Links in “Agencies”
- Happy 20th, Community Development Financial Institutions Fund!
Over its 20-year history the CDFI Fund has given $2 billion in monetary awards, $525 million in new bond guarantees, and $40 billion in tax credits in an effort to support underserved areas throughout the country. [10/2/14]
- Comptroller Talks Strategic Planning
Speaking to minority depository institutions, Curry highlighted strategic planning as a way for financial institutions to find themselves, look at themselves as they really are, and see what they are capable of accomplishing. [10/2/14]
- Cyber Security: Let’s Think about It for a Month
If Heartbleed and Shellshock hadn't already got you thinking about your institution's cyber security, October is Cyber Security Awareness Month! With the estimated global cost of cybercrime between $375 billion and $575 billion, now is the time to be proactive about cyber security. [10/2/14]
- CFPB Kicks Back Against Kickbacks
Lighthouse Title has been ordered by the CFPB to pay $200,000 for referrals which violated RESPA. Director Cordray, stated, "[we] will continue to take action to ensure that the mortgage market is a level playing field where everyone plays by the rules." [10/1/14]
- Manufactured Homes: The (Expensive) Less Expensive Option
The CFPB has released a report detailing apparent dissimilarities between homes built onsite versus manufactured homes. In 2012, 68% of manufactured homes were considered high-priced mortgage loans, whereas only 3% of site-built homes were classified as such. See the full report here. [10/1/14]
- OCC’s Southern Revival
The OCC's Southern District is seeing increased health of banks and FSAs within its bounds. The improved conditions are attributed to, among other things, organic growth: increased loan originations rather than loan purchases. [10/1/14]
- …And Don’t Come Back!
The NCUA has issued prohibition orders for three individuals who are now banned from employment at federally insured financial institutions. The full list of prohibition orders can be searched by name and institution here. [10/1/14]
- Dialing Back the Rhetoric on Student Debt
Treasury deputy secretary speaks out on the student loan debt problem, which is "a serious burden for far too many borrowers," but on a macroeconomic level, higher education can offer a significant return on its investment. "What would the macroeconomic effect be if borrowers had no debt, but also lacked the higher education that comes with it?" [9/30/14]
- FDIC on Shellshock Vulnerability
The FDIC jumps into the fray to give its advice regarding the security vulnerability known as Shellshock. [9/30/14]
- Flagstar Fined for Failure
The CFPB has taken action against Flagstar Bank, citing the bank for violating the new mortgage servicing rules. The bank will pay $27.5 million to victims in addition to a $10 million fine. [9/30/14]
