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Top Story Compliance Related

04/20/2017

FTC proposes changes to COPPA Safe Harbor program

The Federal Trade Commission has announced it is seeking comment on proposed changes to TRUSTe's safe harbor program under the agency’s Children’s Online Privacy Protection Rule (COPPA). A notice will be published shortly in the Federal Register of proposed changes to the existing safe harbor program, including the addition of a new requirement that participants conduct an annual internal assessment of third-parties' collection of personal information from children on their websites or online services. Among the questions on which the Commission is seeking comment is whether the mechanisms used to assess compliance with the proposed modified program requirements are effective. The comment period will last for 30 days, until May 24.

04/20/2017

California lenders resolve HUD discrimination charges

The Department of Housing and Urban Development has announced a conciliation agreement with a group of California mortgage lenders to resolve allegations they discriminated against a mortgage applicant based on his national origin. A complaint filed by HUD alleged that American Financial Network of Brea, Benchmark Communities of Fresno, Brigantino Enterprise of Hollister, and an employee of Benchmark Communities failed to prequalify the applicant to purchase a home in Hollister because he is Hispanic. The case came to HUD's attention when the applicant filed a fair housing complaint alleging that he was unfairly denied an opportunity to prequalify for a mortgage loan, precluding him from purchasing a home because he is Hispanic. American Financial Network will pay the man $5,000; Benchmark Communities will provide annual fair housing training for its employees who interact with prospective homebuyers; and American Financial Network will provide annual fair housing training to current and new employees as they are hired.

04/19/2017

CFPB updates ex parte policy on rulemaking

The Bureau has announced it is updating its 2011 policy governing ex parte presentations. The policy generally requires public disclosure of ex parte communications made to the Bureau's decision-making staff about pending rules. Based on public feedback and CFPB’s own implementation experiences, some updates have been made to ensure the policy continues to foster fairness and transparency in rulemaking proceedings while also encouraging candid input from state entities. Key updates include a new state entity exemption and procedural improvements.

UPDATE: The revised policy is scheduled for publication in the Federal Register on April 21, 2017, with an effective date of May 22, 2017.

04/18/2017

OCC to host workshops in San Antonio

The OCC has announced it will host two workshops at the Crowne Plaza San Antonio Airport in San Antonio, Texas, May 23-24, for directors of national community banks and federal savings associations. The Credit Risk workshop on May 23 focuses on credit risk within the loan portfolio, such as identifying trends and recognizing problems. The workshop also covers the roles of the board and management, how to stay informed of changes in credit risk, and how to effect change. The Operational Risk workshop on May 24 focuses on the key components of operational risk—people, processes and systems. The workshop also covers governance, third-party risk, vendor management, and cybersecurity.

The OCC also reported that space is still available at its community bank workshops in Charlotte, North Carolina on April 25-26. The agency has expanded the invitation to the Charlotte workshops to include executive management and other key management officials of OCC-supervised institutions.

04/18/2017

CFBP sues law firm for deceiving consumers

The CFPB has filed a complaint in a federal district court against the debt collection law firm, Weltman, Weinberg & Reis, Cleveland, Ohio, for falsely representing in millions of collection letters to consumers that attorneys were involved in collecting the debt. The law firm made statements on collection calls and sent collection letters creating the false impression that attorneys had meaningfully reviewed the consumer’s file, when no such review had occurred. The CFPB is seeking to stop the unlawful practices and recoup compensation for consumers who have been harmed.

04/17/2017

FEMA corrects NFIP suspension info

The Federal Emergency Management Agency published in today's Federal Register a corrected list of communities in the State of Washington that were suspended on March 7, 2017, from the National Flood Insurance Program for non-compliance with the flood plain management requirements of the program. The list corrects the list published in FEMA's final rule published on March 13, 2017. The communities in the updated list are the cities of Lakewood and Ruston, both in Pierce County.

04/14/2017

OCC innovation 'office hours'

The OCC Office of Innovation will host two days of office hours for national banks, federal savings associations, and financial technology companies (fintech companies) wishing to discuss the OCC’s perspective on responsible innovation. This initial round of meetings will be held in the OCC's San Francisco Field Office on May 16 and 17, 2017. For more information see the agency's Innovation Home Page.

04/14/2017

Bureau proposes amendments to clarify HMDA rule

The Consumer Financial Protection Bureau has released a proposed rule to help financial institutions comply with the 2015 HMDA Final Rule by clarifying the information they will be required to collect and report about their mortgage lending. The proposed rule contains a number of clarifications, technical corrections, and minor changes to the HMDA regulation. These include clarifying certain key terms, such as "temporary financing" and "automated underwriting system." The proposal would also, for example, establish transition rules for reporting certain loans purchased by financial institutions. Another proposed change would facilitate reporting the census tract of a property, using a new geocoding tool the CFPB plans to provide online. Comments on the proposal will be accepted for 30 days after its publication in the Federal Register.

  • UPDATE:Published at 82 FR 19142 on April 25, 2017, with a comment deadline of May 25, 2017.

04/14/2017

OFAC adds SDN designations

The Treasury Department's Office of Foreign Assets Control (OFAC) has added one entity and six individuals to its SDN List with a combination of designations under OFAC's SDGT, LIBYA3, ISIL and IRAN-HR sanctions programs. See our OFAC Update for additional information.

04/13/2017

FTC to hold military consumer financial workshop

The Federal Trade Commission will host a workshop in San Antonio, Texas, on July 19, 2017, to examine financial issues and scams that can affect military consumers, including active duty servicemembers in all branches and veterans. The workshop also will discuss Commission resources available to military consumer advocates and representatives on financial readiness and fraud prevention, including the Commission's Military Consumer Toolkit. The toolkit allows personal financial managers, counselors, and others in the military community to share practical financial readiness tips. It can be individually customized and easily shared on social media.

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