopting the policy as it was proposed with an overall effective date of December 31, 2014. [11/13/14]
- Improper Chat Room Conversations Lead to Massive Penalties
The OCC hit Bank of America, Citibank, and JPMorgan Chase Bank with civil money penalties totaling in $950 million and cease and desist orders. The banks failed to prevent employee misconduct relating to foreign exchange sales and trading. Between 2008 and 2013, a number of the banks' traders went to online chat rooms to coordinate foreign exchange trading strategies in the attempt to benefit traders or the bank. [11/13/14]
- Leveraged Loans: Your Questions Answered
The FDIC, FRB, and OCC responded to a number of FAQs regarding the leveraged lending guidance released in March 2013. Responses include clarification on underwriting standards, institution applicability, and the definition of "leveraged loan." [11/13/14]
- NCUA Polices Mortgage-backed Securities Trustee
NCUA has filed a federal suit against Deutsche Bank National Trust Company, seeking damages to be determined at trial. The company is alleged to have failed to adequately fulfill state and federal requirements related to mortgage-backed securities, leading to the failure of five companies who purchased $140 billion worth of these assets. [11/12/14]
- Big Shoes to Fill for New Deputy Comptrollers
The OCC has selected Kris Kiefer and Blake Paulson to act as deputy comptrollers for the Northeastern and Central Districts. It is anticipated that both will "contribute greatly to the OCC's strategic goals and objectives."Â [11/12/14]
- Only One Black Sheep in the OCC’s October CRA Report
The OCC has released its list of CRA evaluations performed in October. Of the 36 institutions on the list, six are rated as "outstanding," 29 are rated "satisfactory," and one is rated "needs to improve." Certusbank in South Carolina got hit for its lending test performance. [11/11/14]
- No Lack of Transparency for NCUA
In an effort to maintain and improve transparency, NCUA posts its board meeting videos to the public; the October board meeting is now available along with archived videos from past meetings. Find out what NCUA isn't keeping from you. [11/11/14]
