Compliance News

The Consumer Financial Protection Bureau said that its recent examinations revealed unfair, deceptive, or abusive acts at companies servicing auto loan and student loans; Fair Debt Collection Practices Act violations by debt collectors; and issues with medical payment products.

The federal government underestimates the amount of time and resources community banks dedicate to reporting suspicious activity, the Independent Community Bankers of America (ICBA) told the Financial Crimes Enforcement Network.

The Consumer Financial Protection Bureau issued an interim final rule to extend compliance deadlines for its 1071 small-business rule following a Supreme Court ruling that ended a temporary injunction on the rule.

Federal financial services regulators issued a final rule to implement quality control standards for automated valuation models, or AVMs, which mortgage lenders use to value real estate collateral.

In recognition of World Elder Abuse Awareness Day, the Financial Crimes Enforcement Network reminded financial institutions to remain vigilant in identifying and reporting suspicious activity related to elder financial exploitation. FinCEN offers resources to help stakeholders.

A look at some of the hearings taking place this week that are relevant to community bankers.

The Consumer Financial Protection Bureau launched a public inquiry into what is driving an increase in mortgage closing costs.

The Consumer Financial Protection Bureau argued in a court filing that online-initiated wire transfers are subject to the Electronic Fund Transfer Act and Regulation E, even though the law exempts transfers made by banks “by means of” a wire service.