CFPB – Page 112 – Regulatory Report

What's up

[ 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
[ November 14, 2024 ] OIG sets 4 recommendations for NCUA’s federal chartering process NCUA
[ November 14, 2024 ] Small FL credit union conserved NCUA
[ November 13, 2024 ] PA bank failure, first of year, came from reclassified debt securities, dysfunctional management, report finds FDIC

THIS WEEK: Top bank regulators speak, credit union regulator mulls rules, Powell talks, BCFP nominee deadline

June 15, 2018 0

The coming week brings another deadline for comments in the consumer bureau’s series of “call for evidence” requests for information (RFIs), speeches by the top banking regulators, an open credit union agency board meeting and […]

It’s ‘complaint,’ not ‘compliant,’ bureau notes in correcting its own notice

June 14, 2018 0

What a difference a word makes. Turns out that a request for information (RFI) by the Bureau of Consumer Financial Protection (BCFP) in May had a typo in its headline, resulting in “compliant” being substituted […]

Legal haggling over payday loans keeps rule’s effective date in force

June 14, 2018 0

Legal haggling over the federal consumer financial protection agency’s regulation of payday loans took a new turn in federal court in Texas Tuesday when a district court judge found the regulation’s effective date remains in […]

Firm hit with $5 million penalty for improper collection attempts

June 14, 2018 0

A civil money penalty of $5 million was assessed against a South Carolina firm and subsidiaries for making improper in-person and telephone collection attempts on consumer installment loans and retail sales installment contracts, the Bureau […]

Mulvaney – whose appointment runs to June 22 – expects consumer bureau director nominee by middle of next week

June 13, 2018 0

Look for the White House to unveil its nominee for a permanent director of the federal consumer financial protection agency by the middle of next week, the current acting director said Tuesday – although his […]

Bureau puts its sign where acting director’s mouth is – ‘bcfp’ now graces lobby of headquarters

June 12, 2018 0

An outward sign of the name change at the federal consumer financial protection agency has literally come to pass – with a new emblem emblazoned on the agency’s headquarters. Monday, a sign using the acronym […]

‘Rulemaking processes’ generates 71 comments in bureau’s series of ‘requests for information’

June 8, 2018 0

A “request for information” about the rulemaking processes of the federal consumer financial agency generated just more than 70 comments at the close of the comment date – one of the lesser volumes of letters […]

Christmas in June? Bureau report looks at credit card use in holiday spending

June 8, 2018 0

End-of-year credit card borrowing and repayment of credit card balances in the new year is the focus of the bureau’s latest quarterly consumer credit trends report, released Friday by the federal consumer financial protection agency. […]

Industry groups back commission, congressional budget oversight for consumer bureau

June 6, 2018 0

Changing its governance to a commission rather than a single director, and giving Congress control over its budget, were two recommendations business and banking groups had for increasing the transparency and accountability of the federal […]

UPDATED: BCFP to ‘reconstitute, reduce’ consumer, bank, CU councils

June 6, 2018 0

The consumer, bank and credit union advisory panels that provide industry input and advice to the federal consumer financial protection agency will be reconstituted to “new, smaller memberships,” the agency said Wednesday in a blog […]

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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 [...]
Two promoted to OCC deputy controllers for large bank supervision

November 13, 2024 0

Two long-time bank examiners – Robert Barnes and Kevin Greenfield – were promoted to the posts of deputy comptrollers for large bank supervision, the Office of the Comptroller of the Currency (OCC) said Wednesday. The OCC said Barnes, a national [...]