Maryland and Texas Men Indicted for Alleged $364 Million Ponzi Scheme—One of the Largest Ever Charged in Maryland
NAFCU President and CEO Dan Berger, in a letter Wednesday, agreed with Bureau of Consumer Financial Protection Acting Director Mick Mulvaney’s position that the bureau is not statutorily required to “run a Yelp for financial services sponsored by the federal government.” “Publication of unverified consumer narratives can have long-lasting effects on a credit union’s reputation, resulting in fewer members, market share, and potentially resulting in more time-consuming examinations,” Berger wrote as he reiterated that the bureau should remove its consumer complaint database from public view.
The Consumer Financial Protection Bureau (CFPB) plans to relocate a group of employees from Washington, D.C., to a new satellite office in Atlanta in an effort to reduce costs. Acting CFPB Director Mick Mulvaney is seeking to open the regional office to host a small number of analysts and managers who work with agency examiners assigned to financial institutions in the southeast United States, according to a senior agency official familiar with the plans. The staffers would be moved from a CFPB office in downtown Washington, near the bureau’s headquarters, to a building in Atlanta owned by the General Services Administration.
BMO Harris Bank is eliminating most mortgage loan officers who meet customers face to face and now directs people who want to buy a house or refinance to its centralized mortgage call center. The Chicago-based bank said the move — and a new online mortgage application platform coming soon — reflects changing customer behavior trends and actually offers time and ease benefits for mortgage applicants.