Links in “Consumer Protection”

Maryland joins in the regulatory chorus warning consumers about the high risks of virtual currency. [5/19]

The OCC is moving to combine rules for National Banks and Federal Savings Banks in effort to achieve oversight uniformity. Rules of focus include consumer protection in insurance sales, Bank Secrecy Act (BSA) compliance, management interlocks, appraisals, disclosure and reporting of Community Reinvestment Act (CRA)-related agreements, and the Fair Credit Reporting Act (FCRA). [5/16]

This was a lesson Sallie Mae learned recently when she was required to pay $60 million in settlement penalties for violating the rights of members of the military. How did she do this? By failing to cap interest rates at 6% and forcing some members into default. [5/14]

Citing market fluctuations that have seen Bitcoin's value rise from $100 in July 2013 to more than $1,100 in December 2013, the Connecticut Department of Banking issues a consumer advisory warning of the dangers of virtual currency. [5/13]

The CFPB proposes a rule to promote more effective privacy disclosures from FI to their customers. The proposal includes constant access to privacy policies, limited data sharing, comparison shopping, and being cheaper for companies to notify consumers of privacy practices. If FI's share information unaffiliated third parties they are not eligible. [5/7]

To the praise of CFPB's Cordray, BMO Harris Bank has introduced a new flat fee for dealerships of 3% of the amount financed, up to a maximum of $2,000. Cordray called it a "proactive step to protect consumers from discrimination." [5/1]

Significant progress noted by Pew Report when it comes to overdraft practices disclosures. However, other practices show no improvement. Half of the banks surveyed still record overdrafts from high to low, which maximizes fees consumers pay. [4/29]

CFPB Director Cordray's address at the Mortgage Closing Forum highlights the four primary challenges facing consumers and what steps the Bureau is taking to address those challenges including key principles of "Know Before You Owe," advance review of closing documents (August 2015) and pilot programs on expanding "eclosing." [4/24]

OCC Comptroller Curry speaks to rising risks and trickling effect of cybersecurity for banks of all sizes and issues cautions and reminders for sound IT management to protect consumer trust and data. [4/17]

Bank of America to refund customers $727 million and pay $45 million in fines for card add-on products, such as deceiving customers into buying credit monitoring and identity theft protection. CFPB indicates it will be "vigilant in [its] pursuit of companies who wrong consumers in this market." [4/10]