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Comp Blog

New - August 15: NCUA recovery from BCT fraud / CFPA and SCRA fee scam / Regulation Z Thresholds published

By: Danielle Wright

CommentFriday - August 15, 2014

NCUA recovers $5.4M from BCT fraud prosecution

NCUA has received a restitution of almost $5.4 million resulting from a fraud prosecution by the U.S. Attorney’s office of the Northern District of New York.  The prosecution followed the 2011 liquidation of BCT Federal Credit Union of Binghamton, New York. Visions Federal Credit Union of Endicott, New York, purchased and assumed BCT’s assets, liabilities and member shares. Laura Conarton and her son, Scott Lonzinski, both of Susquehanna County, Pennsylvania, pleaded guilty in U.S. District Court to bank/financial institution fraud by providing false documents to the credit union in order to obtain approximately $14 million in loans. The $5,391,641 recovery followed the seizure of bank accounts and property and will be returned to the Share Insurance Fund.

CFPB stops SCRA fee scam

A news release from the CFPB has announced the end to a service member fee scam run by USA Discounters, Ltd., a company that operates a chain of retail stores near military bases and offers financing for purchases. USA Discounters tricked thousands of service members into paying fees for legal protections service members already had and for certain services that the company failed to provide. The CFPB has obtained more than $350,000 in refunds for service members harmed by this scam, and USA Discounters will pay an additional $50,000 civil penalty.

Annual Reg Z threshold adjustments published

The CFPB has published in today's Federal Register  a final rule reviewing and adjusting certain dollar amounts for provisions of Regulation Z under the Credit Card Accountability Responsibility and Disclosure Act of 2009 Act (CARD Act), the Home Ownership and Equity Protection Act of 1994 (HOEPA), and the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).

  • The minimum interest charge disclosure thresholds under the CARD Act will remain unchanged in 2015.
  • The adjusted dollar amount for the penalty fees safe harbor under the CARD Act in 2015 is $27 for a first late payment and $38 for each subsequent violation within the following six months.
  • For HOEPA loans, the adjusted total loan amount threshold is $20,391, effective January 1, 2015.
  • The adjusted statutory fee trigger for HOPEA loans is $1,020, effective January 1, 2015.
  • Effective January 1, 2015, for the purpose of creditor's determination of a consumer's ability to repay a transaction secured by a dwelling, a covered transaction is not a qualified mortgage unless the transaction's total points and fees do not exceed:
    • 3 percent of the total loan amount for a loan greater than or equal to $101,953; $3,059 for a loan amount greater than or equal to $61,172 but less than $101,953; 
    • 5 percent of the total loan amount for a loan greater than or equal to $20,391 but less than $61,172;
    • $1,020 for a loan amount greater than or equal to $12,744 but less than $20,391;
    • 8 percent of the total loan amount for a loan amount less than $12,744. 


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