CFPB – Page 111 – Regulatory Report

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[ December 23, 2024 ] Charging $10 million in illegal deposit junk fees charged to drivers, CFPB sues WalMart, fintech CFPB
[ December 23, 2024 ] Scheme to illegally steer business to Rocket Mortgage draws CFPB suit CFPB
[ December 23, 2024 ] Shortcomings in anti-money laundering program prompts cease-and-desist order for BofA OCC
[ December 23, 2024 ] OCC publishes 2025 asset-size thresholds under CRA for small, intermediate banks OCC
[ December 20, 2024 ] Three of nation’s largest banks sued for allowing ‘fraud to fester’ on Zelle payment network CFPB

Treasury report nods to fintech charter, payday rule rescission, more

July 31, 2018 0

The Treasury Department on Tuesday released its fourth and final report in a series that responds to the president’s 2017 executive order focusing on regulatory core principles, with this one offering recommendations to “support nonbank […]

Committee sets votes on nominations for BCFP, OFR nominees

July 31, 2018 0

A vote on the nomination of Kathleen (“Kathy”) Kraninger to be director of the Bureau of Consumer Financial Protection (BCFP, formerly known as the CFPB) is set for Thursday by the Senate Banking Committee. The […]

‘Roundtables’ of trade, consumer groups give feedback on two of top three RFI topics, bureau says

July 27, 2018 0

Two out of the top three topic areas of the recently concluded “call for evidence” by the federal consumer financial protection agency about how it is performing its role were the subject of roundtables held […]

With comments closed on 12 RFIs, three topics dominate public response to consumer agency

July 23, 2018 0

One week after the “comments due” date had passed on the final of 12 requests for information (RFIs) from the federal consumer financial protection agency, the total of 88,564 letters received overwhelmingly focuses on three […]

TCF National to pay $25 million for ‘obscured’ overdraft fees

July 20, 2018 0

A Minnesota banking company has agreed to pay $25 million in restitution to customers for “obscured” overdraft fees that they were charged, and has agreed to an injunction to prevent future violations, the federal consumer […]

‘Pawn Shop’ operator agrees to $1.5 million judgment – but will only pay one-third of that

July 19, 2018 0

A “small dollar lender” which operates under the name “Quik Pawn Shop” (among others) faces a judgment of $1.5 million for failing to properly disclose finance charges associated with its auto title loans – but […]

BCFP nominee Kraninger offers few specifics on how she would direct enforcement if confirmed

July 19, 2018 0

Kathleen Kraninger, the president’s choice to head the Bureau of Consumer Financial Protection (BCFP), in her brief opening statement and during Q&A, embraced the bureau’s mission but revealed little detail during a Senate Banking Committee […]

Mulvaney names lead for bureau ‘Office of Innovation’

July 19, 2018 0

The acting director of the federal consumer protection bureau on Wednesday announced the appointment of Paul Watkins as the “director” of the recently created Office of Innovation, which will take over the work that was […]

Study on CMP inflation leaves out FI regulators – but wants more info from Treasury (including OCC)

July 18, 2018 0

A congressional oversight agency review of civil money penalty (CMP) reporting by federal agencies does not contain information from federal financial institution regulators, primarily because those agencies are not generally required to file agency financial […]

House passes JOBS Act 3.0 with bank, credit union provisions intact

July 17, 2018 0

The House, on Tuesday voting 406-4, passed a broad, bipartisan capital-formation measure that would also reduce the frequency of banking company resolution plans (living wills), provide a safe harbor for financial institutions keeping some suspicious […]

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Charging $10 million in illegal deposit junk fees charged to drivers, CFPB sues WalMart, fintech

December 23, 2024 0

One of the nation’s largest retailers and a financial technology (fintech) firm were sued Monday for alleged illegal opening of accounts for delivery drivers and the two harvesting more than $10 million in “junk fees,” the federal consumer financial protection [...]
Scheme to illegally steer business to Rocket Mortgage draws CFPB suit

December 23, 2024 0

Rocket Homes and The Jason Mitchel Group were sued by the consumer financial protection agency Monday over allegations of illegal kickbacks for mortgage, title and escrow referrals in violation of the Real Estate Settlement Procedures Act (RESPA) and Regulation X, [...]
Shortcomings in anti-money laundering program prompts cease-and-desist order for BofA

December 23, 2024 0

Violations and unsafe or unsound practices at one of the nation’s largest banks relating to anti-money laundering (AML) rules and sanctions compliance programs has prompted a cease-and-desist order by the regulator of national banks, made public Monday. The Office of [...]
OCC publishes 2025 asset-size thresholds under CRA for small, intermediate banks

December 23, 2024 0

Asset-size thresholds at small and intermediate-sized banks for defining compliance with anti-redlining rules in 2025 were announced Monday by the regulator of national banks. The Office of the Comptroller of the Currency (OCC) said that, starting Jan. 1, a bank [...]