By Jeff Fotta
Browsing: Compliance and Risk
The Consumer Financial Protection Bureau issued a bulletin today describing its findings that Marketing Services Agreements are often used as a means to circumvent RESPA’s prohibitions on kickbacks and referral fees under the Real Estate Settlement Procedures Act’s Section 8 provisions.
By a bipartisan 303-121 vote, the House last night passed H.R. 3192, which would provide a safe harbor from enforcement actions and private civil actions for lenders making good-faith efforts to implement the new TILA-RESPA integrated disclosures. The safe harbor would extend to Feb. 1.
The Consumer Financial Protection Bureau today unveiled a plan that would prohibit customers from waiving their ability to participate in class action suits and limits drastically the use of mandatory arbitration agreements for financial products and services.
Fannie Mae and Freddie Mac yesterday issued letters to the mortgage lenders they work with explaining their posture toward compliance with the TILA-RESPA integrated disclosures, which went into effect for new mortgage applications on Saturday.
Highlighting the banking industry’s strong shared commitment with financial regulators to stop elder financial abuse and fraud, ABA President and CEO Frank Keating joined with Consumer Financial Protection Bureau Director Richard Cordray in authoring an op-ed for The Hill newspaper today.
Consumer Financial Protection Bureau Director Richard Cordray focused on payments in his remarks at a meeting with the Community Bank Advisory Council on Sept. 30 in Washington, D.C. Cordray said that the Bureau has identified four primary areas of concern regarding the payment system: transparency, security and access.
The full House is expected to vote this week on two bipartisan bills that are part of ABA’s Agenda for America’s Hometown Banks. H.R. 1553, introduced by Reps. Scott Tipton (R-Colo.), Lacy Clay (D-Mo.) and Andy Barr (R-Ky.), would raise the asset threshold for qualifying for the 18-month exam cycle from $500 million to $1 billion.
The Financial Crimes Enforcement Network (FinCEN) is withdrawing its proposed rulemaking to impose special measures against Lebanese Canadian Bank SAL (LCB).