CFPB – Page 13 – Regulatory Report

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[ December 20, 2024 ] Three of nation’s largest banks sued for allowing ‘fraud to fester’ on Zelle payment network CFPB
[ December 20, 2024 ] WARM holiday greetings: Agency issues quarterly update to tool for calculating CECL NCUA
[ December 20, 2024 ] FinCEN provides financial institutions ‘red flags’ of potential frauds using FinCEN’s name Other
[ December 20, 2024 ] OCC annual report notes sound banking system, but urges banks to guard against complacency OCC
[ December 19, 2024 ] More than one-third of workers at FDIC witnessed or experienced sexual harassment, report asserts FDIC

Comments due Dec. 29 on CFPB’s consumer financial data access proposal

October 31, 2023 0

A proposed rule detailing how depository and nondepository entities must make consumers’ financial transaction and account data available to consumers and authorized others is out for comment until Dec. 29, according to a notice Tuesday […]

Required Rulemaking on Personal Financial Data Rights

October 31, 2023 0

Title: Required Rulemaking on Personal Financial Data Rights Subject: Consumer access to data Agency: CFPB Status: Proposed rule Summary: The Consumer Financial Protection Bureau (CFPB) is proposing a rule to implement personal financial data rights […]

CFPB: Credit card late fees, like other card costs, have risen above pre-pandemic levels, remain ‘most significant’ in cost, frequency

October 26, 2023 0

Credit card companies charged consumers more than $105 billion in interst and more than $25 billion in fees in 2022, with late fees described in a report released Thursday as the “most significant” fee assessed […]

Bureau unveils new rule proposal aimed at giving consumers more control over their financial data

October 19, 2023 0

Consumers would ostensibly have control over data about their financial lives and “would gain new protections against companies misusing their data,” the federal consumer protection agency said Thursday in proposing a new rule. The Consumer […]

App alleged to have cheated users on international money transfers, deceiving them about speed, costs

October 17, 2023 0

Cheating users on international money transfers is alleged in a complaint issued Tuesday against a widely used mobile app by the federal consumer financial protection agency. In a release, the Consumer Financial Protection Bureau (CFPB) […]

DOJ, CFPB remind FIs that ECOA protects credit applicants regardless of immigration status

October 12, 2023 0

The Equal Credit Opportunity Act’s (ECOA) protections against discrimination apply regardless of a credit applicant’s immigration status, the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) underscored in a joint statement Wednesday. […]

Agencies seek $23 million in penalties from rental screening arm of big three credit reporting company TransUnion

October 12, 2023 0

Penalties of $23 million against a subsidiary of one of the big three credit reporting agencies were announced by two federal agencies Thursday for actions that include failing to ensure accurate rental background checks and […]

Home affordability declined in 2022 driven by higher rates, fees; more applicants denied for insufficient income

September 27, 2023 0

Overall affordability of homes declined significantly in 2022, with borrowers spending more of their income on mortgage payments and lenders more often denying applications for insufficient income, the federal consumer financial protection agency said Wednesday. […]

FAQs address CFPB small business lending rule in wake of Texas court decision

September 14, 2023 0

The impact of a federal court order freezing implementation of the small business lending rule issued by the federal consumer financial protection agency spawned a new set of “frequently asked questions” (FAQs) by the agency […]

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 […]

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Three of nation’s largest banks sued for allowing ‘fraud to fester’ on Zelle payment network

December 20, 2024 0

Claiming three of the largest banks in the country allowed “fraud to fester” on an online payment provider, resulting in more than $870 million lost by customers over seven years, the federal consumer financial protection agency Friday filed suit against [...]
WARM holiday greetings: Agency issues quarterly update to tool for calculating CECL

December 20, 2024 0

The latest life-of-loan – or Weighted Average Remaining Maturity (WARM) – factors are included in the updated simplified tool for credit unions released Friday to measure credit losses, their federal regulator said. The National Credit Union Administration (NCUA) said for [...]
FinCEN provides financial institutions ‘red flags’ of potential frauds using FinCEN’s name

December 20, 2024 0

An alert about fraud schemes abusing the name, insignia, and authorities of Treasury’s financial crimes enforcement unit for financial gain was issued this week to warn corporations, money services businesses and financial institutions and urge that suspected incidents be reported. [...]
OCC annual report notes sound banking system, but urges banks to guard against complacency

December 20, 2024 0

The federal banking system is sound, but banks were urged to guard against complacency and remain vigilant according to the national bank regulator’s 2024 annual report, issued Friday. The Office of the Comptroller of the Currency (OCC) said the report [...]