CFPB – Page 129 – Regulatory Report

What's up

[ November 21, 2024 ] Bureau finalizes rule extending supervision over digital payment wallet apps CFPB
[ November 21, 2024 ] Number of credit unions with low exam ratings rose in third quarter; strain on balance sheets, consumers, noted NCUA
[ November 21, 2024 ] CFPB publishes adjustments to thresholds under TILA, FCRA CFPB
[ November 21, 2024 ] Ex-CEO of failed Kansas bank prohibited from financial institutions after cryptocurrency scheme The Fed
[ November 18, 2024 ] Final rule provides ‘sharper scalpel’ of penalty, enforcement to foreign investment rules Other

Proposal seeks more flexibility in collecting mortgage lending info

March 28, 2017 0

Providing additional flexibility to some mortgage lenders concerning the collection of consumer demographic information is the aim of a proposed amendment to Regulation B (Equal Credit Opportunity Act/ECOA) issued by the CFPB last week. According […]

Comments will be due April 5 on extended prepaid rule effective date

March 14, 2017 0

Comments on a delayed effective date (to April 1, 2018) for a CFPB rule on prepaid accounts will be due April 5, as a result of a notice to be filed tomorrow in the Federal […]

Bureau seeks continuation of councils/board, as action in Congress looms

February 22, 2017 0

Advisory boards and councils for the CFPB – representing community banks, credit unions, consumers and researchers – would be continued under notices to be published Thursday by the agency, despite proposed legislation likely to emerge […]

Inquiry opened into ‘alternative data’ use for credit worthiness

February 17, 2017 0

“Alternative data” to determine credit-worthiness of consumers who lack enough credit history to obtain a credit score is the subject of an exploration opened Friday by the CFPB. The inquiry into “alternative data” focuses on “credit […]

Cordray wins reprieve (for now) as court will review ruling

February 16, 2017 0

The CFPB has been granted a review by a federal appeals court of a ruling from last fall that effectively found the structure of the agency unconstitutional. In a decision released Thursday, the U.S. Appeals […]

Suit alleges illegal fees sought from debt relief law firms, attorneys

January 30, 2017 0

Law firms and individual attorneys offering debt relief services were sued today by the CFPB for collaborating to allegedly charge “illegal fees” to consumers seeking debt relief, the consumer agency announced today. The suit filed […]

Bureau fines mortgage servicers for ‘giving runaround’ to consumers

January 23, 2017 0

“Giving the runaround” to homeowners seeking options to save their homes is cited as the impetus behind a $28.8 million order by the CFPB to two mortgage servicing subsidiaries of one of the nation’s largest […]

Bank sued for ‘tricking consumers’ into overdraft fees

January 19, 2017 0

TCF National Bank, a Minnesota-based bank with operations in seven states, was sued today by the CFPB for allegedly “tricking consumers” into costly overdraft services and fees. In its filing, CFPB claimed that TCF designed […]

Suit claims ‘systematic’ failure of student borrowers

January 18, 2017 0

A lawsuit against the nation’s largest servicer of federal and private student loans – charging the group “systematically and illegally” failed borrowers at every stage of repayment – has been filed by the CFPB, seeking […]

Compliance bulletin focuses on ‘production incentives’

January 17, 2017 0

“Production incentives” are the topic of a compliance bulletin published today by the CFPB, which highlights examples where incentives “contributed to substantial consumer harm” and which describes compliance management steps CFPB-supervised entities should take to […]

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Bureau finalizes rule extending supervision over digital payment wallet apps

November 21, 2024 0

Digital payment wallet apps handling more than 50 million transactions annually are subject to a final rule requiring them to follow federal law applied to banks, credit unions and other financial institutions already supervised by the federal consumer financial protection [...]
Number of credit unions with low exam ratings rose in third quarter; strain on balance sheets, consumers, noted

November 21, 2024 0

The number of the lowest-rated credit unions based on their exam scores rose in the third quarter, their federal regulator said Thursday, reflecting strains on balance sheets and their consumer members, according to the agency. That total includes nine troubled [...]
CFPB publishes adjustments to thresholds under TILA, FCRA

November 21, 2024 0

Two adjustments to thresholds under lending disclosure and credit reporting rules were announced Thursday by the federal consumer financial protection agency. The Consumer Financial Protection Bureau (CFPB) said the first threshold adjustment resulted from a final rule it issued amending [...]
Ex-CEO of failed Kansas bank prohibited from financial institutions after cryptocurrency scheme

November 21, 2024 0

The former CEO of a Kansas bank that failed after the embezzlement of $47.1 million in a cryptocurrency scheme has been prohibited permanently from serving at another federally insured financial institution, the Federal Reserve said Thursday. Shan Hanes, 53, of [...]
Final rule provides ‘sharper scalpel’ of penalty, enforcement to foreign investment rules

November 18, 2024 0

A final rule aimed at providing a “sharper scalpel” of penalty and enforcement provisions to rules governing foreign investment in the United States was issued Monday by the Treasury Department, the agency said. The rule enhances “certain procedures” of the [...]
More days allowed for commenting on deposit insurance recordkeeping for custodial accounts

November 18, 2024 0

Forty-five more days are now available for commenting on the proposed deposit insurance recordkeeping rule for banks’ third-party (custodial) accounts, the federal insurer of bank deposits said Monday. With the addition of 45 days, the comment period now extends to [...]