CFPB – Page 14 – 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

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 […]

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 […]

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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 [...]