January 25, 2012
January 26, 2012
Consumer Financial Protection Bureau (CFPB)
The CFPB has announced the examination of payday lending. The CFPB will be gathering information and input on payday lending. The hearing will coincide with the bureau’s Short-Term, Small-Dollar Lending Program, the examination procedures for which were also released recently.
The CFPB has adopted a rule to protect consumers sending money internationally. The new rule will update Regulation E and require remittance transfer providers to disclose the exchange rate and all fees associated with a transfer so that consumers will know exactly how much money will be received on the other end. The rule also requires remittance transfer providers to investigate disputes and remedy errors. The rule will be effective one year after it is published in the Federal Register—sometime after Jan. 20, 2013.
The CFPB and Federal Trade Commission (FTC) have issued a joint announcement in which they pledge to work together to protect consumers. The signed agreement is to coordinate efforts to protect consumers and avoid duplication of federal law enforcement and regulatory efforts.
The CFPB and FTC have also announced a new law enforcement partnership to protect the military community. The new Repeat Offenders Against Military (RPAM) database will track completed enforcement actions against companies and individuals who repeatedly scam military personnel.
National Credit Union Administration (NCUA)
The NCUA has released Letter to Credit Unions 12-CU-02. The letter reviews the transitioning of U.S. Central Bridge Federal Credit Union’s Automated Clearing House (ACH) services. The objective is to ensure that all of U.S. Central Bridge’s ACH services are unwound and transitioned to other providers by no later than Dec. 31, 2012.
The NCUA also released Letter to Federal Credit Unions 12-FCU-01 announcing the Operating Fee Schedule for fiscal year 2012. The 2012 operating fee rate is 0.9 percent lower than the 2011 rate.
Office of Foreign Assets Control (OFAC)
The OFAC SDN list was updated again. Last update: Jan. 23, 2012.
Oregon Department of Consumer and Business Services (DCBS)
The Oregon DCBS has issued a warning regarding Hole-In-Won.com. Hole-In-Won.com is not licensed to sell insurance in Oregon, and the DCBS is asking organizations that have been approached by Hole-In-Won to contact Insurance Investigator Stephanie Noren.
Washington State Division of Credit Unions (DCU)
The Washington State DCU has released DCU Bulletin B-12-01. The bulletin covers the Investor Education in Your Workplace® (IEiYW) program and encourages credit unions to participate. The IEiYW® program is an award-winning 10-hour online financial and investment education program designed for credit union employees.
Questions? Contact the Compliance Hotline: 1.800.546.4465, email@example.com.