CFPB – Regulatory Report

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[ November 12, 2024 ] FDIC Board reportedly reaches ‘consensus’ on probe of execs over sexual harassment allegations FDIC
[ November 12, 2024 ] Consumer bureau identifies gaps in federal vs. states’ personal financial-data privacy protections, urges states to assess CFPB
[ November 12, 2024 ] Number of ‘unbanked’ households falls to record low; two-thirds of those rely solely on cash FDIC
[ November 12, 2024 ] CBDC in the Fed’s future? The payments committee chair still hasn’t heard a cogent argument The Fed
[ November 12, 2024 ] Former bank CEO prohibited, fined after violating written agreement with Federal Reserve The Fed

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 […]

Collecting on inaccurate, legally invalid medical debts illegal, agency contends in new guidance

October 1, 2024 0

Debt collectors, which may include third-party “revenue cycle management” companies, violate federal law when they collect on inaccurate or legally invalid medical debts, according to guidance released Tuesday by the federal consumer financial protection agency. […]

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FDIC Board reportedly reaches ‘consensus’ on probe of execs over sexual harassment allegations

November 12, 2024 0

A “consensus” on how to investigate allegations of alleged sexual harassment misconduct by executives of the federal insurer of bank deposits was reportedly reached by the agency’s board during a closed, non-public meeting Tuesday, a member of the board said [...]
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 Bureau (CFPB). The CFPB issued [...]
Number of ‘unbanked’ households falls to record low; two-thirds of those rely solely on cash

November 12, 2024 0

A record low 5.6 million households nationwide remain unbanked, the federal insurer of bank deposits said Tuesday, reporting that its latest survey shows nearly 96% of all households were, in fact, banked. According to the Federal Deposit Insurance Corp.’s (FDIC) [...]
CBDC in the Fed’s future? The payments committee chair still hasn’t heard a cogent argument

November 12, 2024 0

When it comes to a central bank digital currency (CBDC), count Federal Reserve Board Gov. Christopher Waller – the payments chair at the Fed – as a continued skeptic, hearing “no satisfactory answer” to the question of what problem it [...]
Former bank CEO prohibited, fined after violating written agreement with Federal Reserve

November 12, 2024 0

A former interim bank chief executive, and director, has been prohibited from future participation in the banking industry and fined $75,000, the Federal Reserve said Tuesday. The said Anthony R. Gressak III is a former director and former interim CEO [...]