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FTC Sends Payments to Consumers Harmed by Vivintâs Misuse of Consumer Credit Reports
December 5, 2024 / Source: FTC
The Federal Trade Commission is sending payments totaling nearly $500,000 to consumers who were harmed by home security company Vivint Smart Homes, Inc., which allegedly misused credit reports to help unqualified customers get financing for the companyâs products and services. Image The FTC alleged in a complaint announced in April 2021 that Vivintâs sales representatives obtained…
CFPB Announces Return of $1.8 Billion in Illegal Junk Fees to 4.3 Million Americans Harmed in Massive Credit Repair Scheme
December 5, 2024 / Source: CFPB
WASHINGTON, D.C. â The Consumer Financial Protection Bureau (CFPB) is distributing $1.8 billion to 4.3 million consumers charged illegal advance fees or subjected to allegedly deceptive bait-and-switch advertising by a group of credit repair companies including Lexington Law and CreditRepair.com. Together, the payments constitute the largest-ever distribution from the CFPBâs victims relief fund, which is funded by…
CFPB Takes Action Against Climb Credit and Investment Firm 1/0 for Deceiving Borrowers About Coding Bootcamps and Vocational Programs
December 5, 2024 / Source: CFPB
WASHINGTON, D.C. â Today, the Consumer Financial Protection Bureau (CFPB) took action against student lender Climb Credit and its investors, including 1/0 (âOne Zeroâ), filing a proposed order, which if entered will require the companies to stop making representations in their advertising about the quality of the training programs at their partner schools and graduatesâ hiring…
Agencies Issue Statement on Elder Financial Exploitation
December 4, 2024 / Source: CFPB
WASHINGTON, D.C. â Five federal financial regulatory agencies, the Financial Crimes Enforcement Network (FinCEN), and state financial regulators issued a statement today to provide supervised institutions with examples of risk management and other practices that may be effective in combatting elder financial exploitation. Older adults who experience financial exploitation can lose their life savings and financial security and…
CFPB Bans Student Loan Pro and Owner for Fee Harvesting Scheme
December 4, 2024 / Source: CFPB
WASHINGTON, D.C. â Today, the Consumer Financial Protection Bureau (CFPB) took action to permanently ban Student Loan Pro and Judith Noh, its owner, from offering or providing consumer financial products. The CFPB alleges that Student Loan Pro and Noh violated federal law by charging borrowers upfront fees to file paperwork on their behalf to access free debt-relief programs…
Solicitation of Application for Membership on the Bank Secrecy Act Advisory Group (BSAAG)
December 4, 2024 / Source: FinCEN
Release Date December 04, 2024 Solicitation of Application for Membership on the Bank Secrecy Act Advisory Gro⌠Action Type Notice and Request for Nominations
CFPB Proposes Rule to Stop Data Brokers from Selling Sensitive Personal Data to Scammers, Stalkers, and Spies
December 3, 2024 / Source: CFPB
WASHINGTON, D.C. â The Consumer Financial Protection Bureau (CFPB) today proposed a rule to rein in data brokers that sell Americans’ sensitive personal and financial information. The proposed rule would limit the sale of personal identifiers like Social Security Numbers and phone numbers collected by certain companies and make sure that peopleâs financial data such as…
Unfair or Deceptive Acts or Practices and Unfair, Deceptive, or Abusive Acts or Practices:Â Updated Comptrollerâs Handbook Booklet and Rescissions
December 3, 2024 / Source: OCC
Summary The Office of the Comptroller of the Currency (OCC) today issued version 1.1 of the âUnfair or Deceptive Acts or Practices and Unfair, Deceptive, or Abusive Acts or Practicesâ booklet of the Comptrollerâs Handbook. The booklet contains information for examiners regarding supervision of a bankâs1 practices related to section 5 of the Federal Trade Commission Act, which…
READOUT: FinCEN and IRS-CI Convene Public-Private Sector Meeting in Philadelphia to Discuss Combating Illicit Finance Related to Fentanyl Trafficking
December 3, 2024 / Source: FinCEN
PHILADELPHIAâToday, the U.S. Department of the Treasuryâs Financial Crimes Enforcement Network (FinCEN), in partnership with Treasuryâs Internal Revenue Service – Criminal Investigation (CI), held the ninth event of its Promoting Regional Outreach to Educate Communities on the Threat of Fentanyl (PROTECT) series of the FinCEN Exchange program. The event brought together public and private sector representatives in…
Federal bank regulatory agencies seek further comment on interagency effort to reduce regulatory burden
December 3, 2024 / Source: FRB
The federal bank regulatory agencies today announced their third notice requesting comment to reduce regulatory burden. The Economic Growth and Regulatory Paperwork Reduction Act of 1996 requires the Federal Financial Institutions Examination Council and federal bank regulatory agencies to review their regulations at least once every 10 years to identify outdated or otherwise unnecessary regulatory…
FDIC Provides Additional Questions and Answers Regarding FDIC Official Signs and Advertising Requirements, False Advertising, Misrepresentation of Insured Status, and Misuse of the FDIC Name or Logo
December 2, 2024 / Source: FDIC
Summary: The Federal Deposit Insurance Corporation (FDIC) is updating its Questions and Answers (Q&As) related to the final rule governing FDIC Official Signs and Advertising Requirements, False Advertising, Misrepresentation of Insured Status, and Misuse of the FDIC Name or Logo (part 328). The Q&As provide answers to a collection of frequently asked questions relating to…
OCC Releases CRA Performance Evaluations for 19 National Banks and Federal Savings Associations
December 2, 2024 / Source: OCC
WASHINGTONâThe Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of November 1, 2024, through November 30, 2024. Under the CRA, the OCC assesses an institutionâs record of meeting the credit needs of its entire community, including low- and…
Joint Statement by the Department of State and the Department of the Treasury on the United States Governmentâs Response to Israelâs Cabinet Decision on Extending the Indemnification for Correspondent Banking between Israel and the West Bank
December 2, 2024 / Source: Treasury
WASHINGTON â The United States welcomes the Government of Israelâs decision to approve a one-year extension of its indemnification for Israeli banks, which underpins correspondent banking relationships with Palestinian counterparts. Economic stability in the West Bank is essential for Israeli and Palestinian security, and correspondent banking is a key pillar of that economic stability. The United…
OCC Increases 2025 Assessments for National Banks and Federal Savings Associations
November 28, 2024 / Source: OCC
WASHINGTONâThe Office of the Comptroller of the Currency (OCC) today announced an increase in assessment rates for the 2025 calendar year. The increases are primarily targeted at large banks and other institutions requiring increased supervisory resources. The OCC increased the rates in the general assessment fee schedule for assets above $40 billion by 16 percent…
FTC Takes Aim at Top Fraud Driving Losses Among Older Americans
November 28, 2024 / Source: FTC
The Federal Trade Commission has approved final amendments to its Telemarketing Sales Rule (TSR) that will extend the ruleâs coverage to so-called âinboundâ telemarketing calls made for technical support services. These would include calls made by consumers to companies pitching technical support services through advertisements or direct mail solicitations. âThe Commission will not sit idle as older…
FHFA Announces Conforming Loan Limit Values for 2025
November 26, 2024 / Source: FHFA
Washington, D.C. â The Federal Housing Finance Agency (FHFA) today announced the conforming loan limit values (CLLs) for mortgages acquired by Fannie Mae and Freddie Mac (the Enterprises) in 2025. In most of the United States, the 2025 CLL value for one-unit properties will be $806,500, an increase of $39,950 (or 5.2 percent) from 2024. National Baseline…
HUD Announces 2025 Loan Limits
November 26, 2024 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Developmentâs (HUD) Federal Housing Administration (FHA) is announcing new loan limits for calendar year 2025 for its Single Family Title II forward and Home Equity Conversion Mortgage (HECM) mortgage insurance programs. Loan limits for most of the country will increase in the coming year due to the continued appreciation of…
An analysis of the first seven months of the federal student loan return to repayment
November 26, 2024 / Source: CFPB
The COVID-19 emergency multi-year pause on federal student loan interest and payments ended September 1, 2023, and many borrowers faced challenges during the transition into repayment. In this report, we use credit record data to look at how student loan borrowers fared after returning to repayment. Key findings include: Overall, this analysis indicates that many…
FHFA Unveils Enterprisesâ Three-Year Plans to Improve Housing Opportunities for the Underserved
November 25, 2024 / Source: FHFA
Washington, D.C. â Fannie Mae and Freddie Mac (the Enterprises) will seek to extend housing access in rural underserved markets, enhance their support for manufactured housing, and continue addressing liquidity needs for first-time homebuyers, among a host of activities outlined in plans published today by the Federal Housing Finance Agency (FHFA). As required under two separate…
FinCEN Joins Public-Private Partnership to Combat Fraud and Scams Impacting Innocent Americans
November 25, 2024 / Source: FinCEN
WASHINGTONâThe U.S. Department of the Treasuryâs Financial Crimes Enforcement Network (FinCEN) has joined a multi-sector national task force dedicated to the prevention of fraud and scams. The National Task Force on Fraud and Scam Prevention, convened by the Aspen Instituteâs Financial Security Program, brings together key stakeholders including the financial services sector, technology companies, consumer advocacy groups,…
U.S. Department of the Treasury Releases New Report Showing State Small Business Credit Initiative Has Supported $3.1 Billion in New Financing for Small Businesses
November 25, 2024 / Source: Treasury
WASHINGTON â The U.S. Department of the Treasury (Treasury) released a new report summarizing data from the State Small Business Credit Initiative (SSBCI) for the first two years of the program, from the first transaction on August 5, 2022 through December 31, 2023. The American Rescue Plan reauthorized and expanded SSBCI, which providesâŻnearly $10 billion…
Federal Reserve Board announces pricing, effective January 1, 2025, for payment services the Federal Reserve Banks provide to banks and credit unions
November 24, 2024 / Source: FRB
The Federal Reserve Board on Friday announced pricing, effective January 1, 2025, for payment services the Federal Reserve Banks provide to banks and credit unions, such as the clearing of checks, automated clearing house (ACH) transactions, instant payments, and wholesale payment and settlement services. By law, the Federal Reserve must establish fees to recover the…
Federal Reserve announces additional information about the periodic review of its monetary policy strategy, tools, and communications
November 24, 2024 / Source: FRB
The Federal Reserve on Friday announced additional information about the periodic review of its monetary policy strategy, tools, and communicationsâthe framework it uses to pursue its congressionally-assigned goals of maximum employment and price stability. The review is focused on two specific areas: the Federal Open Market Committee’s Statement on Longer-Run Goals and Monetary Policy Strategy,…
SEC Charges Three Broker-Dealers with Filing Deficient Suspicious Activity Reports
November 24, 2024 / Source: SEC
Washington D.C., Nov. 22, 2024 â The Securities and Exchange Commission today announced that broker-dealers Webull Financial LLC, Lightspeed Financial Services Group LLC, and Paulson Investment Company, LLC have agreed to settle charges that they filed with law enforcement suspicious activity reports (SARs) that failed to include important, required information. The three broker-dealers agreed to…
U.S. Secretary of the Treasury Janet L. Yellen to Announce $76 Million in Funding for Community Lenders as Part of 30th Anniversary Celebration of the Community Development Financial Institutions Fund
November 21, 2024 / Source: Treasury
WASHINGTON â Today, as part of the 30th anniversary celebration of the Community Development Financial Institutions (CDFI) Fund, U.S. Secretary of the Treasury Janet L. Yellen is announcing $76 million in Technical Assistance (TA) awards for 256 CDFIs to build their capacity to provide financial products and services to low-income and underserved people and communities across…