Mulvaney Vows to Enforce the Law Without Targeting Companies that Operate Legally

Bureau of Consumer Financial Protection Acting Director Mick Mulvaney on Tuesday told ACA International members that while the bureau is serious about enforcing the law and holding bad actors accountable, “we are not going after people who are not breaking the law.”

FDIC-Insured Institutions Report $56 Billion in Net Income in First Quarter 2018 Community Bank Net Income Increases to $6.1 Billion

“The banking industry reported another positive quarter. However, the interest-rate environment and competitive lending conditions continue to pose challenges for many institutions. The industry must manage risks carefully to continue to grow on a long-run, sustainable path.” -- FDIC Chairman Martin J. Gruenberg

Attorney General Becerra Slams Vote by House of Representatives to Repeal Parts of Dodd-Frank Act

SACRAMENTO – California Attorney General Xavier Becerra today issued the following statement in response to the 258-159 vote by the U.S. House of Representatives to repeal parts of the Dodd-Frank Act. The measure was passed by the U.S. Senate in March:

Comptroller of the Currency Congratulates House on Passage of Important Regulatory Reforms

WASHINGTON—Comptroller of the Currency Joseph M. Otting issued the following statement upon passage by the U.S. House of Representatives of Senate Bill 2155, the “Economic Growth, Regulatory Relief and Consumer Protection Act.”

Congress nears dismantling of post-crisis bank rules

WASHINGTON (AP) — Congress was taking a final step Tuesday toward dismantling a chunk of the rules framework for banks installed to prevent a recurrence of the 2008 financial crisis that brought millions of lost jobs and foreclosed homes.

REVSPRING WELCOMES ROBERT HORWITZ AS GENERAL COUNSEL AND CHIEF COMPLIANCE OFFICER

LIVONIA, Mich. (May 18, 2018) – Compliance serves as a foundational pillar in the progress and future offerings of RevSpring. As a result, we are pleased to announce the appointment of Rob Horwitz as General Counsel and Chief Compliance Officer. In this role, Horwitz is responsible for managing the company’s legal services and compliance functions including leading the company’s compliance and ethics program, which encompasses all regulatory requirements and other recognized compliance program elements.

Federal Court Imposes Sanctions Against Gary L. Klopp for Civil Contempt

BALTIMORE, MD (May 21, 2018) – Maryland Attorney General Brian E. Frosh announced today that United States District Judge Richard Bennett, as a sanction for civil contempt, ordered Gary L. Klopp to pay more than $525,000 and barred him from engaging in the mortgage industry for two years.

AG FERGUSON SUES COMPANY FOR SCAMMING FORECLOSED HOMEOWNERS

OLYMPIA — Attorney General Bob Ferguson filed a consumer protection lawsuit against Kirkland- and Portland-based Real Estate Investment Network, LLC (REIN), accusing the company of scamming foreclosed homeowners out of equity in the form of surplus funds from the sale. These surplus funds can amount to tens of thousands of dollars from each homeowner.

Statement of the Bureau of Consumer Financial Protection on enactment of S.J. Res. 57

Today the President signed into law a bipartisan Congressional resolution disapproving a rule that was in the form of guidance issued by the Bureau of Consumer Financial Protection (Bureau) about indirect auto lender compliance with the Equal Credit Opportunity Act (ECOA) and its implementing regulation.

Trump signs repeal of auto-loan policy that targeted racial bias

President Trump has repealed auto-lending guidance from the Consumer Financial Protection Bureau (CFPB), revoking a rule that was put in place to protect minority customers from predatory practices.

AG Paxton Reminds Texans of May 31 Deadline to Claim Western Union Refunds

Attorney General Ken Paxton today reminded Texans of the May 31 deadline to submit claims in a $586 million settlement with Western Union affecting consumers who were deceived into sending payments to scam artists using the company’s wire transfer service. As many as 39,000 Texans are eligible for refunds.

TransUnion Expands Healthcare Solutions with Agreement to Acquire Healthcare Payment Specialists

TransUnion (NYSE: TRU) is boosting its healthcare solutions with the purchase of Healthcare Payment Specialists (HPS), a leader in helping healthcare providers optimize Medicare reimbursement.

Student Loan Servicers Continue Opposition to U.S. Department of Education’s Contract Decisions

The U.S. Department of Education (DOE) is seeking to dismiss a U.S. Court of Federal Claims case protesting its contract awards for Performant Recovery Inc. and Windham Professionals Inc., now that it canceled those contracts effective May 7.

Accounting for Age: The Financial Health of Millennials

Millennials and Generation X were the youngest working generations in 2016 and 2001, respectively. How do their balance sheets compare? Because of fewer assets and more debt, millennial households had an average net worth of about $90,000 in 2016 versus $130,000 for Generation X households in 2001.

Household Debt Continues Its Increase in the First Quarter of 2018

The CMD’s latest Quarterly Report on Household Debt and Credit reveals that total household debt reached a new peak in the first quarter of 2018, rising $63 billion to reach $13.21 trillion. Balances climbed 0.6 percent on mortgages, 0.7 percent on auto loans, and 2.1 percent on student loans this past quarter, while they declined by 2.3 percent on credit cards.

Time runs out for Congress to upend payday lending rule

Resolutions in both the Senate and House sought to kill the so-called payday rule, which aims to make sure consumers can afford to pay back these short-term, high-cost loans. In January, the Consumer Financial Protection Bureau said it plans to revisit the rule, whose compliance date is August 2019.

FCC Chairman Accepts Working Group’s Recommendations for Call Authentication

Federal Communications Commission Chairman Ajit Pai has accepted recommendations for an industry-developed call authentication system intended to stop the use of Caller ID spoofing from the North American Numbering Council (NANC.)

Attorney General Becerra: We Will Keep Fighting to Protect Retirees Against Financial Advisors Who Put Financial Gain Before Their Client’s Best Interests

SACRAMENTO – In order to continue defending crucial regulations that require retirement investment advisors to put the interests of their clients above their own financial gain, California Attorney General Xavier Becerra, joined by the Attorneys General of New York and Oregon, has asked the Fifth Circuit Court of Appeals to reconsider its decision denying the States’ motion to intervene. The Obama-era regulations, known collectively as the Fiduciary Rule, enshrined into federal law commonsense standards for professionals who give investment advice to people saving for retirement.

Organizations offer bureau enforcement process feedback

A trio of organizations recently weighed in on the Bureau of Consumer Financial Protection’s (CFB) request for information on the efficiency of the Bureau’s enforcement of federal consumer financial laws. The Financial Services Roundtable (FSR), the Consumer Bankers Association (CBA), and the Consumer Mortgage Coalition (CMC) submitted comments regarding the CFB’s efficacy via joint correspondence.

FTC Testimony Highlights Agency’s Work to Protect Consumers, Promote Competition

In testimony before the Senate Appropriations Subcommittee on Financial Services and General Government, the Federal Trade Commission described its work to protect consumers and promote competition through vigorous enforcement, education, advocacy, and policy work, and by anticipating and responding to changes in the marketplace.

NAR: Acting Director Mulvaney, Panelists Discuss Future of the CFPB and Real Estate Regulatory Policy

WASHINGTON, May 15, 2018 /PRNewswire/ -- The Bureau of Consumer Financial Protection plans to eliminate regulation by enforcement and increase regulatory clarity, according to speakers at the Regulatory Issues Forum at the 2018 REALTORS® Legislative Meetings & Trade Expo. The high-profile session, keynoted by CFPB Acting Director Mick Mulvaney, focused on regulatory policy concerns important to the real estate industry. During his remarks, Mulvaney addressed the latest actions out of the CFPB, plans for improved efficiency and effectiveness of agency operations, and his perspectives on issues important to Realtors®.

LendingTree, Inc. Announces Agreement to Acquire Ovation Credit Services

CHARLOTTE, N.C., May 11, 2018 /PRNewswire/ -- LendingTree, Inc. (NASDAQ: TREE) announced today that it has entered into a definitive agreement to acquire Ovation Credit Services, Inc., a leading provider of credit services with a strong customer service reputation. Ovation Credit Services utilizes a proprietary software application that facilitates the credit repair process and is integrated directly with certain credit bureaus while educating consumers on credit improvement via ongoing outreach with Ovation case advisors.

PenFed Launches Major Sponsorship of Washington Nationals

TYSONS, Va., May 15, 2018 /PRNewswire/ -- PenFed Credit Union, the nation's second largest federal credit union, today announced it has signed a unique and expansive sponsorship deal with the Washington Nationals Major League Baseball team. The new three-year agreement will expand upon a previous sponsorship and will designate a new, special area as "PenFed Military Appreciation Section" at Nationals Park.

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