United States federal banking legislation

Business credentialing, audit and site survey leader, ComplyTraq, unveils new platform.

Retrieved on: 
Friday, December 18, 2020

Credentialing - Proper credentialing of businesses who access consumer information.

Key Points: 
  • Credentialing - Proper credentialing of businesses who access consumer information.
  • ComplyTraq has designed training programs for FCRA and Red Flags compliance around the proper and improper uses of consumer credit information.
  • Auditing - A complete service to assure that users of consumer information are in compliance with the contracts under which they obtain information from your business.
  • Unauthorized use of data without permissible purpose or proper business validation can be devastating to your business.

Open Lending Signs Members 1st Federal Credit Union to the Lenders Protection™ Program

Retrieved on: 
Wednesday, December 16, 2020

They announced today that Members 1st Federal Credit Union, a $5.3 billion institution based in Mechanicsburg, PA, has signed with Open Lending to implement their Lenders Protection program.

Key Points: 
  • They announced today that Members 1st Federal Credit Union, a $5.3 billion institution based in Mechanicsburg, PA, has signed with Open Lending to implement their Lenders Protection program.
  • Since its establishment in 1950, Members 1st has been dedicated to serving its members through support, empowerment, and meaningful relationships.
  • Open Lending will allow us to serve more members auto loan needs as we continue delivering unparalleled experiences to our member-owners.
  • By implementing the Lenders Protection program, Members 1st will have a powerful and safe way to provide competitively priced auto loans to a wider range of members.

Community Reinvestment Fund, USA Receives Record $15 Million Gift from Philanthropist MacKenzie Scott

Retrieved on: 
Wednesday, December 16, 2020

Community Reinvestment Fund, USA (CRF) a national non-profit organization with a mission to empower people to improve their lives and strengthen their communities through innovative financial solutions has received a $15 million grant from philanthropist MacKenzie Scott.

Key Points: 
  • Community Reinvestment Fund, USA (CRF) a national non-profit organization with a mission to empower people to improve their lives and strengthen their communities through innovative financial solutions has received a $15 million grant from philanthropist MacKenzie Scott.
  • These innovations will help thousands of diverse small businesses access the capital and support resources they need to overcome systemic inequities.
  • This grant will help us cultivate new income growth, build community wealth, create quality jobs, and maximize economic mobility for all.
  • Working with community partners across the country, CRF will be able to leverage these investments for outsized community impact.

SEC Adopts Final Rules for the Disclosure of Payments by Resource Extraction Issuers

Retrieved on: 
Wednesday, December 16, 2020

The rules implement Section 13(q) of the Exchange Act, which was added by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).

Key Points: 
  • The rules implement Section 13(q) of the Exchange Act, which was added by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).
  • The Commission adopted rules to implement Section 13(q) in 2016, but the 2016 Rules were disapproved pursuant to the CRA by a joint resolution of Congress.
  • The final rules represent another step in the Commissions continued efforts to implement Section 1504 of the Dodd-Frank Act, said SEC Chairman Jay Clayton.
  • The final rules are designed to achieve the statutory objective of promoting the transparency of resource extraction issuers payments to governments while adhering to the CRAs limitation that the new rule not be substantially the same as the disapproved rule.

Bank of Southern California Hires William (“Bill”) Sloan and Sam Kunianski to Grow Southern California Presence

Retrieved on: 
Wednesday, December 16, 2020

William (Bill) Sloan Executive Vice President, Real Estate Commercial Banking

Key Points: 
  • William (Bill) Sloan Executive Vice President, Real Estate Commercial Banking
    William Sloan joined the company as Executive Vice President, Commercial Banking, where he will focus on Commercial Real Estate and will be responsible for developing client relationships and expanding Bank of Southern Californias presence throughout Southern California.
  • Mr. Sloan is a seasoned banking veteran with 37 years of industry experience specializing in commercial lending with an emphasis on Commercial Real Estate business.
  • Sam Kunianski Executive Vice President, C&I Commercial Banking
    Sam Kunianski joined Bank of Southern California as Executive Vice President, Commercial Banking.
  • We are excited to welcome Bill and Sam to Bank of Southern Californias newly expanded Commercial Banking team.

2019 CRA Peer Data Now Available in RiskExec

Retrieved on: 
Tuesday, December 15, 2020

WASHINGTON, Dec. 15, 2020 /PRNewswire/ --Asurity announces the successful integration of the 2019 CRA peer data set into RiskExec, its comprehensive web-based compliance reporting and analysis platform that automates HMDA, CRA, redlining, fair lending, and fair servicing processes.

Key Points: 
  • WASHINGTON, Dec. 15, 2020 /PRNewswire/ --Asurity announces the successful integration of the 2019 CRA peer data set into RiskExec, its comprehensive web-based compliance reporting and analysis platform that automates HMDA, CRA, redlining, fair lending, and fair servicing processes.
  • The data is available in RiskExec's Peer Analysis module.
  • The 2019 CRA peer data set includes data from 695 lenders comprising over 7.6 million small business loans and over 205,000 small farm loans.
  • "This year the CRA Peer data was released quite late at the end of the year," says RiskExec President Dr. Anurag Agarwal.

FTC’s AppFolio case: The Fair Credit Reporting Act does more than just abide

Retrieved on: 
Tuesday, December 8, 2020

An FTC settlement that includes a $4.25 million civil penalty reminds businesses like AppFolio of the Fair Credit Reporting Acts requirement that they follow reasonable procedures to ensure the accuracy of information in their reports.

Key Points: 
  • An FTC settlement that includes a $4.25 million civil penalty reminds businesses like AppFolio of the Fair Credit Reporting Acts requirement that they follow reasonable procedures to ensure the accuracy of information in their reports.
  • Consumer reporting agency AppFolio assembles and merges information obtained from other CRAs to create background screening reports, which it then sells to property managers.
  • For more top-line tips, read What Tenant Background Screening Companies Need to Know About the Fair Credit Reporting Act.
  • In case you thought we wouldnt close with a comparison between The Big Lebowski and the Fair Credit Reporting Act, think again.

Setting the debt parking brake

Retrieved on: 
Monday, November 30, 2020

Setting the debt parking brakeFor consumers victimized by the pernicious practice of debt parking, the impact on their financial health can be devastating.

Key Points: 

Setting the debt parking brake

    • For consumers victimized by the pernicious practice of debt parking, the impact on their financial health can be devastating.
    • And if youre a debt collector who engages in debt parking, an FTC settlement with Midwest Recovery Systems suggests you could face law enforcement action for violations of the FTC Act, the Fair Debt Collection Practices Act, and the Fair Credit Reporting Act.
    • Just what is debt parking?
    • Its the practice of placing purported debts on consumers credit reports without first attempting to communicate with the consumer about the debt.
    • Some call it passive debt collection, but theres nothing passive about the injury it can inflict.
    • Heres an example cited in the complaint of how the defendants used debt parking to help line their pockets with millions in gross revenue.
    • He contacted the hospital where he supposedly owed the debt, only to be told that he owed just an $80 co-pay.
    • In addition to alleging the defendants made false or unsubstantiated representations in violation of the FTC Act and the Fair Debt Collection Practices Act, the complaint expressly challenges their debt parking tactics as an unfair practice under the FDCPA.
    • This is the first FTC case to address debt parking and thus the first to challenge the practice as unfair under the FDCPA but the message couldnt be clearer.

Consumer Advocacy Organization Credit KODA Forms Strategic Alliance With National Legal Network; Addressing Credit Reporting Errors

Retrieved on: 
Tuesday, November 17, 2020

A consumer advocacy organization has announced a new strategic alliance for purposes of assisting people throughout America who struggle with correcting errors on their credit reports.

Key Points: 
  • A consumer advocacy organization has announced a new strategic alliance for purposes of assisting people throughout America who struggle with correcting errors on their credit reports.
  • The non-profit foundation, Credit KODA , will turn to Scottsdale-based McCarthy Law and their national network of attorneys for legal assistance.
  • According to Credit KODA representatives, credit reporting errors are rampant usually one in six are affected and consumers are either unaware of them or unable to get them corrected when dealing with the three major credit reporting agencies.
  • Credit KODA is a non-profit organization that exists to advocate for consumers rights under the Fair Credit Reporting Act (FCRA), which was passed by Congress in 1970.

50 years of the FCRA

Retrieved on: 
Wednesday, October 28, 2020

A review of 50 years of enforcement suggests that the law has been worth its weight in gold to consumers.

Key Points: 
  • A review of 50 years of enforcement suggests that the law has been worth its weight in gold to consumers.
  • But it also demonstrates that regular polishing is necessary to ensure that entities covered by the FCRA honor their legal obligations.
  • Even a quick read of the FCRA reveals three notable features that are as applicable today as they were in 1970.
  • Second, the FCRA includes express mandates to improve the accuracy and integrity of the information included in consumer reports.