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    iLearn - 5 Facts in 1 Minute: The Military Lending Act Edition
    iLearn - 5 Facts in 1 Minute: The Military Lending Act Edition

    By: Carly Souther

    1. The Military Lending Act (MLA) applies to active-duty servicemembers

    2. Servicemember Right: 36% Interest Cap

    3. Servicemembers Civil Relief Act

    4. No Mandatory Military Allotments

    5. No Prepayment Penalty

    Your Weekend Recap: Experian Lied About Credit Scores it Sold
    Your Weekend Recap: Experian Lied About Credit Scores it Sold

    News related to fraud and the Fair Credit Reporting Act that broke last weekend.

    The top story? Experian lied to consumers about credit scores it sold, must pay $3 million

    Counterfeit Currency: Feds Say "Fake Money" Trafficking  is Worth More Than Cocaine Trade!
    Counterfeit Currency: Feds Say "Fake Money" Trafficking is Worth More Than Cocaine Trade!

    By: Carly Souther

    Downloadable ProductU.S. Secret Service "Know Your Money" PDF

    During the 2015 fiscal year, the U.S. Secret Service seized about $146 million in fake banknotes.

    Most recently, in November 2016, the Secret Service announced its largest ever seizure of fake U.S. bills. $30 million and €50K were recovered from buildings in Lima, Peru. Some counterfeit notes, such as the Peruvian note and North Korea's "supernotes," are difficult-to-create: They are made from the same three-quarters cotton, one-quarter linen fiber paper composition used in real U.S. dollars. Others, such as a Virginia hairstylist's "washed" notes, are easier to create (but nonetheless difficult to detect).

    Perhaps you think that your employees have examined so many authentic bank notes that they can quickly spot a fake. Yet, this may not be the case. Although the money becomes the customer's property when s/he leaves your institution, strict policies on refunding bills do not instill customer trust nor are the good for your corporate image

    If you'd like to learn more about the financial impacts of counterfeit currency and the protective measures your institution can take to prevent the receipt of fake money, register for our upcoming "Fraud Fighter" program on Thursday, 18 of May at 11AM ET. 

    CFPB: How Much Do Your Accountholders Really Know About the Bureau?
    CFPB: How Much Do Your Accountholders Really Know About the Bureau?

    By: Kit Souther 

    The future of the Consumer Financial Protection Bureau (CFPB) is uncertain under the Trump Administration. Regardless of how tumultuous the relationship is between the Bureau and the banking industry, the CFPB has collected $12 billion in refunds for 27 million U.S. adults since it opened in 2011. Based on this fact alone, one could reasonably assume that a vast majority of your clients or members have a favourable opinion of the agency.

    Yet, one would be wrong. According to an article published on the 1st of March, an astonishing 81% of American adults do not know enough about the CFPB to have a formed an opinion about the Bureau and its practices. So, how much do your accountholders really know about the CFPB? Read the full post to find out more!

    March Newsletter Editorial: National Consumer Protection Week
    March Newsletter Editorial: National Consumer Protection Week

    Greetings:

    Gearing up for the Federal Trade Commission's 19th Annual National Consumer Protection Week (NCPW) next week (5-11 March 2017), Maureen K. Olhausen, acting FTC Chair, said the campaign's website is an important tool to inform Americans of their consumer rights and help them make informed buying decisions.

    The FTC has recognized the power of the Internet. According to the Pew Research Center, the share of all U.S. adults who use the internet increased from 52% in 2000 to 84% in 2015.

    ...
    Your Weekly Financial e-Update: Appeals Court to Reconsider CFPB Independence

     

    By: Carly Souther

     

    Carly Souther

     

    21 February 2017Op-Ed: "Trump Wants to Cut Red Tape? He Should Start with the CFPB." Jay Richards, PhD, asserts that "[i]f President Trump is looking for ways to make good on his pledge to slash counterproductive regulations, he should support the" recently introduced bill to abolish the Consumer Financial Protection Bureau (CFPB).  The bill, introduced by Senator Ted Cruz and Rep. John Ratcliffe (both Texas Republicans) on the 14th of February, would repeal Title...

    Your Weekly Financial e-Update: CFPB Expands UDAAP, GOP to Repeal Prepaid-Card Rule, & More!

    By: Carly Souther 

    Carly Souther

     

    CFPB Expands Scope of UDAAP 

    The Consumer Financial Protection Bureau (CFPB) ordered Mastercard and UniRush to pay $13 million for breakdowns related to prepaid-cards that resulted in tens of thousands of consumers without access to their money. The CFPB claims consumers were given inaccurate account information and were not provided with adequate customer service after the breakdowns. The order says the companies engaged in "unfair acts or practices" by failing to cond...

    Trump Bump & CFPB Dump?

    But what has Trump done that may affect your bank or credit union? The answer, much like the consequences of his other policy actions, is…unclear. Yet, one action of note is a memorandum that imposes a moratorium on new agency regulations. 

    Does the moratorium affect the CFPB?

    The answer to this query hinges on whether Trump considers the CFPB to be an independent bureau – as it was established under Dodd-Frank—in light of the D.C. Circuit's ruling that the Bureau should be stripped of its independence and placed under the direction of the President. If the ruling stands, then Trump will have the power to fire CEO Richard Cordray and, effectively, dismantle the agency.

    Filling the Gender Gap: Women in the Financial Industry

    Gender and diversity gaps exist in most industries in the United States and around the world. Below, you will read about two financial institutions and one lending trend that have started to fill these lacunae in recent years.

    Furnishers' Compliance Obligations for Consumer Credit Information Under the FCRA and ECOA

    Banks and credit unions that provide information to Credit Reporting Agencies (CRAs) must implement effective policies and procedures to ensure compliance with the Fair Credit Reporting Act (FCRA) and the Equal Credit Opportunity Act (ECOA). One important policy your financial institution must establish is the periodic testing of your reporting systems to verify complying with the requirements of the FCRA and ECOA.