ABA's Center for Regulatory Compliance is your gateway to support for meeting the challenges of managing compliance risk. We provide direct access to regulatory expertise, up-to-date reports on agency initiatives, and the resources to assist you in keeping pace with the demands of supervisory oversight.
Credit Repair Company Settles Charges with FTC (3/9/10) Chicago-based Advantage Credit Repair LLC, a credit repair company, and Mark D. Solomon, also of Chicago, are imposed a $226,793.90 judgment for falsely claiming that they would help boost consumers' credit ratings, a Federal Trade Commission (FTC) news release reported March 4. The defendants allegedly violated federal law by requiring payment before any service was provided to consumers. The order prohibits the defendants from collecting any payments from consumers who purchased their services before October 23, 2008, when the court halted their business practices and froze their assets.
ABA Responds to HUD Proposed Rule of SAFE Act (3/8/10) ABA joined in a letter with other key organizations representing mortgage lenders to oppose parts of a HUD proposal to implement the Secure and Fair Enforcement for Mortgage Licensing Act. ABA expressed particular concern about the undue expansion of SAFE requirements through the rulemaking. Concern also was expressed that the process of serving troubled borrowers could be hampered by ill-founded registration requirements for bank employees and licensing requirements for other lenders. Read more. For questions, contact ABA's Bob Davis.
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