Links in “Agencies”

Merrick Bank of Utah pays a pretty penny for marketing and servicing credit card add-on products which were unfair and deceptive. [9/30/14]

The NCUA has proposed that the revised risk-based capital rule be allowed to a new comment period due to its significant revisions. [9/30/14]

The FFIEC is urging financial institutions to protect themselves against the most recent threat, the Shellshock vulnerability. The FFIEC has provided references to help institutions learn what the Shellshock vulnerability is, how to assess risk and what mitigation strategies to put into place. [9/29/14]

There have been loopholes in the Military Lending Act which has allowed lenders to abuse the system. The Department of Defense has proposed amendments which would better protect military families. [9/29/14]

NCUA Chair Debbie Matz, in response to a letter from Rep. George Holding, said that she is "fully committed to making changes and clarifications to the proposed rule, where warranted." Holding also questioned the NCUA's authority to make such a rule; others are vying for a second comment period. Where do you stand? [9/26/14]

After charging consumers for add-on features that were never provided, U.S. Bank is required to pay $48 million in relief to customers, $4 million to the OCC, and $5 million to the CFPB. Richard Cordray, CFPB Director, was absolutely unapologetic, saying "we have consistently warned companies about [these] practices..." [9/26/14]

A month remains on the public comment period for the Fed's proposal to repeal Regulation AA for banks. Although the repeal was required by the Dodd-Frank Act and the repeal is unlikely to change the banking industry in significant ways, comments are welcomed. [9/26/14]

Fulfilling a requirement of the Dodd-Frank Act to develop a consumer education program, the CFPB has created tools known collectively as Owning a Home. The CFPB now wishes to test the effectiveness of these tools through field study testing, but would like your comments before doing so. [9/26/14]

The CFPB has announced Project Catalyst—a research program designed to assess the effectiveness of credit card counseling for consumers. The program is especially designed to investigate early intervention tactics to calibrate programs to most effectively help consumers' protect their credit futures. [9/26/14]

The OCC has released its Mortgage Metrics Report for the second quarter of 2014. Among other promising trends, first-lien mortgages are performing better than a year ago. [9/26/14]