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Washington
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  • WASHINGTON (10/1/14)--Today is the day the Consumer Financial Protection Bureau offers its third in a series of webinars on the new TILA-RESPA Integrated Disclosure rule . This session will address the loan-estimate form with a focus on questions raised by technology vendors, as creditors, mortgage brokers, settlement agents, software developers and other stakeholders work to implement the new rule by the Aug. 1, 2015, effective date. The 90-minute webinar s tarts at 2 p.m. (ET) . Registration is available at http://www.philadelphiafed.org/bank-resources/publications/consumer-compliance-outlook/outlook-live ...
  • SACRAMENTO, Calif. (10/1/14)--California Gov. Jerry Brown signed The Electronic Benefits Transfer Protection and Empowerment Act (AB 1614) into law this week, a measure that is intended to reduce the amount of ATM fees certain borrowers have to pay. The new law requires that state benefits recipients under the California Work Opportunity and Responsibility to Kids (CalWORKS) welfare program receive information that will help them avoid ATM fees being charged against them when accessing their benefits ( American Banker Sept. 30). The California Reinvestment Coalition, which advocates for equal access to financial services, issued a report in March that said CalWORKS and other public assistance recipients paid $19.4 million in ATM fees in 2012 to withdraw their benefits. American Banker says the report found that Bank of America earned $3.6 million from such fees, JPMorgan Chase received $2.8 million, while Wells Fargo obtained $2.3 million. The new responsibilities under the law fall on county CalWORKS administrators who must now inform recipients about direct deposit and other less-expensive alternatives to ATM services. Electronic benefit transfer (EBT) vendors who work with the program must provide a toll-free number and an online dashboard that allows recipients to report theft and track the use of their benefits. Jessica Bartholow, a legislative advocate for the Western Center on Law and Poverty, is quoted in the article as saying that improvements made by AB 1614 will increase the ability of California's poorest consumers to make choices and prioritize resources for their basic needs ...


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