Compliance Center: CFPB Issues Bulletin on Reporting Negative Account Histories

The CFPB warns financial institutions about misreporting account information to credit reporting companies; your question answered about FCRA requirements for credit reporting; plus this week’s legal briefs.

Dealing with FFIEC’s Social Media Guidance: Are Your Risk-Management Plans In Place?

The Federal Financial Institutions Examination Council recently outlined its expectations for adequately addressing social media risks – guidance that the NCUA, CFPB and state regulators are likely to follow. Justin Whitesides, an attorney for Farleigh Wada Witt, explains what credit unions need to do to comply.

CFPB Publishes Examination Procedures for Remittance Transfers

The Consumer Financial Protection Bureau has published its Examination Procedures for Remittance Transfers, which go into effect on Oct. 28. The CFPB only has direct examination oversight for financial institutions with more than $10 Billion in assets, but other regulators may look to these procedures when performing their own examinations.

CFPB Releases Initial Overdraft Study Results

The CFPB will continue to study overdraft programs before addressing any policy changes. But the Bureau has released the initial results of its 2012 inquiry. In our Strategic Link business partner feature this week, John M. Floyd, chairman and CEO of JMFA, shares perspective on the report.

Compliance Question of the Week

Our credit union participates in indirect lending where the auto dealers sign up new members. What are the CIP rules for the credit union?

CFPB Releases SAFE Act Exam Procedures

The CFPB has issued exam procedures for the SAFE Act, and the NCUA, DCBS and DFI are all likely to use these procedures to inform their own examinations.

Mortgage Originator Exam Steps Released by CFPB

The CFPB released its official Mortgage Origination Examination Procedures, which will serve as a “field guide for CFPB examiners” as they examine mortgage originators in all sectors of the financial services industry.

CFPB Releases Supervision, Examination Guidance

The Consumer Financial Protection Bureau recently released a manual to aid the agency’s examiners as they oversee financial services firms.

Legal Briefs

Your update on the regulatory landscape.

Legal Briefs June 1, 2010

Your update of the regulatory landscape.

Legal Briefs September 23, 2010

Your update of the regulatory landscape.

Legal Briefs March 24, 2011

Your update of the regulatory landscape.