CFPB – Regulatory Report

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[ December 20, 2024 ] Three of nation’s largest banks sued for allowing ‘fraud to fester’ on Zelle payment network CFPB
[ December 20, 2024 ] WARM holiday greetings: Agency issues quarterly update to tool for calculating CECL NCUA
[ December 20, 2024 ] FinCEN provides financial institutions ‘red flags’ of potential frauds using FinCEN’s name Other
[ December 20, 2024 ] OCC annual report notes sound banking system, but urges banks to guard against complacency OCC
[ December 19, 2024 ] More than one-third of workers at FDIC witnessed or experienced sexual harassment, report asserts FDIC

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 […]

Bureau looks at effects of inaccurate credit reports on survivors of domestic violence, elder abuse; intends to issue proposed rule

December 9, 2024 0

The harmful effects of inaccurate credit reporting affecting survivors of domestic violence, elder abuse, and other forms of financial abuse would be considered under a rule being contemplated by the federal consumer financial protection agency, […]

Firm banned, charged fine, for delaying student loan borrowers loan rehabilitation process

December 9, 2024 0

Delaying borrowers’ loan rehabilitation processes, generating fees for itself and costing individual borrowers thousands of dollars has earned a Florida-based student loan debt collector an order to pay a $700,000 penalty and be banned from […]

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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 agency Friday filed suit against [...]
WARM holiday greetings: Agency issues quarterly update to tool for calculating CECL

December 20, 2024 0

The latest life-of-loan – or Weighted Average Remaining Maturity (WARM) – factors are included in the updated simplified tool for credit unions released Friday to measure credit losses, their federal regulator said. The National Credit Union Administration (NCUA) said for [...]
FinCEN provides financial institutions ‘red flags’ of potential frauds using FinCEN’s name

December 20, 2024 0

An alert about fraud schemes abusing the name, insignia, and authorities of Treasury’s financial crimes enforcement unit for financial gain was issued this week to warn corporations, money services businesses and financial institutions and urge that suspected incidents be reported. [...]
OCC annual report notes sound banking system, but urges banks to guard against complacency

December 20, 2024 0

The federal banking system is sound, but banks were urged to guard against complacency and remain vigilant according to the national bank regulator’s 2024 annual report, issued Friday. The Office of the Comptroller of the Currency (OCC) said the report [...]