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FTC Sends More Than $2.5 Million to Consumers Deceived by Credit Karmaâs Allegedly False âPre-Approvedâ Credit Offers
October 31, 2024 / Source: FTC
The Federal Trade Commission is sending more than $2.5 million to consumers who were misled by deceptive claims from credit services company Credit Karma. The FTC took action against Credit Karma in 2022, alleging that the company told consumers they were âpre-approvedâ and had â90% oddsâ of approval to entice them to apply for credit card offers…
CFPB Orders VyStar Credit Union to Pay $1.5 Million for Illegally Stranding Consumers from Accessing Their Money and Accounts
October 31, 2024 / Source: CFPB
WASHINGTON, D.C. â Today, the Consumer Financial Protection Bureau (CFPB) took action against VyStar Credit Union for harming consumers through its botched rollout of a new online banking system. In May 2022, VyStar transitioned to a new, dysfunctional online banking platform that made it difficult for credit union members to perform basic banking functions for weeks,…
CFPB and CMS Take Action to Stop Illegal Billing of Lowest-Income Medicare Recipients
October 31, 2024 / Source: CFPB
WASHINGTON, D.C. â Today, the Consumer Financial Protection Bureau (CFPB) and the Centers for Medicare & Medicaid Services (CMS) issued a joint statement to protect millions of people with Medicare living at or below the poverty line from unlawful medical bills. These people in the Qualified Medicare Beneficiary group represent about one in eight Medicare recipients nationwide. Federal…
Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering, Combating the Financing of Terrorism, and Counter-Proliferation Finance Deficiencies
October 30, 2024 / Source: FinCEN
WASHINGTONâThe Financial Crimes Enforcement Network (FinCEN) is informing U.S. financial institutions that the Financial Action Task Force (FATF), an intergovernmental body that establishes international standards for anti-money laundering, countering the financing of terrorism, and countering the financing of proliferation of weapons of mass destruction (AML/CFT/CPF), updated its lists of jurisdictions with strategic AML/CFT/CPF deficiencies at…
HUD Announces $12 Million to Lower Housing Costs and Expand Access to Affordable Homeownership
October 30, 2024 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD) announced the availability of $12 million to expand access to affordable housing and homeownership opportunities for Americans in rural and urban communities across the country. Grant funding awarded to organizations through HUDâs Self-Help Homeownership Opportunity Program (SHOP) allows eligible organizations to purchase land, improve…
U.S. Department of the Treasury Releases Inaugural National Strategy for Financial Inclusion
October 29, 2024 / Source: Treasury
WASHINGTON â Today, the U.S. Department of the Treasury (Treasury) released the National Strategy for Financial Inclusion in the United States, which identifies objectives and recommendations for policymakers, industry, employers, and community organizations to advance consumer access to safe financial products and services and strengthen financial security. The Strategy was requested in 2023 by Congress and has…
FHFA House Price Index Up 0.3 Percent in August; Up 4.2 Percent from Last Year
October 29, 2024 / Source: FHFA
Washington, D.C. â U.S. house prices rose 0.3 percent in August, according to the Federal Housing Finance Agency (FHFA) seasonally adjusted monthly House Price Index (HPIÂŽ). House prices rose 4.2 percent from August 2023 to August 2024. The previously reported 0.1 percent price increase in July was revised upward to 0.2 percent. For the nine census divisions, seasonally adjusted monthly…
FTC Sends More Than $1 Million to Consumers Harmed by Rhinelander Autoâs Unlawful Junk Fees and Discriminatory Financing
October 29, 2024 / Source: FTC
The Federal Trade Commission is sending more than $1 million in refunds to consumers who were allegedly harmed by Rhinelander Auto Centerâs junk fees and discriminatory practices. The FTC and State of Wisconsin took action against Rhinelander Auto and its general manager in 2023, alleging that they regularly charged many customers junk fees for âadd-onâ products or…
HUD and FHFA Expand Scope of Public Appraisal Data in Effort to Ensure Fairer Home Appraisals
October 28, 2024 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Finance Agency (FHFA) jointly released new appraisal data from loan applications on single family mortgages insured by HUDâs Federal Housing Administration (FHA). The addition of appraisal data from the FHA expands the scope of information in FHFAâs Uniform Appraisal Dataset…
Treasury Issues Regulations to Implement Executive Order Addressing U.S. Investments in Certain National Security Technologies and Products in Countries of Concern
October 28, 2024 / Source: Treasury
WASHINGTON â The U.S. Department of the Treasury (Treasury) today issued a final rule (Final Rule) to implement Executive Order 14105 of August 9, 2023, âAddressing United States Investments in Certain National Security Technologies and Products in Countries of Concernâ (the Outbound Order). The Final Rule provides the operative regulations and a detailed explanatory discussion…
CFPB to distribute over $191 million to consumers harmed by Tempoe
October 28, 2024 / Source: CFPB
This month, over 250,000 consumers harmed by leasing company Tempoe, LLC, will begin receiving refund checks in the mail. Tempoe offered point-of-sale financing at major retailers, including Sears and Kmart. The CFPB took action against the company for tricking customers into expensive leasing agreements by hiding the contract terms and costs. Tempoeâs practices left hundreds…
FinCEN Issues Alert to Financial Institutions to Counter Financing of Hizballah and Its Terrorist Activities
October 23, 2024 / Source: FinCEN
WASHINGTONâToday, the U.S. Department of the Treasuryâs Financial Crimes Enforcement Network (FinCEN) issued an alert to assist financial institutions in identifying and reporting suspicious activity supporting Lebanese Hizballah (Hizballah), a U.S.-designated Foreign Terrorist Organization. The alert builds upon FinCENâs May 2024 advisory on Iran-backed terrorist organizations and offers a comprehensive overview of Hizballahâs global criminal financial networks. âHizballahâs role…
U.S. Department of the Treasury Announces Awards to Support Development of 26,400 Affordable Housing Units
October 23, 2024 / Source: Treasury
WASHINGTON â The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) today awarded 48 organizations $246.4 million for the development of affordable housing and community facilities serving low-income, families and communities that need additional investment. These awards were made through the fiscal year (FY) 2024 round of the Capital Magnet Fund…
CFPB Orders Apple and Goldman Sachs to Pay Over $89 Million for Apple Card Failures
October 23, 2024 / Source: CFPB
Washington, D.C. â Today, the Consumer Financial Protection Bureau (CFPB) took action against Apple and Goldman Sachs for customer service breakdowns and misrepresentations that impacted hundreds of thousands of Apple Card users. The CFPB found that Apple failed to send tens of thousands of consumer disputes of Apple Card transactions to Goldman Sachs, and when Apple…
Prepared Remarks of CFPB Director Rohit Chopra at the Federal Reserve Bank of Philadelphia on the Personal Financial Data Rights Rule
October 23, 2024 / Source: CFPB
Thank you to everyone at the Federal Reserve Bank of Philadelphia for organizing todayâs event. I especially want to thank President Patrick Harker for his service to this region and our country. Today, the Consumer Financial Protection Bureau has finalized the Personal Financial Data Rights rule, which implements an authority enacted by Congress in 2010…
CFPB Finalizes Personal Financial Data Rights Rule to Boost Competition, Protect Privacy, and Give Families More Choice in Financial Services
October 22, 2024 / Source: CFPB
WASHINGTON, D.C. â Today, the Consumer Financial Protection Bureau (CFPB) finalized a rule that will give consumers greater rights, privacy, and security over their personal financial data. The rule requires financial institutions, credit card issuers, and other financial providers to unlock an individualâs personal financial data and transfer it to another provider at the consumerâs request for free….
OCC Guidelines Establishing Standards for Recovery Planning by Certain Large Insured National Banks, Insured Federal Savings Associations, and Insured Federal Branches:Â Final Guidelines
October 22, 2024 / Source: OCC
Summary The Office of the Comptroller of the Currency (OCC) is revising its guidelines establishing standards for recovery planning by certain large insured national banks, federal savings associations, and federal branches at 12 CFR 30, appendix E. The final guidelines are effective on January 1, 2025, with staggered compliance dates. Note for Community Banks The…
FHFA Proposes Rule to Improve Federal Home Loan Bank Governance
October 21, 2024 / Source: FHFA
Washington, D.C. â The Federal Housing Finance Agency (FHFA) issued a notice of proposed rulemaking which addresses boards of directors and executive management of the Federal Home Loan Banks (FHLBanks) and the FHLBank Systemâs Office of Finance. The proposed rule will update and clarify regulatory requirements on a variety of corporate governance topics. “The Federal Home…
OCC Finalizes Revisions to Its Recovery Planning Guidelines
October 21, 2024 / Source: OCC
WASHINGTONâThe Office of the Comptroller of the Currency (OCC) today finalized revisions to its recovery planning guidelines for certain large insured national banks, federal savings associations, and federal branches (banks). The revisions to the recovery planning guidelines are part of the OCCâs effort to ensure that large banks are adequately prepared for and have developed…
Interest Rate Risk:Â Interest Rate Risk Statistics Report
October 21, 2024 / Source: OCC
Summary The Office of the Comptroller of the Currency (OCC) today published the fall 2024 edition of the Interest Rate Risk Statistics Report. The report presents interest rate risk data gathered during examinations of OCC-supervised midsize and community banks and federal savings associations (collectively, banks). The statistics are for informational purposes only and do not represent…
FTC Issues Annual Report to Congress on Agencyâs Actions to Protect Older Adults
October 20, 2024 / Source: FTC
The Federal Trade Commission has issued its latest report to Congress on protecting older adults, which highlights key trends based on fraud reports by older adults, and the FTCâs multipronged efforts to combat the problem through law enforcement actions, rulemaking, and outreach and education programs. The report, Protecting Older Consumers, 2023-2024, A Report of the Federal Trade…
FDIC Extends Compliance Date for Subpart A of the FDIC Official Signs and Advertising Requirements, False Advertising, Misrepresentation of Insured Status, and Misuse of the FDICâs Name or Logo
October 17, 2024 / Source: FDIC
WASHINGTON â The Federal Deposit Insurance Corporation announced that it is providing financial institutions additional time to get new process and systems in place by extending the compliance date for the new FDIC signage and advertising rule from January 1, 2025, to May 1, 2025. The extension applies only to a portion of the final rule…
Treasury Announces Enhanced Fraud Detection Processes, Including Machine Learning AI, Prevented and Recovered Over $4 Billion in Fiscal Year 2024
October 17, 2024 / Source: Treasury
WASHINGTON â Today, the U.S. Department of the Treasury announced that its latest efforts in taking a technology and data-driven approach to fraud and improper payment prevention enabled the prevention and recovery of over $4 billion in fraud and improper payments this fiscal year (FY) (October 2023 â September 2024), up from $652.7 million in…
U.S. Department of the Treasury Reaches Major Milestone, Approving Over $500 Million to Support Small Businesses in Tribal Nations
October 17, 2024 / Source: Treasury
WASHINGTON â Today, the U.S. Department of the Treasury (Treasury) announced reaching a major milestone with the approval of over $500 million in State Small Business Credit Initiative (SSBCI) Capital Program applications from Tribal Nations. This milestone was reached with the approval of up to $86.9 million for the Cherokee Nation and the approval of eight…
OCC Announces Enforcement Actions for October 2024
October 17, 2024 / Source: OCC
WASHINGTONâThe Office of the Comptroller of the Currency (OCC) today released enforcement actions taken against national banks and federal savings associations (banks), and individuals currently and formerly affiliated with banks the OCC supervises. The OCC uses enforcement actions against banks to require the board of directors and management to take timely actions to correct the…