CFPB – Page 103 – Regulatory Report

What's up

[ 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
[ November 14, 2024 ] Fed’s Kugler becomes latest board member to advocate for continued agency independence The Fed
[ November 14, 2024 ] VA firm must pay $3 million for taking funds, blocking accounts to pay for prisoner basic needs CFPB

Democrats’ control of House opens door to scrutiny of key regulatory relief proposals (and at least one regulator)

November 7, 2018 0

Success in taking over the House of Representatives as a result of Tuesday’s elections will likely mean the beginning of new scrutiny by the Democrats for regulators’ proposals already issued, and for those ahead. The […]

Bureau updates youth financial education resources

November 5, 2018 0

The federal consumer financial protection bureau has updated some of its financial education content to provide K-12 educators new, free resources to help students develop financial knowledge, skills and habits, according to a blog post […]

Bureau publishes small-entity HMDA guide, reflects relief law changes

October 30, 2018 0

A compliance guide for small-entity compliance with the Home Mortgage Disclosure Act (HMDA) was updated for changes due to this year’s regulatory relief law and issued Tuesday by the Bureau of Consumer Financial Protection (BCFP, […]

Federal financial institution regulators have taken 13 deregulatory actions so far in Trump era, tracker finds

October 30, 2018 0

As many as 13 deregulatory actions by federal financial institution regulators – including five by the credit union regulator – have been adopted or are in progress during the administration of President Donald Trump, according […]

Payday lending rule, with promise of ‘reconsidered’ proposal, continues long string of action (and inaction)

October 29, 2018 0

When the federal consumer financial protection agency announced Friday that it would issue a proposal to ‘reconsider’ its payday lending regulation, it signaled yet a new chapter for a final rule that was issued more […]

Bureau reports to Congress on remittance rule, says findings could inform future policy

October 29, 2018 0

A report to Congress issued Friday on the effectiveness of the consumer financial protection bureau’s remittance rule shows that while money services businesses (MSBs) conduct the lion’s share of consumer remittances – 95.6% of them […]

Tax time ‘unique opportunity’ for lower-income consumers to build savings, bureau paper suggests

October 29, 2018 0

Tax time represents a unique opportunity for many consumers, particularly those with lower incomes, to make decisions about saving all or some of their tax refund to improve their financial standing, a new paper released […]

Payday lending rules will be ‘reconsidered’ in January with new proposal, bureau states

October 26, 2018 0

Proposed rules that will “reconsider” its rules regarding payday lending are expected to be issued in January, the federal consumer financial protection agency said Friday. In a statement, the Bureau of Consumer Financial Protection (BCFP, […]

Pilfering money from check-cashing transax earns company $200k penalty, order to pay restitution

October 24, 2018 0

Improperly seizing money from consumers during check-cashing transactions earned a Tennessee company a $200,000 penalty and an order to pay restitution of $32,000, the federal consumer financial protection bureau said Wednesday. In a release, the […]

HMDA filing instructions guide updated for 2019 data

October 24, 2018 0

Instructions for filing Home Mortgage Disclosure Act (HMDA) data collected in 2019 are available now via a website housing HMDA guidance applicable to all federally supervised mortgage lenders. HMDA, implemented by the Bureau of Consumer […]

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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 [...]
Fed’s Kugler becomes latest board member to advocate for continued agency independence

November 14, 2024 0

Count Federal Reserve Board Gov. Adriana Kugler as an advocate of continued agency independence, who Thursday said that condition is “fundamental” to the Fed achieving good policy. In remarks to a meeting of the Latin American and Caribbean Economic Association [...]
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 by the federal consumer financial [...]
OIG sets 4 recommendations for NCUA’s federal chartering process

November 14, 2024 0

Automation, better communication on process and a process for handling inquiries are recommended for the federal credit union regulator’s chartering process in an inspector general audit report released recently on the agency’s website. The National Credit Union Administration (NCUA) Office [...]
Small FL credit union conserved

November 14, 2024 0

The $59 million-in-assets Alliance Credit Union of Florida, Gainesville, Fla., was conserved last week by the state’s financial regulator, with the National Credit Union Administration (NCUA) named conservator. No specific reason for the conservatorship was provided in the NCUA’s evening [...]
PA bank failure, first of year, came from reclassified debt securities, dysfunctional management, report finds

November 13, 2024 0

Republic First Bank became “critically undercapitalized” in April – which a dysfunctional board and management team exacerbated, ultimately leading to the bank’s failure, according to the material loss review published Wednesday by the federal insurer of bank deposits. The report, [...]
Reports of suspected fraud using deepfake media spurs FinCEN to issue ‘red flags’ alert to FIs

November 13, 2024 0

An alert to help financial institutions identify fraud schemes targeting them and that are associated with the use of deepfake media created with generative artificial intelligence (GenAI) tools was issued Wednesday by Treasury’s financial crimes enforcement arm. The Financial Crimes [...]