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CFPB’s Guidance on Junk Fees

Posted by kboatwright on  November 3, 2022
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Category: CFPB
Fee income practices have been making headlines for months, and in some cases years. Financial institutions that have had the unfortunate experience of being cited or accused of having potentially unfair, deceptive, or abusive policies can attest to the damage certain unchecked fee income practices can have on the organization.  Reputation, income, and company morale are all negatively affected when fee income policies are determined to be unfair or deceptive. We here at COMPLIANCE RESOURCE

FTC ANPR ON REVIEW AND ENDORSEMENT PRACTICES

Posted by Brent V on  October 31, 2022
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On October 22, 2022, the Federal Trade Commission (FTC) published an Advance Notice of Proposed Rulemaking (ANPR) on potential harms stemming from deceptive or unfair review and endorsement practices, such as using fake reviews, suppressing negative reviews, and paying for positive reviews. Research shows that many consumers rely on reviews when they’re shopping for a product or service, and that fake reviews drive sales and tend to be associated with low-quality products. The rapid growth of online marketplaces

5TH CIRCUIT CHALLENGES THE CFPB’S RIGHT TO EXIST

Posted by jholzknecht on  October 27, 2022
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In Community Financial Services Association v. CFPB, which has been working its way through the courts since 2018, a three-judge panel of the 5th U.S. Circuit Court of Appeals (Louisiana, Mississippi, and Texas) threw out a CFPB regulation governing high-interest-rate lenders and ruled that the way the bureau is funded, is unconstitutional. The immediate impact is that the Payday Lending Rule is suspended in Louisiana, Mississippi, and Texas. The CFPB is expected to appeal to the

SAFE ACT ANNUAL RENEWAL

Posted by jholzknecht on  October 27, 2022
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Category: Regulation G, SAFE Act
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The National Multistate Licensing System and Registry’s (NMLS) 2022 renewal period begins November 1 and continues through December 31. All Mortgage Loan Originators (MLO), as defined in Regulation G, 12 CFR 1007, who are registered with the Registry are required to complete the annual registration renewal. One exception to the renewal requirement is for MLOs who completed their initial registration with the Registry less than 6 months prior to the end of the annual renewal

$6 MILLION PENALTY FOR REGULATION Z VIOLATIONS

Posted by jholzknecht on  October 27, 2022
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On September 27, 2022, the Office of the Comptroller of the Currency imposed a $6 million penalty on Sterling Bank and Trust of Southfield, MI for engaging in unsafe and unsound banking practices, including violations of the Truth in Lending Act and Regulation Z. Between approximately mid-2011 and December 2019, the Bank: Offered the Advantage Loan Program (“ALP”), a low-document mortgage loan program, which was the Bank’s primary loan product during this period. The Bank

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