CFPB – Page 120 – 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

10 recommendations floated by GAO for regulators to ease burden, assess mortgage disclosure effectiveness

February 27, 2018 0

The federal consumer protection agency and the federal financial institution regulators are the subject of 10 recommendations made by the congressional watchdog, including assessing effectiveness of mortgage disclosure guidance and reporting rationales for their actions. […]

In report, bureau says data ‘insufficient’ to measure credit scoring model changes

February 22, 2018 0

Data are “insufficient” to evaluate the extent to which the removal of civil public records from consumer credit reports affected the predictiveness of commercial credit scoring models, the federal consumer protection bureau said in a […]

Comments due May 21 for CFPB’s 4th request, ‘supervision’

February 21, 2018 0

Comments are due May 21, after a 90-day period, for the Consumer Financial Protection Bureau (CFPB) “request for information” about its Supervision Program. The comments-due date was set in a request for information (RFI) published Tuesday […]

‘External engagements’ – including bureau advisory groups, town halls – latest call for ‘evidence’

February 21, 2018 0

“External engagements” is the topic for the fifth of an expected 12 “requests for information” issued Wednesday by the Consumer Financial Protection Bureau (CFPB), focusing on ways the bureau engages and receives feedback from the […]

‘Supervisory processes’ issued for 90-day RFI, as bureau signals eight more info requests in pipeline

February 14, 2018 0

Issuing its fourth “request for information” in as many weeks for “evidence” of how it is doing its job, the federal consumer protection bureau signaled that up to eight more RFIs will be issued in […]

Bureau pledges to hew to statute in plan, following proposed funding change in Trump budget

February 13, 2018 0

A pledge to commit to fulfill its statutory responsibilities, but to “go no further,” was made by the Consumer Financial Protection Bureau (CFPB) Monday in its five-year strategic plan, released after the White House proposed […]

Agency to publish final rule on pre-paids (with effective date pushed by one year)

February 12, 2018 0

Five revisions to its rule on pre-paid accounts — including extending the overall effective date to April 1, 2019, and providing that financial institutions will not be required to resolve errors or limit consumers’ liability […]

RFI No. 3, ‘enforcement processes,’ issued by consumer bureau, right on schedule

February 7, 2018 0

Right on schedule, for the third straight week the federal consumer protection agency Wednesday issued another “request for information” (RFIs) in its drive to expose “evidence” about whether the agency is doing its job – […]

Mnuchin: Equifax breach is ‘something I am going to discuss’ with CFPB’s acting director

February 6, 2018 0

The massive data breach at the Equifax credit reporting agency is something the Treasury secretary said he intends to bring up with the acting director of the federal consumer protection bureau, during questions and answers with […]

Acting director makes appointment of chief of staff official

February 6, 2018 0

Kirsten Sutton Mork is the next chief of staff for the Consumer Financial Protection Bureau (CFPB), the agency stated in a press release Tuesday, filling a role that was most recently held by the bureau […]

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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 [...]