Amir Erez’s Post

Feeling overwhelmed by changing CFPB regulations? 💬 Smaller credit unions, we hear you! Staying compliant can be a challenge, but you don't have to go it alone. Ready to gain confidence and insights? Contact the experts at Cedar Financial today! https://lnkd.in/daZdubeu #CFPBCompliance #CreditUnions #ComplianceExperts #FutureProof #ComplianceHelp #RegulationsSimplified #CollectionsStrategy #Cedarfinancial #puttingpeoplefirst

The Dodd-Frank Act, passed in 2010, aims to enhance financial regulation, #transparency, and #crisis prevention. Here's a breakdown of its key provisions: - Regulating Banks and Financial Institutions: The act establishes agencies like the #FSOC and rules such as the #VolckerRule to oversee and regulate bank activities, preventing excessive risk-taking. - Protecting Consumers: Through the #CFPB, the act safeguards individuals from unfair practices by financial entities, ensuring transparency and fairness in financial products. - Ending "Too Big to Fail": Large #banks must have a "living will" to prevent taxpayer-funded bailouts, mitigating the risk of systemic collapse in case of failure. - Increasing Transparency: The act mandates transparency in financial transactions, especially in complex products like #derivatives to reduce hidden risks. - Regulating Credit Rating Agencies: Holding agencies accountable for accurate ratings, the act addresses the issue of misleading financial assessments. - Executive Compensation and Corporate Governance: Shareholders can influence executive pay, and companies must disclose CEO pay ratios to curb excessive risk-taking. In essence, the Dodd-Frank Act sets forth regulations to ensure a safe and equitable financial system, curbing risky behaviour, protecting consumers, and safeguarding the economy from the repercussions of large financial failures. #doddfrankact #volckerrule #riskmanagement #creditrating #risk #derivative

As consumers, we all have the right to accurate and fair credit reporting. The Fair Credit Reporting Act (FCRA) ensures that every credit report, score, and detail should work for you, not against you. Understanding your rights under the FCRA is key to safeguarding your financial health. Whether you're monitoring your credit, disputing errors, or seeking justice, remember: you have the power to shape your financial journey. Let’s stay informed, assert our rights, and secure the credit we deserve. 💪🔍 #FCRA #consumerrights #creditreporting #financialhealth #empowerment

📢 **Attention Compliance Champions!** 📢 🔍 From new Reg CC adjustments to a flurry of CFPB updates, our newsletter is packed with the insights you need to navigate the ever-evolving compliance landscape. The June edition of Sterling's Navigator is OUT NOW! #BankComplianceNewsletter #RegulatoryUpdates #BankingInsights

In this week's blog post, I discuss the CFPB's recent final rule on credit card late fees, and how this change will impact credit unions. https://lnkd.in/eKrhiUNU #creditunions #cfpb

The Consumer Financial Protection Bureau (CFPB) has recently unveiled a sweeping set of regulations designed to modernize debt collection practices and protect consumers. Read here: https://lnkd.in/g7qrCnEA #ConsumerProtection #DebtCollectionReform #CFPB #FinancialRegulations #ConsumerRights #DebtCollection #ModernFinance #ProtectConsumers #FinancialJustice #NewRegulations #DebtRelief #FinancialFairness #ConsumerAdvocacy #RegulatoryUpdate #DebtProtection #FairDebtCollection #FinancialSafety #ConsumerTrust #FinancialTransparency #DebtManagement

The Financial Conduct Authority (FCA) introduced Consumer Duty rules on 31st July 2023, placing a responsibility on firms to deliver fair value and good customer outcomes on products such as mortgages, current accounts, credit cards, investments and insurance. Under the Consumer Duty rules, banks, building societies, insurers, investment firms and financial advisers were warned they must improve and track how they communicate with and treat customers. As we approach the 12-month anniversary of the Consumer Duty regulations coming into force, our Regulation and Compliance practice lead, Mike Rogers, shares his views on how things have gone over the past year, and what to expect next from the FCA: https://lnkd.in/ei2SYpih #FinancialServices #Banks #BuildingSocieties #CreditCards #ConsumerDuty

Some #CFPB news this morning, the agency issued a notice of proposed rulemaking on #overdraft programs at financial institutions with over $10 billion in assets. The Bureau is proposing to "close an outdated loophole that exempts overdraft lending services" from the Truth in Lending Act/Regulation Z. The proposal also amends part of Regulation E that implements the Electronic Fund Transfers Act. In the alternative, financial institutions could keep charging fees that are as low as $3 to $14, a "benchmark" fee that would seem to function like some kind of safe harbor, or in the alternative charge a higher fee designed to recoup costs if they can show cost data relative to the fee assessed. Comments are due by April 1, 2024, meaning the CFPB is going to move faster on this process than sometimes seen with other rules. The CFPB created an unofficial redlining that shows how the rule text would change under this proposal: https://lnkd.in/efnCBjVP Other materials on this initiative can be found here: https://lnkd.in/euXYgpmF

On January 17, 2024, the Consumer Financial Protection Bureau (CFPB) released a proposed rule to amend Regulations E and Z to update applicable regulatory exceptions for overdraft credit provided by financial institutions with more than $10 billion in assets. The proposed rule is focused on closing what the CFPB describes as an “outdated loophole” exempting overdraft lending services from consumer protections required of similarly situated credit products.    As the final rule takes shape, read our analysis for key insights and considerations. #junkfees

Junk fees are getting a lot of press – and examiner scrutiny. They’re also a regular topic of CFPB communiqués. Does your institution have the problem well in hand? Attend this matter-of-fact webinar to learn 10 junk fee mistakes you can avoid. https://lnkd.in/g3pEcf8J 📅 August 26, 2024 8:00 am – 9:30 am PT 9:00 am – 10:30 am MT 10:00 am – 11:30 am CT 11:00 am – 12:30 pm ET After this webinar you'll be able to: ✔ Identify 10 deposit junk fee mistakes to avoid ✔ Wade through the Consumer Financial Protection Bureau’s (CFPB) stance to the heart of the matter ✔ Employ a checklist of what to do and what to avoid ✔ Explain to management which income streams should be examined and/or eliminated ✔ Distinguish between regulations and best practices on overdrafts . . . #cuwn #creditunions #creditunionwebinar #creditunioneducation #CUlife #credituniontraining #junkfees #ConsumerFinancialProtectionBureau #authorizepositivesettlenegative #APSN