By Carl Pry
Browsing: Compliance and Risk
The Consumer Financial Protection Bureau yesterday issued a report describing several lenders’ reverse mortgage advertisements as confusing to seniors. Based on focus groups of seniors, the CFPB said several reverse mortgage ads inadequately disclosed that reverse mortgages are loans, offered incomplete or inaccurate information about loan terms and included illegible fine print.
The Justice Department announced last week that four banks — Société Générale Private Banking (Lugano-Svizzera), MediBank AG, LBBW (Schweiz) AG, and Scobag Privatbank AG — have reached resolutions under the department’s Swiss Bank Program.
Consumer Financial Protection Bureau Director Richard Cordray told members of Congress yesterday that when enforcing the TILA-RESPA integrated mortgage disclosures starting on Aug. 1, the bureau would be “sensitive” to good-faith efforts by lenders to comply.
ABA yesterday said that the Consumer Financial Protection Bureau’s expansive authority to gather information under Section 1022 of the Dodd-Frank Act must be changed.
With the Aug. 1 TILA/RESPA integrated disclosure implementation date approaching soon and members facing questions about the complex new requirements, ABA has created a webpage dedicated to TRID frequently asked questions.
Top tips: Provide clear and conspicious disclosures, conduct thorough documentation and “ban the box.”
The FDICand OCC have released their third-quarter Community Reinvestment Act examination schedules, covering July through September 2015.
The Federal Reserve, FDIC and OCC on Friday launched the third round of comments in the decennial Economic Growth and Regulatory Paperwork Reduction Act review cycle, which is mandated by Congress in order to identify bank regulations that are outdated, unnecessary or burdensome.
Federal Communications Commission Chairman Tom Wheeler yesterday circulated a summary of his proposal to clarify the Telephone Consumer Protection Act’s restrictions on autodialed calls and texts. One item to be addressed is ABA’s petition to the agency for an exemption from TCPA’s requirement for “prior express consent” for autodialed calls to alert bank customers to fraudulent transactions, data breaches and actions required to complete funds transfers.