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Top Story Compliance Related

01/14/2005

Bureau proposes mortgage rule tweaks

The Consumer Financial Protection Bureau has announced proposed adjustments to its mortgage rules to ensure access to credit. The proposal [85 page PDF] includes two changes that would help certain nonprofit organizations continue to provide mortgage credit and servicing to underserved populations. The proposal also lays out limited circumstances where lenders that exceed the points and fees cap can refund the excess amount to consumers and still have the loan be considered a Qualified Mortgage. The proposal would—

  • Add an alternative definition of a small servicer that would apply to certain 501(c)(3) nonprofit organizations so that they can continue to consolidate their servicing activities while maintaining their exemption from some of the servicing rules
  • Amend the ability-to-repay exemption in § 1026.43(a)(3)(v)(D) to allow certain 501(c)(3) nonprofit groups to continue to extend interest-free, forgivable loans ("soft seconds") without regard to the 200-loan limit
  • Add new paragraph 1026.43(e)(3)(iii) to provide a limited 120-day post-consummation opportunity for lenders to refund excess points and fees in order to meet Qualified Mortgage requirements, subject to certain policy and procedures requirements

Comments will be accepted for thirty days following publication in the Federal Register.

01/14/2005

Cordray on BMO Harris auto lending policy

CFPB Director Cordray issued a statement supporting BMO Harris Bank's plans to pay auto dealers a flat percentage of the loan amount to compensate dealers for originating indirect auto loans.

01/14/2005

FOMC statement

The Federal Reserve Board has released the Statement of the Federal Open Market Committee concerning purchases of Treasury securities and agency mortgage-backed securities.

01/14/2005

GAO financial literacy report

The Government Accountability Office (GAO), with the assistance of the Financial Literacy and Education Commission (Commission), has released an overview of federal activities, programs, and challenges regarding the financial literacy programs and activities currently conducted by eleven federal agencies and the Bureau of Consumer Financial Protection (CFPB). GAO observed improvements or successes in four areas—coordination, partnerships, delineating CFPB's role, and evaluation tools—but significant work remains to be done in one major area—determining the most effective and efficient allocation of federal resources.

  • Coordination. Coordination among federal agencies has improved in recent years, largely due to the role of the Commission. Recent efforts include a research clearinghouse and a coordinated initiative on youth education.
  • Partnerships. The Commission has continued to build and promote partnerships. Several initiatives have partnered with academics, nonprofits, and other entities.
  • Delineating CFPB's role. To help avoid unnecessary overlap, CFPB has further delineated its role in financial literacy efforts, discussing respective roles with federal agencies that have overlapping responsibilities and signing agreements on cooperation and areas of focus.
  • Evaluation tools. The Commission and CFPB have helped develop and disseminate evaluation tools to assess outcomes and effectiveness of financial literacy programs. CFPB also contracted with a company to develop metrics and outcome measures and with a nonprofit to evaluate and report on financial education programs and activities.

01/14/2005

IFR payment agreements status report

An OCC News Release has provided a status report on Independent Foreclosure Review (IFR) Payment Agreements that required large mortgage servicers to provide $3.9 billion in payments to 4.4 million eligible borrowers and $6.1 billion in other loss mitigation and foreclosure prevention assistance.

01/14/2005

Prohibition orders

The NCUA issued five orders in April 2014 prohibiting the following individuals from participating in the affairs of any federally insured financial institution:

  • Jayme Cather, aka Jayme Suiter
  • Aaron Kyle Harris
  • Susanne Jenness
  • Kelly Osborne
  • Erin Trevathan

01/14/2005

TBAC minutes and report

Treasury has released the minutes of the April 29, 2014 meeting of the Treasury Borrowing Advisory Committee (TBAC) and the TBAC report to Treasury Secretary Lew.

01/14/2005

FOMC statement

The Federal Reserve Board has released the Statement of the Federal Open Market Committee concerning purchases of Treasury securities and agency mortgage-backed securities.

01/14/2005

GAO financial literacy report

The Government Accountability Office (GAO), with the assistance of the Financial Literacy and Education Commission (Commission), has released an overview of federal activities, programs, and challenges regarding the financial literacy programs and activities currently conducted by eleven federal agencies and the Bureau of Consumer Financial Protection (CFPB). GAO observed improvements or successes in four areas—coordination, partnerships, delineating CFPB's role, and evaluation tools—but significant work remains to be done in one major area—determining the most effective and efficient allocation of federal resources.

  • Coordination. Coordination among federal agencies has improved in recent years, largely due to the role of the Commission. Recent efforts include a research clearinghouse and a coordinated initiative on youth education.
  • Partnerships. The Commission has continued to build and promote partnerships. Several initiatives have partnered with academics, nonprofits, and other entities.
  • Delineating CFPB's role. To help avoid unnecessary overlap, CFPB has further delineated its role in financial literacy efforts, discussing respective roles with federal agencies that have overlapping responsibilities and signing agreements on cooperation and areas of focus.
  • Evaluation tools. The Commission and CFPB have helped develop and disseminate evaluation tools to assess outcomes and effectiveness of financial literacy programs. CFPB also contracted with a company to develop metrics and outcome measures and with a nonprofit to evaluate and report on financial education programs and activities.

01/14/2005

IFR payment agreements status report

An OCC News Release has provided a status report on Independent Foreclosure Review (IFR) Payment Agreements that required large mortgage servicers to provide $3.9 billion in payments to 4.4 million eligible borrowers and $6.1 billion in other loss mitigation and foreclosure prevention assistance.

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