Links in “Agencies”

According to the CFPB, persistent efforts to collect on medical debt, collect debts of deceased family members, and making illegal threats to garnish the federal benefits top the list of complaints from older consumers. [11/6/14]

The FRB issued a final rule to implement section 622 of the Dodd-Frank Act, prohibiting a financial company from combining with another company when the ratio of the merged company's liabilities is more than 10 percent of the aggregated consolidated liabilities of all financial companies. [11/6/14]

The United States District Court for the District of Columbia removed support of HUD’s Disparate Impact Rule under the Fair Housing Act (FHA). Although the ruling does not affect ECOA (Regulation B), it potentially weakens the use of the rule which allowed liability under FHA based on a practice’s discriminatory effect even if the practice was not motivated by a discriminatory intent. The ruling emphasizes that FHA "unambiguously prohibits only intentional discrimination." [11/5/14]

The FDIC announced the results of CRA examinations for the month of November with 68 banks evaluated. Results show 2 "Needs to Improve" (both in the New York region) with 9 "Outstanding" (at least one in all regions except Atlanta) and 57 "Satisfactory." Kansas City region leads the way with number of FIs examined at 17. [11/5/14]

The NCUA announced the release of a new tool aimed at helping credit unions find companies to help them better deliver products and services. The new CUSP portal provides free access to registered and validated vendors who aim to help CUs meet members’ needs, comply with regulations, or just handle day-to-day operational requirements. [11/5/14]

NASCUS (National Association of State Credit Union Supervisors) introduced Lucy Ito as president and CEO of the organization that oversees the other half of the dual charter credit union system. The former EVP and COO of the California and Nevada Credit Union Leagues (CCUL/NCUL) replaces incumbent Mary Martha Fortney, who had served the past ten years as president and CEO. [11/5/14]

According to a recent cybersecurity assessment, the FFIEC recommends participation in the Financial Services Information Sharing and Analysis Center (FS-ISAC). The FS-ISAC provides an information-sharing forum to aid institutions in the process of identifying, responding to, and mitigating threats of cybersecurity. [11/4/14]

The NCUA Board is proposing amendments to expedite and clarify regulations regarding corporate credit unions (Corporates). In addition, the proposed amendments will provide regulatory relief to Corporates. Regulations governing corporate credit unions were revised in 2010, as well as twice in 2011. [11/4/14]

Office of the Inspector General comes up with a list of five major challenges facing the CFPB, from its operational inefficiency to its headquarters renovation. [11/4/14]

NCUA has issued prohibition orders against two former credit union employees and one institution-affiliated party. In one case a credit union accountant stole nearly $200,000 form the credit union, while in another a craftier accounting assistant embezzled over $555,000. [11/3/14]