Top Story Compliance Related

The Federal Reserve Board has released the Statement of the Federal Open Market Committee concerning purchases of Treasury securities and agency mortgage-backed securities.

The Government Accountability Office (GAO), with the assistance of the Financial Literacy and Education Commission (Commission), has released an overview of federal activities, programs, and challenges regarding the financial literacy programs and activities currently conducted by eleven federal agencies and the Bureau of Consumer Financial Protection (CFPB). GAO observed improvements or successes in four areas—coordination, partnerships, delineating CFPB's role, and evaluation tools—but significant work remains to be done in one major area—determining the most effective and efficient allocation of federal resources.

• Coordination. Coordination among federal agencies has improved in recent years, largely due to the role of the Commission. Recent efforts include a research clearinghouse and a coordinated initiative on youth education.
• Partnerships. The Commission has continued to build and promote partnerships. Several initiatives have partnered with academics, nonprofits, and other entities.
• Delineating CFPB's role. To help avoid unnecessary overlap, CFPB has further delineated its role in financial literacy efforts, discussing respective roles with federal agencies that have overlapping responsibilities and signing agreements on cooperation and areas of focus.
• Evaluation tools. The Commission and CFPB have helped develop and disseminate evaluation tools to assess outcomes and effectiveness of financial literacy programs. CFPB also contracted with a company to develop metrics and outcome measures and with a nonprofit to evaluate and report on financial education programs and activities.

An OCC News Release has provided a status report on Independent Foreclosure Review (IFR) Payment Agreements that required large mortgage servicers to provide $3.9 billion in payments to 4.4 million eligible borrowers and $6.1 billion in other loss mitigation and foreclosure prevention assistance.

The NCUA issued five orders in April 2014 prohibiting the following individuals from participating in the affairs of any federally insured financial institution:

• Jayme Cather, aka Jayme Suiter
• Aaron Kyle Harris
• Susanne Jenness
• Kelly Osborne
• Erin Trevathan

Treasury has released the minutes of the April 29, 2014 meeting of the Treasury Borrowing Advisory Committee (TBAC) and the TBAC report to Treasury Secretary Lew.

The Federal Reserve Board has released the Statement of the Federal Open Market Committee concerning purchases of Treasury securities and agency mortgage-backed securities.

The Government Accountability Office (GAO), with the assistance of the Financial Literacy and Education Commission (Commission), has released an overview of federal activities, programs, and challenges regarding the financial literacy programs and activities currently conducted by eleven federal agencies and the Bureau of Consumer Financial Protection (CFPB). GAO observed improvements or successes in four areas—coordination, partnerships, delineating CFPB's role, and evaluation tools—but significant work remains to be done in one major area—determining the most effective and efficient allocation of federal resources.

• Coordination. Coordination among federal agencies has improved in recent years, largely due to the role of the Commission. Recent efforts include a research clearinghouse and a coordinated initiative on youth education.
• Partnerships. The Commission has continued to build and promote partnerships. Several initiatives have partnered with academics, nonprofits, and other entities.
• Delineating CFPB's role. To help avoid unnecessary overlap, CFPB has further delineated its role in financial literacy efforts, discussing respective roles with federal agencies that have overlapping responsibilities and signing agreements on cooperation and areas of focus.
• Evaluation tools. The Commission and CFPB have helped develop and disseminate evaluation tools to assess outcomes and effectiveness of financial literacy programs. CFPB also contracted with a company to develop metrics and outcome measures and with a nonprofit to evaluate and report on financial education programs and activities.

An OCC News Release has provided a status report on Independent Foreclosure Review (IFR) Payment Agreements that required large mortgage servicers to provide $3.9 billion in payments to 4.4 million eligible borrowers and $6.1 billion in other loss mitigation and foreclosure prevention assistance.

The NCUA issued five orders in April 2014 prohibiting the following individuals from participating in the affairs of any federally insured financial institution:

• Jayme Cather, aka Jayme Suiter
• Aaron Kyle Harris
• Susanne Jenness
• Kelly Osborne
• Erin Trevathan

Treasury has released the minutes of the April 29, 2014 meeting of the Treasury Borrowing Advisory Committee (TBAC) and the TBAC report to Treasury Secretary Lew.