1. The Federal Reserve and the Federal Deposit Insurance Corp. (FDIC) are ordering Higher One, which provides financial services to college students, to pay restitution to customers for deceptive practices. The Fed is requiring $24 million to be returned to 570,000 students. The FDIC wants Higher One and partner WEX Bank to return $31 million.
1. The FDIC has revised its Compliance Examination Manual to include recent supervisory guidance including revised Compliance Examination Report and CRA Evaluation templates, new guidance relative to Matters Requiring Board Attention (MRBA), and guidance on evaluating the impact of consumer harm on examination and supervisory activities. Allow our former Federal regulators to review your Compliance.
1. Home equity lines of credit (HELOCs) are finally showing signs of life again. Originations are expected to reach $80 billion among all U.S. lenders this year, nearly double the 2012 figure. Balance growth is also becoming more widespread as institutions slowly resolve issues with non-performing loans left over from the recession. Trends in customer.
1. The Consumer Financial Protection Bureau (CFPB) issued a bulletin on Thursday October 8, 2015 providing guidance to the mortgage industry regarding marketing services agreements. The bulletin offers an overview of the federal prohibition on mortgage kickbacks and referral fees, and describes examples from the Bureau’s enforcement experience as well as the risks faced by.
1. The Department of Justice (DOJ) is continuing to find cases of lenders steering minority borrowers into higher cost loans three years after the agency forced several large banks into landmark settlements, cracking down on the practice. A top official from the DOJ’s civil rights division recently opined that there are still lenders who are.