CFPB – Page 13 – Regulatory Report

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[ 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

Alleged illegal disabling of vehicles, improper repossessions, makes GA firm target of bureau lawsuit

August 2, 2023 0

Alleged illegal disabling of vehicles, and improper double-billing practices, among other things, have earned a Georgia auto-loan servicer a lawsuit from the federal consumer financial protection agency, it said Wednesday. The lawsuit against USASF Servicing […]

Auto lenders singled out for abusive actions in bureau report; misleading marketing, inflated loan balances alleged

July 26, 2023 0

Auto lenders are singled out for unfair, deceptive, and abusive acts or practices (UDAAP) by the federal consumer financial protection agency in a report issued Wednesday. In releasing the latest version of its Supervisory Highlights, […]

CFPB’s Chopra signals agencies on lookout for AI use by corporate landlords to deny, gouge renters

July 25, 2023 0

Regulators cannot tolerate corporate actors using opaque artificial intelligence (AI) fed by inaccurate information to deny or gouge tenants on rental housing, the director of the federal consumer financial protection agency said Tuesday. In remarks […]

Report outlines alleged risks of ‘employer-driven debt’ for workers

July 20, 2023 0

Risks that “employer-driven debt” poses to workers – by allegedly tying workers to their employers that pay for retraining or other education as a condition of employment – is outlined in a report issued Thursday […]

Utah firm faces lawsuit for ‘bullying, luring,’ threatening consumers in lease to own deals

July 19, 2023 0

Utah firm faces lawsuit for ‘bullying, luring,’ threatening consumers in lease to own deals Using words such as “bullying,” “luring” and “threats” to describe actions taken against consumers, the federal consumer financial protection agency Wednesday […]

Bureau, European Commission open dialog on ‘critical consumer issues,’ including AI, BNPL

July 17, 2023 0

“Critical financial consumer protection issues” will be the focus of joint talks between the federal consumer financial protection agency and its European counterpart, the agencies said Monday. In their joint statement, the Consumer Financial Protection […]

Bureau plans another ‘regcast’ about much-maligned small business lending rule

July 17, 2023 0

The “small business lending rule” issued by the federal consumer financial protection agency will be the subject of a webcast by the agency set for July 25, the agency announced Monday. The Consumer Financial Protection […]

Vocational training outfit sued over deceptive practices by CFPB, state entities

July 13, 2023 0

A company called Prehired that operated a vocational training program was sued Thursday by the Consumer Financial Protection Bureau (CFPB), several state attorneys general and California’s financial protection agency over deceptive marketing and debt collection […]

Medical payment products RFI out for comment until Sept. 11

July 12, 2023 0

Input is due Sept. 11 on a request for information about medical payment products, patients’ experiences with them, and health care providers’ incentives to offer the high-cost products to patients, according to a notice in […]

Request for Information Regarding Medical Payment Products

July 12, 2023 0

Title: Request for Information Regarding Medical Payment Products Subject: Medical payment products Agency: CFPB, Treasury, Centers for Medicare & Medicaid Services Status: Request for information Summary: The CFPB, an independent agency, HHS, and 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 [...]