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Consumer Financial Protection Bureau (CFPB)

CFPB and Bluestem Reach Settlement

The CFPB and Bluestem have filed a consent order that requires Bluestem, a Minnesota-based business, to improve their operations regarding the identification and forwarding of customer payments on accounts sold to debt buyers.

The CFPB found that Bluestem had violated the Consumer Financial Protection Act of 2010. Bluestem was found to have been delaying payments being made on accounts that had been sold to debt buyers. This likely led to misleading collection activity for customers, including making payments on paid off accounts.

 

Financial Crimes Enforcement Network (FinCEN)

FinCEN Issues Advisory on Iranian Attempts to Exploit Financial System

In order to help financial institutions better identify and report possible illicit transactions involving the Islamic Republic of Iran, FinCEN has issued an advisory. The advisory includes information regarding the possible threats coming from the Iranian regime for US institutions as well as foreign institutions with correspondent banking relationships with US institutions. This includes potential red flags and descriptions of strategies used by the regime to evade sanctions. 

 

The Office of the Comptroller of the Currency (OCC)

OCC and Other Agencies Issue Statement on Financial Institutions Affected by Hurricane Michael

The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and state regulators have issued a statement asking financial institutions in areas that have been affected by Hurricane Michael to meet the needs of their communities.

The statement touched on how the institutions should handle lending, operating out of temporary facilities, publishing requirements, regulatory reporting requirements, monitoring investments, and receiving Community Reinvestment Act (CRA) loans.

The full statement can be found here.

 

Securities and Exchange Commission

SEC Launches FinHub

The SEC announced the launch of the Strategic Hub for Innovation and Financial Technology (FinHub). As financial technology develops and changes, FinHub will provide a place for the public to engage on important issues in this area. It also builds upon and replaces SEC groups that have focused on these issues in the past.

 

 

The Federal Deposit Insurance Corporation (FDIC)

FDIC Releases Spanish-Language Tool for Elders

The FDIC announced that they would release a Spanish-language version of Money Smart for Older Adults. The course is made to help older adults and those that take care of older adults identify the dangers of financial abuse targeted at elders. The course has been updated with new information to help older people stay informed, make smarter financial decisions, recognize the signs of fraud, and prevent fraud from occurring.

The National Credit Union Administration (NCUA)

NCUA Approves Amended Risk-Based Capital Rule and Rule for Federal Credit Union Bylaws

During its ninth open meeting of the year, the NCUA approved two items unanimously. The first item was a final rule regarding 2015’s risk-based capital rule, delaying the effective date until January 1, 2019. This final rule also raised the threshold for a complex credit union from $100 million to $500 million.

The second item was a proposed rule that would simplify credit union bylaws, making them clearer. Credit unions will be able to comment on this proposed rule.

 

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