Happy Memorial Day
Let us not forget those who gave all
Here are highlights of the past week's activities. Previous Weekly Rewinds are available on our Resources page.
From the CFPB:
Financial Coaching Initiative: Results and Lessons Learned
- This report presents results and lessons learned from the CFPB’s Financial Coaching Initiative. The CFPB placed financial coaches in 60 community-based organizations across the country, with the program reaching over 23,000 veterans and economically vulnerable consumers. The report provides guidance on how to implement a coaching program across a range of diverse communities and organizations. (Published May 26, 2021)
Action Against Auto Lender for Unfair Loss Damage Waiver Practices
- When a customer’s LDW payment was late, the finance company would charge interest on the late payment, but it did not disclose this charge to the customer. Between 2016 and 2021, California Auto charged about 5,800 customer accounts a total of $565,813 in interest on late payments of loss-damage-waiver fees without disclosing the charges.
(Published May 21, 2021)
Action Against Company for Deceptive Deposit and Loan Products
- The company advertised deposit products with guaranteed 15% APY and FDIC insurance, which was not the actual APR on the products. The company also marketed their personal loans as having a 440% APR, when the APRs were actually over 900%. (Published May 27, 2021)
From the FDIC:
Quarterly Banking Profile
- The FDIC reports that quarterly net income rose from a year ago, primarily because of negative provisions for credit losses; net interest margins contracted further, setting a record low; loan balances declined from the previous quarter and year, driven by a reduction in credit card balances; asset quality improved; and community banks reported an increase in quarterly net income from a year ago. (Published May 26, 2021)
From the FinCEN:
Innovation Hours Program Workshop on Privacy Enhancing Technologies
- FinCEN will host a special virtual FinCEN Innovation Hours Program on September 9, 2021, focusing on the important role of privacy-preserving principles in developing technical solutions that enhance financial services innovation while countering illicit activity and national security risks that undermine the integrity and opportunity of the U.S. financial system. FinCEN encourages participation by companies developing solutions to privacy issues, such as homomorphic encryption, zero-knowledge proofs, and other technology that balances privacy and financial integrity. This may include FinTech companies, RegTech companies, venture capital firms, and financial institutions. (Published May 26, 2021)
From the FTC:
From the NCUA:
General QMs: Extends the mandatory compliance date of General QM loans from July 1, 2021, to October 1, 2022 to preserve flexibility for consumers, particularly those affected by the COVID-19 pandemic. The final rule does not make other changes to the General QM loan definition.
Temporary GSE QMs: Extends the termination date of new GSE QMs to October 1, 2022, or when the applicable GSE exits federal conservatorship, if occuring earlier. The provision that created this loan category is commonly known as the GSE Patch. (Published 05/24/2021)
From the SEC:
Order Instituting Cease-and-Desist
- A monetary penalty of $1,500,000 was assessed for failure to file 130 SARs and filing 297 deficient SARs. SARs should "identify the five essential elements of information - who? what? when? where? and why? -
of the suspicious activity being reported." (Published May 12, 2021)
From the OCC:
Red poppies are the traditional symbol worn on Memorial Day, to commemorate the sacrifice of those who gave their lives for our country.
In Flanders fields the poppies blow
Between the crosses, row on row,
That mark our place; and in the sky
The larks, still bravely singing, fly
Scarce heard amid the guns below.
We are the Dead. Short days ago
We lived, felt dawn, saw sunset glow,
Loved and were loved, and now we lie
In Flanders fields.
Take up our quarrel with the foe:
To you from failing hands we throw
The torch; be yours to hold it high.
If ye break faith with us who die
We shall not sleep, though poppies grow
In Flanders fields.
"In Flanders Fields"
- John McCrae