CFPB – Page 12 – 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

Chopra assails legal challenges to CFPB rules, asserting they will destabilize housing, consumer markets

September 12, 2023 0

Legal challenges to the authority of the federal consumer financial protection agency could challenge the stability of the nation’s housing market, the agency’s head said Monday, since its rules are intertwined so closely to the […]

Leasing firm ordered to let customers keep merchandise, forgo $33 million in payments, pay $2 million penalty

September 11, 2023 0

Merchandise obtained by customers from a leasing firm will be kept by those who leased it, and the firm will pay a $2 million penalty, after a federal agency found the firm tricked the customers […]

‘Big tech’ restrictions on tap-to-pay have ‘significant impact’ on payments in U.S., report contends

September 7, 2023 0

Regulations imposed by mobile operating systems owned by “big tech” companies can have a significant impact on innovation, consumer choice, and the growth of open and decentralized banking and payments in the U.S., according to […]

HMDA filing instructions guide updated for 2024

September 7, 2023 0

The filing instructions guide (FIG) to help financial institutions file Home Mortgage Disclosure Act (HMDA) data collected in 2024 and reported in 2025 is available online now, the federal consumer financial protection agency said Thursday. […]

Special purpose credit programs are topic of Sept. 12 roundtable discussion among housing, community groups, agencies say

August 25, 2023 0

A Sept. 12 roundtable discussion on special purpose credit programs (SPCPs) to help meet the credit needs of eligible individuals will include remarks from, among others, the leaders from the national bank regulatory agency, two […]

Fee-harvesting,’ ‘loan-churn scheming’ non-bank firm is sued for unfair, abusive practices

August 22, 2023 0

Describing the actions of an installment lender as “fee harvesting” and a “loan-churning scheme,” the federal consumer financial protection action has filed a lawsuit against the firm for unfair and abusive practices, it said Tuesday. […]

Illegal incentives in exchange for mortgage loan referrals earns cease and desist, $1.75 million penalty

August 17, 2023 0

Providing illegal incentives to real estate brokers and agents in exchange for mortgage loan referrals has earned a Florida non-bank company a $1.75 million penalty and a cease and desist order, the federal consumer financial […]

Bureau updates filing instructions for small-business lending data

August 17, 2023 0

A update to the filing instructions for small-business lending data was released Thursday by the federal consumer financial protection agency. According to the Consumer Financial Protection Bureau (CFPB), the update includes: Reordering of certain demographic […]

Bureau to unveil rules expanding scope of FCRA to cover tracking, selling personal data

August 15, 2023 0

Tracking and selling people’s personal data would be regulated under a proposal that would expand the scope to more companies of current credit reporting rules and to be unveiled next month, the federal consumer financial […]

GAO reminds banking agencies they are tardy in addressing ‘priority recommendations’ on alternative data, blockchain risks, more

August 8, 2023 0

“Priority recommendations” made by the congressional watchdog – and not yet addressed – for the three federal banking regulators are outlined in reports issued by the agency Tuesday. According to the reports issued by the […]

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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 [...]