CFPB Makes Consumer Complaint Stories Public
The bureau says that making these stories public empowers consumers and informs the bureau, the public and financial institutions.
Anthem
Effective Compliance Management Program Should Include Complaint Tracking
Why would a credit union want to establish complaint tracking and management processes? The short answer is: “Because regulators are looking at your complaints.” Also in today’s Anthem: Legal Briefs, and the Question of the Week: “If a member wants to purchase a cashier’s check for $9,975 with a service fee of $50 and pays in cash, is the credit union required to file a Currency Transaction Report?”
CFPB Punishes Mortgage Company for Steering Customers to More Pricey Loans
The CFPB has cracked the whip on a Utah mortgage company which allegedly incentivized loan officers for steering consumers into high-interest loans.
Mortgage Broker Targeting U.S. Service Members Will Pay Record $7.5 Million to Settle Alleged Telemarketing Violations
The FTC cracked down on a mortgage broker by imposing a multi-million dollar fine. As today’s Compliance Update details, Mortgage Investors Corporation allegedly violated the “do not call” list and misrepresented terms of its loan products.
CUNA Continues to Push for Interchange Fixes
CUNA’s regulatory update includes details about interchange efforts, plus a preview of the NCUA Board meeting.