CFPB – Page 15 – 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

Chatbots under scrutiny in resolving customer service issues as complaints rise

June 6, 2023 0

Chatbots –computer generated, online consumer help programs that simulate human-like responses – can impede customers from resolving problems, especially if the systems are poorly deployed, the federal consumer financial protection agency charged Tuesday. In a […]

Increasing use of automated value models (AVMs) for real estate key in agencies’ proposed rule on their use

June 2, 2023 0

The increasing frequency of use of automated valuation models (AVMs) by mortgage lenders in determining the value of property was a key factor for issuing a proposal late Thursday by federal financial institution regulators on […]

Bureau warns digital payment apps not covered by deposit insurance; urges consumers to transfer to insured banks, credit unions

June 1, 2023 0

Billions stored on digital payment apps such as Venmo and PayPal (among others) used by consumers may lack federal savings insurance, the federal consumer financial protection agency warned Thursday; it urged those consumers to transfer […]

Charging ‘upselling’ as deceptive practice, bureau slaps firm with $20 million in fines, redress

May 31, 2023 0

Payments of $20 million in penalties and in redress to consumers for deceptive sales practices was ordered against an Indiana firm described as a nonbank personal loan installment lender, the federal consumer financial protection agency […]

Banks saw 4Q ’22 revenue from overdraft/NSF fees down by nearly half compared to right before pandemic’s start

May 24, 2023 0

Revenue from overdraft and non-sufficient funds (NSF) fees for banks and other financial institutions was down by nearly half in the last quarter of last year compared to pre-pandemic levels, the federal consumer financial protection […]

With small business lending rule in place, bureau publishes small entity compliance guide outlining requirements

May 15, 2023 0

The new small business lending rule from the federal consumer financial protection agency has prompted the issuance of a small entity compliance guide by the agency, it announced Monday. The compliance guide was issued Friday […]

July 26 comment date set on bureau’s PACE loan ability-to-repay proposal

May 11, 2023 0

A proposal to prescribe ability-to-repay rules for Property Assessed Clean Energy (PACE) financing, with Truth-in-Lending Act (TILA) civil liability provisions applicable for violations, is out for comment until July 26, according to a consumer bureau […]

Interim rule revising Reg Z for LIBOR transition out for comment until June 12

May 11, 2023 0

An interim final rule that, effective May 15, revises Regulation Z, which implements the Truth in Lending Act (TILA), in conformance with the transition away from the London Interbank Offered Rate (LIBOR) as an index […]

Residential Property Assessed Clean Energy Financing (Regulation Z)

May 11, 2023 0

Title: Residential Property Assessed Clean Energy Financing (Regulation Z) Subject: PACE financing; Reg Z Agency: CFPB Status: Proposed rule Summary: Section 307 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA) directs […]

Facilitating the LIBOR Transition Consistent With the LIBOR Act (Regulation Z)

May 11, 2023 0

Title: Facilitating the LIBOR Transition Consistent With the LIBOR Act (Regulation Z) Subject: LIBOR; Reg Z Agency: CFPB Status: Interim final rule; request for public comment Summary: The Consumer Financial Protection Bureau (CFPB or […]

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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 [...]