Oct. 12, 2012 – Credit union compliance officers looking for a convenient overview of the Consumer Financial Protection Bureau’s recently announced enforcement action against three American Express subsidiaries are encouraged to view today’s post on the NAFCU Compliance Blog.
Written by NAFCU Regulatory Compliance Counsel Michael Coleman, the post highlights key points of the enforcement action. For example, Coleman notes that the American Express subsidiaries were cited for violations of several federal consumer financial laws, including age discrimination, unlawful fees, and deceptive debt collection practices. The enforcement action “further illustrates the CFPB’s continued focus on all aspects of credit card issuers’ practices,” writes Coleman.
In the September issue of the NAFCU Compliance Monitor, the NAFCU Compliance Team wrote about the CFPB's first enforcement action from July. That was an enforcement order requiring Capital One Bank to refund $140 millon in fees to consumers and pay $25 million into a Civil Penalty Fund for using what the bureau deemed misleading and deceptive marketing tactics.
The latest enforcement order is just one of several key topics covered by the Compliance Blog this week. On Thursday, the NAFCU Compliance Team discussed the CFPB's proposed rule which would allow credit unions to send proposed mortgage periodic statements electronically; on Wednesday, it offered a close look at the question and answer portion of last month’s Senate testimony from CFPB Director Richard Cordray; and on Tuesday, it focused on the September 2012 NCUA Report.
As the regulatory environment has continued to heat up, the NAFCU Compliance Blog has grown in popularity. Recently, the blog crossed the 4,000 daily reader threshold.
NAFCU is encouraging members to take advantage of the blog, which is aimed at providing credit unions with a convenient way to stay up-to-date on new proposals and compliance requirements impacting them.
The daily postings are available online to members and nonmembers. Postings are available by email subscription as well.