CFPB – Regulatory Report

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[ December 23, 2024 ] Charging $10 million in illegal deposit junk fees charged to drivers, CFPB sues WalMart, fintech CFPB
[ December 23, 2024 ] Scheme to illegally steer business to Rocket Mortgage draws CFPB suit CFPB
[ December 23, 2024 ] Shortcomings in anti-money laundering program prompts cease-and-desist order for BofA OCC
[ December 23, 2024 ] OCC publishes 2025 asset-size thresholds under CRA for small, intermediate banks OCC
[ December 20, 2024 ] Three of nation’s largest banks sued for allowing ‘fraud to fester’ on Zelle payment network CFPB

Charging $10 million in illegal deposit junk fees charged to drivers, CFPB sues WalMart, fintech

December 23, 2024 0

One of the nation’s largest retailers and a financial technology (fintech) firm were sued Monday for alleged illegal opening of accounts for delivery drivers and the two harvesting more than $10 million in “junk fees,” […]

Scheme to illegally steer business to Rocket Mortgage draws CFPB suit

December 23, 2024 0

Rocket Homes and The Jason Mitchel Group were sued by the consumer financial protection agency Monday over allegations of illegal kickbacks for mortgage, title and escrow referrals in violation of the Real Estate Settlement Procedures […]

Three of nation’s largest banks sued for allowing ‘fraud to fester’ on Zelle payment network

December 20, 2024 0

Claiming three of the largest banks in the country allowed “fraud to fester” on an online payment provider, resulting in more than $870 million lost by customers over seven years, the federal consumer financial protection […]

Bureau warns against ‘illegal’ devaluing of rewards points by credit card firms; calls actions ‘bait and switch’

December 18, 2024 0

Some credit card companies operating rewards programs may be breaking the law, including by illegally devaluing rewards points and airline miles, the federal consumer financial protection agency warned Wednesday. The Consumer Financial Protection Bureau (CFPB), […]

Final rule bans lenders from ‘setting borrowers up to fail’ through PACE loans for solar panels, disaster readiness

December 17, 2024 0

Lenders would be banned from “setting borrowers up to fail” for loans on clean energy – such as those for solar panels — and disaster readiness loans paid back through property tax bills under a […]

Report targets ‘unlawful activities’ across student loan markets as repayment pause lifted

December 16, 2024 0

A range of alleged unlawful activities identified across student loan markets – including in refinancing, servicing and debt collection – and involving both federal and private loans is outlined in report issued Monday by the […]

Not surprisingly, higher mortgage rates depress mortgage applications – especially for refinancings

December 13, 2024 0

A “significant drop” last year in annual mortgage applications and originations– especially among refinancings – was prompted by higher mortgage interest rates, according to a report issued Friday by the federal consumer financial protection agency. […]

Bureau highlights deadlines for “covered” nonbanks to register on portal; Jan. 14 is date for ‘larger participants’

December 13, 2024 0

The first deadline for “participant covered nonbanks” in a new registry is Jan. 14, the federal consumer financial protection agency said in a “reminder” sent Friday. The Consumer Financial Protection Bureau (CFPB) said its new […]

Final overdraft rule issued; offers banks, credit unions three options for ‘managing’ programs

December 12, 2024 0

A final rule on overdraft lending programs for large banks and credit unions was finalized Thursday that, the federal consumer financial protection agency said, gave the financial institutions “several options to manage their overdraft lending […]

CFPB order places Google’s online payments arm under direct agency supervision

December 9, 2024 0

Consumer complaints about error resolution at Google Payment Corp., Google’s online payments arm, have led to the federal consumer financial protection agency establishing direct supervisory authority over the nonbank firm, which reportedly is suing over […]

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Charging $10 million in illegal deposit junk fees charged to drivers, CFPB sues WalMart, fintech

December 23, 2024 0

One of the nation’s largest retailers and a financial technology (fintech) firm were sued Monday for alleged illegal opening of accounts for delivery drivers and the two harvesting more than $10 million in “junk fees,” the federal consumer financial protection [...]
Scheme to illegally steer business to Rocket Mortgage draws CFPB suit

December 23, 2024 0

Rocket Homes and The Jason Mitchel Group were sued by the consumer financial protection agency Monday over allegations of illegal kickbacks for mortgage, title and escrow referrals in violation of the Real Estate Settlement Procedures Act (RESPA) and Regulation X, [...]
Shortcomings in anti-money laundering program prompts cease-and-desist order for BofA

December 23, 2024 0

Violations and unsafe or unsound practices at one of the nation’s largest banks relating to anti-money laundering (AML) rules and sanctions compliance programs has prompted a cease-and-desist order by the regulator of national banks, made public Monday. The Office of [...]
OCC publishes 2025 asset-size thresholds under CRA for small, intermediate banks

December 23, 2024 0

Asset-size thresholds at small and intermediate-sized banks for defining compliance with anti-redlining rules in 2025 were announced Monday by the regulator of national banks. The Office of the Comptroller of the Currency (OCC) said that, starting Jan. 1, a bank [...]