December 7, 2011
December 8, 2011
Consumer Financial Protection Bureau (CFPB)
The CFPB has issued a report on the first three months of data collected about credit card complaints. Three main observations were made in the report:
- Consumer confusion regarding the terms of credit cards and associated products such as debt protection;
- Third-party fraud with regards to charges made on the credit cards; and
- Factual disputes between the consumer and credit card issuers.
The CFPB will use information gathered from complaints to determine how to best address the issues through a variety of means, ranging from consumer education and engagement to new regulatory policies.
The CFPB is also asking for public comment on its proposed policy for disclosing certain credit card complaint data. The proposed policy would make available to the public a searchable database containing various data fields for each complaint. Comments are due by Jan. 30, 2012.
The CFPB announced the formation of a joint task force to combat scams targeting homeowners seeking to apply for the Home Affordable Modification Program (HAMP). The task force will focus both on shutting down the scams and providing education programs to vulnerable homeowners.
The CFPB has launched a new “Know Before You Owe” project aimed at simplifying credit card agreements so that the prices, risks and terms are easier for consumers to understand. The project provides a new test prototype credit card agreement. The CFPB has invited the public to comment on the proposed agreement by submitting comments directly on the project webpage. No due date for comments has been listed.
National Credit Union Administration (NCUA)
The NCUA released a report showing that the key indicators for the credit union industry generally improved or remained steady in the third quarter of 2011.
The NCUA Office of Small Credit Union Initiatives has released its first free training video. The informational half-hour video provides an overview of OSCUI’s role within the NCUA and highlights programs like Direct Assistance, Training, Financial Assistance, and Partnerships with government that are available for small credit unions.
Office of Foreign Assets Control (OFAC)
The OFAC SDN list was updated again. Last update: Dec. 1, 2011.
Questions? Contact the Compliance Hotline: 1.800.546.4465, firstname.lastname@example.org.