CFPB – Page 11 – 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

Asset-size exemption thresholds rise in 2024 for mortgage data collection, certain mortgage escrow requirements

December 21, 2023 0

The asset-size exemption thresholds for financial institutions required to collect Home Mortgage Disclosure Act (HMDA) data and, separately, to establish escrow accounts for higher-priced mortgage loans will rise in 2024, according to Federal Register notices […]

U.S. Bank slapped with $36 million in separate fines alleging ‘illegal conduct,’ unfairness related to unemployment benefits access

December 19, 2023 0

Fines totaling $36 million were announced Tuesday against the fifth largest bank firm in the nation for “illegal conduct” during the coronavirus crisis related to access and payment of unemployment benefits, two regulators said. In […]

Colleges may continue to mislead students into high-fee financial products, report asserts

December 19, 2023 0

Many college-sponsored financial products have higher fees and worse terms and conditions compared to typical market products according to a report issued Tuesday by the federal consumer financial protection agency. According to its 2023 student […]

Overdraft fees still catch many consumers by surprise, survey finds; low-income households pay most

December 19, 2023 0

More than a quarter of consumers say someone in their household was charged an overdraft fee or NSF fee within the past year, even though many banks and credit unions have dropped the fees, the […]

Agency shutters medical debt collector after consumers complained about unverified bills

December 18, 2023 0

Alleged illegal attempts to collect unverified medical debts after consumers disputed their validity spurred the federal consumer financial protection agency to close down a bill collector and fine it $95,000, the agency said Friday. According […]

VA bank to pay ‘no less than’ $5 million in consumer redress, $1.2 million fine for illegal overdraft practices

December 7, 2023 0

Illegal overdraft practices are at the center of a consent order announced Thursday that requires Atlanta Union Bank (AUB), a subsidiary of Atlantic Union Bankshares Corporation (Richmond, Va.), to pay $5 million in redress to […]

$12 million fine ordered against BofA after loan officers lied about mortgage data to federal regulators

November 28, 2023 0

A $12 million penalty is imposed on Bank of America (BofA) for the acts of submitting false mortgage lending information to the federal government for at least four years, the federal consumer financial protection agency […]

$60 million in redress, fine ordered for automaker credit arm in alleged efforts to withhold refunds, provide false data

November 20, 2023 0

A $60 million payment for fines and consumer redress was ordered against a carmaker’s lending arm for allegedly directing customers to a dead-end cancellation hotline, withholding refunds, and “knowingly” tarnishing credit reports with false data, […]

Comments due to CFPB Jan. 8 on supervision of nonbank digital consumer payment providers

November 20, 2023 0

Public comments on a proposed rule subjecting larger nonbank companies that offer digital payment apps and wallets will be accepted by the Consumer Financial Protection Bureau (CFPB) through Jan. 8, according to a notice in […]

Student lending firm ordered to pay $30 million to borrowers for illegal loans, abusive debt collection

November 20, 2023 0

More than $30 million in relief was ordered Monday for student borrowers from a former Delaware company after the federal consumer financial protection agency and 11 states charged the firm with illegal loans and abusive […]

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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 [...]