Wednesday, September 4, 2013

FOMC policy directive (July)

09/04/13: Federal Open Market Committee; Domestic Policy Directive of July 30-31, 2013. Federal Reserve System.

FDIC final rule, records of failed institutions

09/04/13: Records of Failed Insured Depository Institutions. Final rule. Effective 10/04/13. FDIC.

FFIEC Appraisal Subcommittee to meet

09/04/13: Appraisal Subcommittee of the Federal Financial Institutions Examination Council; Notice of Meeting. Open meeting is 10:30 a.m. 09/11/13; closed session follows immediately.

NCUA releases material loss review on El Paso’s FCU

08/26/13: NCUA liquidated El Paso’s FCU last September. NCUA’s inspector general office released a 38-page material loss review last week that features numerous redactions throughout. The report highlights issues with excessive fee income and problems with internal controls and record keeping. It says NCUA examiners could have prevented losses to the National Credit Union Share Insurance Fund if they had been more aggressive in addressing these and “identified and followed up on potential fraud risk factors.”
  • OIG report on MLR PDF

Tuesday, September 3, 2013

SBA data collection, forms for 7(a), Lender Advantage programs

09/03/13: Data Collection Available for Public Comments. Comments due 11/04/13. The Small Business Administration is changing forms used for the standard 7(a) and Lender Advantage Programs.

CFPB plans Sept. 30 forum on student loan debt

08/29/13: This will be a discussion forum on the bureau’s findings regarding financial products marketed to students. The forum is scheduled for 1 p.m. Eastern in Washington. Consumer Financial Protection Bureau.

CFPB Consumer Advisory Board meets Sept. 18 in Jackson, Miss.

08/28/13: The CAB is scheduled to meet at 11 a.m. Central time at Mississippi Valley State University. Consumer Financial Protection Bureau.
  • Announcement in English HTML
  • Announcement in Spanish HTML

CFPB unveils toolkit to help public service employees out of student loan debt

08/28/13: The toolkit is for school districts and other public service organizations seeking to help their employees pay off  or find out how to get relief from student loan debt. Consumer Financial Protection Bureau.
  • CFPB announcement HTML
  • Cordray’s press call remarks HTML

CFPB announces leadership appointments

08/26/13: The bureau has announced four staff changes in the Office of Intergovernmental Affairs, Office of Research, Office of Regulations and Office of Financial Institutions and Business Liaison. Consumer Financial Protection Bureau.

Friday, August 30, 2013

NCUA sues Morgan Stanley over MBS sold to corporates

08/30/13: NCUA has filed suit in Federal District Court in Kansas against Morgan Stanley & Co., Inc. and other firms, alleging violations of federal and state securities laws in the sale of more than $566 million in mortgage-backed securities to the U.S. Central and WesCorp corporate credit unions.

NCUA issues prohibition orders

08/30/13: Seven persons are barred from future participation in the affairs of any federally insured financial institution. NCUA.
  • Announcement HTML
  • All NCUA prohibition orders HTML
  • Summary of most common types of orders, links to bank agency orders HTML

Cordray ratifies actions taken during recess appointment

08/30/13: Richard Cordray has affirmed and ratified actions he took while CFPB director under a recess appointment. He was confirmed to the director post this July. Consumer Financial Protection Bureau.

FDIC update of failed institutions list

08/30/13: Update to Notice of Financial Institutions for Which the Federal Deposit Insurance Corporation Has Been Appointed Either Receiver, Liquidator, or Manager. Names two banks closed 08/23/13. FDIC.

FTC final rule, telemarketing sales rule fees

08/31/13: Telemarketing Sales Rule Fees. Final rule. Effective 10/01/13. This increases the fees to entities accessing the National Do Not Call Registry. Federal Trade Commission.