The Office of the Comptroller of the Currency (OCC) recently entered into a consent order with The Federal Savings Bank in Chicago, Illinois (Bank) to settle allegations of false or misleading statements regarding cash-out mortgage refinance loans guaranteed by the Department of Veterans Affairs (VA).
In high-volume collections, friction is the enemy of recovery. For years, the gap between creditors and debt settlement companies was filled with manual processes and "wait-and-see" tactics. The most successful lenders are choosing a different path: Constructive Engagement.
The FDIC and the OCC have adopted a joint final rule that will prohibit the agencies from criticizing or taking adverse action against a financial institution based on reputation risk. The rule is effective June 6.
The law creates a formal regulatory framework for “vehicle financial protection products" and ties compliance to the state’s retail installment and consumer loan regimes. Most vehicle financial protection provisions apply to products that become effective on or after January 1, 2027.
Vendor management and vendor oversight aren't competing roles. They're complementary ones. But if you treat them like they're the same thing, you'll end up with one person trying to be both the coach and the referee.
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