CFPB – Regulatory Report

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[ November 18, 2024 ] Final rule provides ‘sharper scalpel’ of penalty, enforcement to foreign investment rules Other
[ November 18, 2024 ] More days allowed for commenting on deposit insurance recordkeeping for custodial accounts FDIC
[ November 15, 2024 ] Delinquency rates on rise for CRE, some consumer loans, Fed supervision report finds The Fed
[ November 15, 2024 ] CLF’s 2025-26 budget, share insurance fund update slated next Thursday NCUA
[ November 15, 2024 ] Farmer Mac stock a permissible investment for some FCUs, agency opinion states NCUA

VA firm must pay $3 million for taking funds, blocking accounts to pay for prisoner basic needs

November 14, 2024 0

A Virginia firm must pay $3 million for illegally taking millions of dollars from more than a half-million accounts and blocking money transfers to consumers who are incarcerated, according to charges made public by Thursday […]

Consumer bureau identifies gaps in federal vs. states’ personal financial-data privacy protections, urges states to assess

November 12, 2024 0

Numerous states’ deference to federal law regarding consumer personal financial-data protections has left gaps in protections for financial data and financial products and services, according to a report released Tuesday by the Consumer Financial Protection […]

In a big OOPS, nation’s largest credit union must pay $95 million for ‘surprise’ overdraft fees

November 7, 2024 0

The nation’s largest credit union must pay a record $95 million for allegedly illegal, surprise overdraft fees and is barred from offering the fees in the future, the federal consumer financial protection agency said Thursday. […]

Credit union slapped with $1.5 million fine over ‘botched’ online banking system rollout blocking consumer account access

October 31, 2024 0

A credit union in Jacksonville, Fla., faces at $1.5 million fine for allegedly “stranding consumers” from accessing their money and accounts resulting from the “botched” rollout of a new online banking system, the federal consumer […]

Final rule mandates no charge for transferring personal financial data from one provider to another

October 22, 2024 0

An individual’s personal financial data would be transferred for no charge from one financial provider – including financial institutions, credit card issuers, and others – to another under a new rule finalized early Tuesday by […]

Bureau takes aim at student lender, investor for making false claims, misrepresenting training quality

October 17, 2024 0

Inducing students to take out loans by allegedly misrepresenting the quality of the training programs at partner schools and making false claims about hiring rates and salaries is the basis of a lawsuit against a […]

WI mortgage firm would pay $1.9 million penalty for redlining in Birmingham, AL, pay $7 million in loan subsidies under settlement with Justice, CFPB

October 16, 2024 0

A proposed settlement over allegations of illegal mortgage lending discrimination against majority-Black neighborhoods in the greater Birmingham, Ala., would require a mortgage company in Wisconsin to pay a civil money penalty of $1.9 million, provide […]

Threshold will rise in 2025 for higher-priced mortgage loans subject to special appraisal requirements

October 4, 2024 0

The threshold will increase from $32,400 to $33,500 for higher-priced mortgage loans that are subject to special appraisal requirements, the federal banking and consumer financial protection agencies said Friday. The new threshold takes effect Jan. […]

Consumer loan, lease amounts with Regs Z, M protections to rise in 2025

October 4, 2024 0

Thresholds for consumer loan and lease amounts subject to certain protections of Regulation Z (Truth in Lending Act) and Regulation M (Consumer Leasing Act) will rise in 2025 from $69,500 to $71,900, federal agencies said […]

Chart aims to help nonbanks determine requirement to register order under rule

October 3, 2024 0

A chart for determining whether a nonbank entity is required to register an order under a rule from the federal consumer financial protection agency was published Thursday by the agency. The chart summarizes how the […]

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Final rule provides ‘sharper scalpel’ of penalty, enforcement to foreign investment rules

November 18, 2024 0

A final rule aimed at providing a “sharper scalpel” of penalty and enforcement provisions to rules governing foreign investment in the United States was issued Monday by the Treasury Department, the agency said. The rule enhances “certain procedures” of the [...]
More days allowed for commenting on deposit insurance recordkeeping for custodial accounts

November 18, 2024 0

Forty-five more days are now available for commenting on the proposed deposit insurance recordkeeping rule for banks’ third-party (custodial) accounts, the federal insurer of bank deposits said Monday. With the addition of 45 days, the comment period now extends to [...]
Delinquency rates on rise for CRE, some consumer loans, Fed supervision report finds

November 15, 2024 0

Delinquency rates for some commercial real estate (CRE) loans and some consumer loans have increased to above pre-pandemic levels, and banks have boosted the allowance for credit losses in anticipation of further deterioration in asset quality, according to a supervision [...]
CLF’s 2025-26 budget, share insurance fund update slated next Thursday

November 15, 2024 0

The budget for the agency’s liquidity facility for credit unions is slated for action during the Nov. 21 open meeting of the National Credit Union Administration (NCUA) Board, which will also receive a credit union share (deposit) insurance fund briefing. [...]
Farmer Mac stock a permissible investment for some FCUs, agency opinion states

November 15, 2024 0

Federal credit unions (FCUs) may invest in common stock of the Federal Agricultural Mortgage Corporation, or Farmer Mac, to the extent they must in order to serve as loan originators or sellers in the program, the federal credit union regulator [...]