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FFIEC FAQs on S.A.F.E. Act (3/11/10) The Federal Financial Institutions Examination Council (FFIEC) on March 10, posted FAQs on the Secure and Fair Enforcement for Mortgage Licensing Act (S.A.F.E. Act). The FAQs reiterate that there is no action required now in connection with the Registry of any mortgage loan originator employed by, and whose origination activity is only for, a bank.
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.
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