CFPB Issues Rule on Screening and Training of Mortgage Loan Originators

Written By ESR News Blog Editor Thomas Ahearn On November 15, 2019, the Consumer Financial Protection Bureau (CFPB) – the agency enforcing federal consumer financial laws – issued an interpretive rule clarifying screening and training requirements for financial institutions which employ loan originators with temporary authority that will be effective on November 24, 2019. The…

FINRA Fines Citigroup Global Markets $1.25 Million for Failing to Conduct Adequate Background Checks

Written By ESR News Blog Editor Thomas Ahearn On July 29, 2019, the Financial Industry Regulatory Authority (FINRA) – which regulates brokerage firms doing business with the public in the U.S. – announced it had fined Citigroup Global Markets Inc. (CGMI) $1.25 million for failing to conduct timely or adequate background checks on more than 10,000…

FDIC Issues Modifications to Statement of Policy for Section 19 of the Federal Deposit Insurance Act

Written By ESR News Blog Editor Thomas Ahearn On August 20, 2018, the Federal Deposit Insurance Corporation (FDIC) – an independent agency created by the U.S. Congress to maintain stability and public confidence in the nation’s financial system – issued Modifications to the Statement of Policy (SOP) for Section 19 of the Federal Deposit Insurance…