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Comp Blog

New - July 15: Bureau sues Georgia debt collector / The latest from the Hill

By: Danielle Wright

CommentTuesday - July 15, 2014

CFPB sues Georgia debt collector

The Consumer Financial Protection Bureau announced yesterday the filing of a lawsuit against a Georgia-based firm, Frederick J. Hanna & Associates, and its three principal partners for operating a debt collection lawsuit mill that uses illegal tactics to intimidate consumers into paying debts they may not owe. The Bureau alleges that the Hanna firm churns out hundreds of thousands of lawsuits that frequently rely on deceptive court filings and faulty or unsubstantiated evidence. The CFPB is seeking compensation for victims, a civil fine, and an injunction against the company and its partners.

CUNA to testify at House reg relief hearing 

Today, CUNA will testify at a House Financial Services Committee hearing titled "Examining Regulatory Relief Proposals for Community Financial Institutions." CUNA will provide testimony on the following bills:  

  • The Regulation D Study Act (H.R. 3240), which directs the Government Accountability Office to study the impact of the Federal Reserve Board's monetary reserve requirements, implemented through Regulation D, on depository institutions, consumers and monetary policy;
  • The American Savings Promotion Act (H.R. 3374), which seeks to offer parity to financial institutions wishing to offer raffle-based prize-linked savings accounts to consumers;
  • The Community Bank Mortgage Servicing Asset Capital Requirements Study Act of 2014 (H.R. 4042), which directs the federal banking agencies to conduct a study of appropriate capital requirements for mortgage servicing assets for non-systemic banking institutions;
  • The SAFE Act Confidentiality and Privilege Enhancement Act (H.R. 4626), which would allow state and federal regulatory officials with mortgage or financial services industry oversight authority access to any information provided to the Nationwide Mortgage Licensing System and Registry without the loss of confidentiality protections provided by federal and state laws; and
  • The End Operation Choke Point Act of 2014 (H.R. 4986), which would amend the appropriate federal banking statutes, including the Federal Credit Union Act, to bar regulators from prohibiting, restricting or discouraging insured depository institutions from serving entities that are licensed or authorized to provide products and services, is a registered money transmitting business or has a reasoned legal opinion that demonstrates the legality of the entity's business.

CUNA has also been asked to provide comment on the discussion draft of the Access to Affordable Mortgages Act of 2014, which would amend the Truth in Lending Act to exempt certain higher-risk mortgages from property appraisal requirements.

Follow News Now LiveWire for updates.






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