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Friday, August 29, 2014

This Week at the CFPB

A summary of this week's news about the CFPB from the ABIA and ABA Dodd-Frank Tracker:
The ABIA has a Task Force of members that work on issues related to the CFPB's regulation of insurance products. If you are an ABIA member and would like to learn more about ABIA's work with CFPB to educate them about the bank-insurance industry or join our CFPB Task Force, please contact us and visit our website.

CFPB Announces Advisory Board Members, New Hires

The Consumer Financial Protection Bureau yesterday announced new members for its consumer, community banker and credit union advisory councils. Of the nine new community bank advisory council members, six are executives at ABA member banks. The banker advisory council members will serve two-year terms.
 
The bureau also announced three new senior hires:
  • Patricia McClung, as assistant director for mortgage markets. She was previously senior housing policy adviser at the Federal Housing Administration and acting director of the FHA’s program development for single family housing.
  • Janneke Ratcliffe, as assistant director for financial education. She previously served as executive director of a financial services research center in Chapel Hill, N.C.
  • Will Wade-Gery, as assistant director for card and payments markets. He was previously acting assistant director and a senior counselor at the bureau, and a lawyer in private practice.
The ABIA has a Task Force of members that work on issues related to the CFPB's regulation of insurance products. If you are an ABIA member and would like to learn more about ABIA's work with CFPB to educate them about the bank-insurance industry or join our CFPB Task Force, please contact us and visit our website.

To learn more about the CFPB's regulation of insurance and enforcement actions, attend the ABIA Annual Conference, September 28-30 in San Antonio, where we will host a panel discussion on the CFPB's recent actions and the business of insurance.

Thursday, August 28, 2014

ABIA Holds Compliance Webinar on Military Sales

Today, the American Bankers Insurance Association hosted a Compliance Webinar and Discussion Group on Military Sales. McIntyre & Lemon, LLC discussed how states and the federal government - through the Military Personnel Financial Services Protection Act - have established many requirements for selling insurance products to military employees and their families.

View the presentation.

Download the recording.

Wednesday, August 27, 2014

ABIA Webinar on Complying with the Military Personnel Financial Services Protection Act

Today at 2:00pm ET, the ABIA is hosting a compliance webinar on the Military Personnel Financial Services Protection Act, through which states and the federal government have established many requirements for selling insurance products to military employees and their families. Learn how to avoid potential pitfalls in this webinar. An open Q&A session will follow, where counsel will answer any of your compliance questions. In addition, this course has been approved for Certified Regulatory Compliance Manager (CRCM) Continuing Education credit. Register now.

In related news, several banks and mortgage servicers yesterday announced a voluntary initiative with the White House to make it easier for active-duty service members to refinance their home loans to lower rates and payments. The initiative will help service members receive benefits they may not have known they were eligible for.

Under the initiative, the firms -- including Bank of America, Citigroup and Wells Fargo -- will work at least quarterly with the Defense Department to identify active-duty service members and their spouses who would qualify for rate reductions under the Servicemembers Civil Relief Act. They will proactively contact the eligible service members and simplify the application process.

Read more about the initiative.

Tuesday, August 26, 2014

FTC Considers Revising Telemarketing Sales Rule Regarding Preacquired Account Information & Recordkeeping

By ABIA Outside Counsel, Chrys D. Lemon, McIntyre & Lemon, PLLC

Federal Trade Commission Considers Whether to Revise the Telemarketing Sales Rule Regarding Use of Preacquired Account Information and Recordkeeping.

The Federal Trade Commission (FTC) has asked for comments from the public on whether it should consider revising several provisions of its Telemarketing Sales Rule (TSR). 

In a request for comment released August 11, 2014, the FTC asked for public comments on a significant number of issues about many provisions of the TSR.  The FTC also has asked about several specific issues, two of which are particularly noteworthy and are detailed in the full compliance article. 

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