Government Agency


The term "government agency" or "administrative agency" usually applies to one of the independent agencies of the United States government, which exercise some degree of independence from the President's control. Although the heads of independent agencies are often appointed by the President, they can usually be removed only for cause. The heads of independent agencies work together in groups, such as a commission, board or council. Independent agencies often function as miniature versions of the tripartite federal government with the authority to legislate (through the issuing, or "promulgation" of regulations), to adjudicate disputes, and to enforce agency regulations (through enforcement personnel). Examples of independent agencies include the Federal Communication Commission (FCC), Federal Reserve Board, U.S. Securities and Exchange Commission (SEC), the National Labor Relations Board (NLRB) and the Federal Trade Commission (FTC).

Stories from Government Agency

Monday, September 23rd, 2013

FGG EDITOR'S NOTE:  Is this the US government final stamp of approval, in support of US banks stealing homes from American citizens and banks committing the most egregious criminal acts of our lifetime? Does anyone have a link to the US government's 'How To Prepare Our Children, Grandchildren And Future Generations For Government-Approved Racketeer Influenced And Corrupt Organizations (GARICO)', pamphlet?


Joseph A. Smith, Jr., Monitor of the National Mortgage Settlement, has received an update on the consumer relief activities the five banks that are parties to the Settlement reported through June 30, 2013....

Monday, September 23rd, 2013

This rule amends some o f the final mortgage rules issued by the Bureau of Consumer Financial Protection (Bureau) in January o f 2013. These amendments clarify, correct, or amend provisions on the relation to State law of Regulation X’s servicing provisions; implementation dates for adjustable - rate mortgage servicing; exclusions from requirements on higher - priced mortgage loans; the small servicer exemption from certain servicing rules; the use of government - sponsored enterprise and F deral agency purchase, guarantee or insurance eligibility for determining qualified mortgage status; and the determination of debt and income for purposes of originating qualified mortgages

Wednesday, September 18th, 2013

The defendants allegedly told homeowners that they would save their residences from foreclosure by arranging for investors to purchase their existing mortgage at a discounted price, thereby reducing the homeowner’s principal and monthly mortgage payment. To prevent foreclosure and defraud the existing lenders, the defendants filed fraudulent deeds transferring an interest in the homeowner’s property to a fictitious entity called Pacifica Group 49/II. In many instances, the defendants also filed fraudulent petitions in bankruptcy court, often naming both the homeowner and Pacifica Group 49/II as the debtor. The purpose of these petitions was to invoke the automatic provisions of federal bankruptcy law that bring to an immediate halt any foreclosure actions against a debtor’s property.

Monday, September 16th, 2013

Blackwelder misrepresented to investors that he would in vest their money in safe, long - term commodities futures contracts, and that he was an experienced and successful commodities investor. In some instances, Blackwelder guaranteed investors’ principal and a specific return on their investment. He documented his misrepresentations to investors in promissory notes, offering memoranda , and account updates that he prepared

In fact, Blackwelder used investors’ money to fund his construction of a 7,000 square - foot home on the Housatonic River in Stratfor d, Conn.; to pay other personal expenses ; and to repay personal bank loans, including a line of credit from a Troubled Asset Relief Program (TARP) recipient bank. Blackwelder also used some invested funds to pay earlier investors.

Friday, September 13th, 2013

The CFPB finalized several mortgage rules in January 2013 that are addressed by today’s proposal. The Ability-to-Repay rule protects consumers from irresponsible mortgage lending by requiring that lenders make a reasonable, good-faith determination that prospective borrowers have the ability to repay their loans. The mortgage servicing rules established strong protections for homeowners facing foreclosure, and the loan originator compensation rules address certain practices that incentivized steering borrowers into risky and/or high-cost loans. The CFPB also finalized rules that strengthened consumer protections for high-cost mortgages, and instituted a requirement that escrow accounts be established for a minimum of five years for certain higher-priced mortgage loans.

Tuesday, September 10th, 2013

The CFPB is amending Regulation X, which implements the Real Estate Settlement Procedures Act of 1974, and implementing a commentary that sets forth an official interpretation to the regulation. The CFPB is also amending Regulation Z, which implements the Truth in Lending Act and the official interpretation to the regulation, which interprets the requirements of Regulation Z. These final rules implement provisions of the Dodd-Frank Act regarding mortgage loan servicing.

Specifically, the Regulation X final rule implements Dodd-Frank Act sections addressing servicers’ obligations to correct errors asserted by mortgage loan borrowers; to provide certain information requested by such borrowers; and to provide protections to such borrowers in connection with force-placed insurance.

Monday, September 9th, 2013

This page is part of a broader effort by the Bureau to help you comply with the Dodd-Frank Act mortgage reforms and our rules.

In the Dodd-Frank Act, Congress gave the Bureau the responsibility to adopt specific mortgage rules. We’ve created a table with all of the basics in one place.

Two ways to learn more about complying with the new rules:

Monday, September 9th, 2013
In entering his plea, Hall admi tted that from 2005 and continuing through 2010, he committed banfraud involving the Tifton Banking Company during his employment as President and CEO of the bank. Hall admitted that he conspired with others to obtain money, funds, credits, assets, securities, and other property of the Tifton Banking Company while carrying on a practice of replacing non-performing loans with new loans, including a Small Business Administration (SBA) guaranteed loan, to make the bank appear financially stronger than it was. The actions caused monetary losses to the bank and SBA oapproximately $2.8 million. Hall continued these illegal activities even during the time that the bank applied for and received assistance from the U.S. Department of the Treasury Troubled Asset Relief Program (TARP).

Friday, August 30th, 2013
The Consumer Financial Protection Bureau (Bureauis releasing final rules to implement laws tprotect consumers from detrimental actions by mortgage servicers and to provide consumers with better tools and information when dealing with mortgage servicers.  The rules will take effect on January 10, 2014.  The servicing rules are set forth in two notices, one to amend Regulation Z, which implements the Truth in Lending Act, and one to amend Regulation X, which implements the Real Estate Settlement Procedures Act. The rulecover nine major topics and implement certain provisions of the Dodd Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) that relate to mortgage servicing.

Thursday, August 29th, 2013

The Patrick Administration's Office of Consumer Affairs and Business Regulation's Division of Banks (DOB) today announced $1.3 million in grants to 11 regional foreclosure prevention centers and 10 individual/first-time homeownership centers across Massachusetts as part of the Commonwealth's Housing Week.

“Grants like these are more important than ever as the state continues to recover from the housing crisis,” said Undersecretary of the Office of Consumer Affairs and Business Regulation Barbara Anthony. “Continuing to prevent foreclosures, helping first-time buyers purchase homes and keeping hard working families in their homes continue to be a top priority for the Patrick Administration. This money will foster a stronger housing market for the future.”

Monday, August 26th, 2013

Attorney General Eric T. Schneiderman announced that up to $20 million over two years – obtained in last year’s settlement with the nation’s largest banks – will be made available to communities to rebuild and restore neighborhoods hit hard by the housing crisis. Following the collapse of the housing market, the New York State Legislature passed legislation in 2011 establishing “land banks” that could acquire vacant, abandoned, or foreclosed properties, and choose to rebuild, demolish, or redesign them. By restoring vacant or abandoned properties, land banks lower costs for local governments, benefit public schools, reduce crime and boost the local economy.

Friday, August 23rd, 2013

On June 1, 2013, our Escrow Requirements under the Truth in Lending Act rule (Escrows Rule) will go into effect, which requires certain creditors to create escrow accounts for a minimum of 5 years for higher-priced mortgage loans (HPMLs). The rule exempts HPMLs made by certain small creditors that operate predominantly in rural or underserved counties from this requirement. On March 12, 2013, we posted a preliminary list of counties that are rural or underserved (or both), for use in the second part of 2013. That preliminary list applied the rules for determining both rural and underserved status as those rules would be amended by a proposed rule the Bureau intended at that time to publish.

Wednesday, August 21st, 2013

The CFPB is issuing a final rule that amends Regulation Z (Truth in Lending) to implement certain amendments to the Truth in Lending Act made by the Dodd-Frank Act. Regulation Z currently requires creditors to establish escrow accounts for higher-priced mortgage loans secured by a first lien on a principal dwelling. The rule implements statutory changes made by the Dodd-Frank Act that lengthen the time for which a mandatory escrow account established for a higher-priced mortgage loan must be maintained. The rule also exempts certain transactions from the statute’s escrow requirement. The primary exemption applies to mortgage transactions extended by creditors that operate predominantly in rural or underserved areas, originate a limited number of first-lien covered transactions, have assets below a certain threshold, and do not maintain escrow accounts on mortgage obligations they currently service.

Wednesday, August 21st, 2013

In a letter to Federal Reserve Chairman Benjamin Bernanke and Comptroller of the Currency Thomas Curry, Brown urged the agencies to enact specific standards on third-party consultants and increase efforts to ensure proper oversight when they are hired by federal regulators.

“Because these firms work for the banks that they oversee, there needs to be more transparency and accountability when private consultants are involved in regulatory action,” Brown said. “These firms should not be stepping in without explicit, objective standards to ensure an independent consultant's qualifications and conduct. It’s past time for the Federal Reserve and OCC to enact uniform standards to effectively manage these independent firms.”

Thursday, August 15th, 2013
According to court documents and statements made in court, Oxford Collection Agency (“Oxford”) was a private financial services company that engaged in accounts receivables management, primarily debt collecting, with offices in New York, Pennsylvaniaand Florida.  Between 2007 and 2011, Oxford executives engaged in a multi-year scheme to defraud its lender, Connecticut-based Webster Bank, as well as its investors, clientsand the commercial debtors that Oxford collected from. Oxford’s victims lost more than $12 million as a result of this scheme.
The investigation also revealed that Oxford sometimes obtained and retained business with its banking clients by paying bribes and kickbacks to bank officials.  As part of the scheme, Pinto, a Vice President of Oxford, and other Oxford executives made monthly payments of between $2,500 and $3,500, which were hidden in cigar boxes, to an Assistant Vice President of U.S. Bank in Ohio.

Wednesday, August 14th, 2013

Joseph A. Smith, Jr., Monitor of the National Mortgage Settlement, today released a summary of the five compliance reports he submitted to the United States District Court for the District of Columbia. This summary includes information about the banks’ (Bank of America, Chase, Citi, ResCap Parties and Wells Fargo) compliance with the Settlement’s servicing rules (click each bank’s name to see its scorecard).

“Over the past six months my team and I have tested the banks’ compliance,” said Smith. “My testing through the end of last year resulted in three testing fails, and I can disclose five additional fails in 2013. These results demonstrate that the Settlement is allowing us to uncover areas in which more work needs to be done. The banks are now working to correct these errors and will be tested again to determine their level of improvement.

Monday, August 12th, 2013

“We’ve got to give more hardworking Americans the chance to buy their first home. We have to help more responsible homeowners refinance their mortgages,” President Obama said. “And we’ve got to turn the page on this kind of bubble-and-bust mentality that helped to create this mess in the first place.”

Homeowners, renters and prospective buyers submitted questions via social media about issues like mortgage interest rates, access to refinancing, help for neighborhoods hit hard by the housing crisis, and President Obama’s plan for reforming the housing finance market. Watch the full interview, or jump to selected questions from the list below.

Monday, August 12th, 2013

More than 2.7 million checks, totaling more than $2.4 billion, related to the Independent Foreclosure Review (IFR) Payment Agreement have been cashed or deposited through June 13, 2013.

To date, more than 3.9 million checks, totaling more than $3.4 billion, have been sent to eligible borrowers.  The first wave of checks was sent April 12.  A final wave of checks will be issued during the summer.  

The payments result from agreements between the Office of the Comptroller of the Currency, the Federal Reserve Board, and 13 servicers to provide $3.6 billion in payments to borrowers whose homes were in any stage of the foreclosure process in 2009 or 2010...

Wednesday, August 7th, 2013

“Providing a struggling family with legal counseling to navigate the foreclosure process can mean the difference between that family keeping their home or being displaced. That’s why my office has prioritized funding free legal services and mortgage counseling for distressed New Yorkers in need of support,” Attorney General Schneiderman said. “Through these announcements, we’re empowering at-risk homeowners with the knowledge of how to connect with professionals who can help them assert their rights. My office will continue to do everything in its power to put homeowners first, including making sure they have the resources available to say ‘No’ to foreclosure.”

Monday, August 5th, 2013

On October 31, 2012, we released version 2 of the CFPB Supervision and Examination Manual, the guide our examiners use in overseeing companies that provide consumer financial products and services. Our manual, originally released in October 2011, describes how the CFPB supervises and examines these providers and gives our examiners direction on how to determine if companies are complying with consumer financial protection laws.