Links in “Agencies”
- CFPB: Gotta Catch ‘Em All
The CFPB announced Wednesday its actions against the Hydra Group, alleged to be running an illegal cash-grab scam. The company is purported to use consumer information purchased from lead generators to illegally deposit payday loans into consumers accounts, then withdraw fees without consent. [9/18/14]
- Scheme Takes $100 Million from Bank Accounts of Online Payday Loan Shoppers
The CFPB and FTC have shut down two operations that swindled consumers who were looking for loans online and had money withdrawn from their bank accounts under false pretenses over a period of time. Victims said they couldn't stop the companies from drawing money out of their accounts. [9/18/14]
- Trade Groups to CFPB: Put It in Writing
Trade groups unite in their appeal to the CFPB to provide more than oral guidance at webinars when it comes to implementation of the new TILA/RESPA integrated mortgage disclosure rules. Given the complexity of the new rules, they are requesting written, authoritative guidelines. [9/17/14]
- Regulatory Burden or Regulatory Assault?
In addition to Linda McFadden, CUNA testified at a hearing of the Senate Banking Committeee yesterday to suggest ways Congress could lighten the regulatory load on small financial institutions. Senator Mike Crapo noted that "small entities can only withstand the regulatory assault for so long before considering a merger or consolidation" and "disappearing from the American landscape." [9/17/14]
- Is Your Credit Union Afraid of the NCUA?
The Senate Banking, Housing, and Urban Affairs Committee held a hearing yesterday where Linda McFadden, president/CEO of XCEL Federal Credit Union, commented that because NCUA's process for rule making is typically a solo effort, "credit unions are afraid to come forward and take their issues to the NCUA because they know they are very closed-minded about it."Â How does your institution feel? [9/17/14]
- CUNA to Credit Unions: You Can Do It. We Can Help.
The Credit Union National Association is asking its member credit unions to record the effect of the Home Depot breach on their members as they receive breach notifications. Of great interest is the cost of retailer breaches to credit unions. [9/17/14]
- NACHA: Not Your Same Enforcement Authority
NACHA (the Electronic Payments Association) is switching things up when it comes to the enforcement authority for violations of NACHA operating rules. [9/17/14]
- NCUA Discourages Bullying of Underdog
NCUA's Director of the Office of Examination and Insurance, Larry Fazio, testified at the Senate Banking Committee meeting Tuesday on behalf of small credit unions. His intentions mirror the overall efforts of NCUA to provide regulatory relief and streamline examinations for smaller institutions while offering assistance in whatever manner possible. [9/17/14]
- Corinthian Colleges Collection Controversy
The CFPB has sued a for-profit chain of colleges, Corinthian Colleges Inc. for predatory student lending and collection schemes. Corinthian is alleged to have lured in students by misrepresenting career services and job prospects, after which the schools utilized illegal practices to collect on the incurred debt. The CFPB has provided a letter specifically to Corinthian students to provide guidance while pursuing the lawsuit. [9/17/14]
- CFPB Stands in Servicemembers’ Corner
The CFPB's "Tell Your Story" program highlights a servicemember who was targeted by a deceptive auto lending program and decided to take a stand. An investigation into the situation resulted in enforcement action against the lender in 2013, and required the lender to refund nearly $6.5 million to over 50,000 servicemembers. [9/17/14]
