Links in “Agencies”

For the first time the CFPB has the authority to supervise nonbank international money transfer providers that provide more than 1 million international money transfers annually. But don’t worry too much; the CFPB has given a heads-up regarding the focus of these new exams. [9/15/14]

Delta Prime Refinance will settle for a whopping $500,000 in order to settle FTC charges regarding deceptively advertising mortgage refinancing as “free”, among other things. [9/15/14]

The effects of Superstorm Sandy are still being felt by its victims as thousands of people may have to pay back their share of the disaster aid that was sent by FEMA. [9/15/14]

The FTC has responded to the CFPB’s request for information concerning the use of mobile financial systems. The FTC highlights five consumer protection issues and the risk mitigation steps that are in place to address these issues. [9/15/14]

NCUA and AARP have signed a Memorandum of Understanding outlining a series of educational initiatives for the next two years, including consumer-friendly financial services, anti-fraud efforts, and entrepreneurial and financial literacy education. There are plans to share financial education tools and resources, to co-host community events, and for participation in working groups. The AARP vice president stated that “By working with organizations like NCUA, we can help ensure that consumers of all ages have the tools they need to manage their money and achieve short- and long-term financial resilience.” [9/12/14]

Cordray discusses the rising popularity of mobile banking and how to use technology to better serve consumers. [9/12/14]

An update on two insurance industry lawsuits regarding HUD's disparate impact rule and their potential impact on financial institutions. [9/12/14]

The OCC, Board, and FDIC have joined together to propose that additional clarification be given regarding CRA regulations. [9/11/14]

Minimum standards have been adopted by the OCC regarding the implementation and design of a risk governance framework. These standards will only apply to large, insured national banks, insured Federal savings associations, and insured Federal branches of foreign banks with an average asset size of $50 billion or more. [9/11/14]

Director Richard Cordray of the CFPB discussed Tuesday the implementation of the Dodd-Frank Act and the creation of the CFPB. In addition to reporting on specific accomplishments, Cordray addressed the overarching goals of the agency, saying "at the heart of our mission is the premise that consumers deserve to have someone stand on their side and make sure they are treated fairly in the financial marketplace." Thomas Curry of the OCC also provided this insight regarding improvements to safety and soundness since implementing the Dodd-Frank Act. [9/10/14]