CFPB – Page 16 – 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

Bureau issues warning that reopening deposit account after consumer closes it violates federal law

May 10, 2023 0

A bank may violate federal law if it unilaterally reopens a deposit account to process transactions after a consumer has already closed it, according to guidance issued Wednesday by the federal consumer financial protection agency. […]

North of $22 million to be shared with consumers harmed by debt relief firm, agency asserts

May 5, 2023 0

More than $22 million will be distributed to about 6,500 consumers who were allegedly harmed by a Maryland-based debt relief and credit repair company, the federal consumer financial protection agency said Friday. In a post […]

CFPB research, consumer, bank and credit union councils to meet

May 4, 2023 0

The four groups that advise the Consumer Financial Protection Bureau (CFPB) on the bureau’s policy agenda and matters affecting consumers, consumer banks and credit unions are set to hold virtual public meetings from May 16-19, […]

Fair Debt Collection Practices Act (Regulation F); Time-Barred Debt

May 4, 2023 0

Title: Fair Debt Collection Practices Act (Regulation F); Time-Barred Debt Subject: FDCPA Agency: CFPB Status: Advisory opinion Summary: The Consumer Financial Protection Bureau (CFPB) is issuing this advisory opinion to affirm that the Fair […]

Interim rule would conform Reg Z to legislation completing transition away from LIBOR

April 28, 2023 0

Regulation Z, implementing the Truth in Lending Act (TILA), would be conformed with legislation enacted last year to complete the transition away from a now-defunct interest rate reference tool under an interim final rule unveiled […]

Complaints show military members not receiving free credit monitoring services they are entitled to, agency claims

April 27, 2023 0

Military servicemembers are often not receiving the free credit monitoring services they are entitled to under the law, according to the federal consumer financial protection agency, evidenced by complaints received by the agency. In a […]

Agencies issue joint reminder that U.S. dollar LIBOR ends June 30; urges banks, credit unions to ensure they have ready alternatives

April 26, 2023 0

U.S. dollar (USD) London Inter-Bank Offered Rate (LIBOR) panels end June 30, and banks and credit unions are expected to complete their transition of remaining LIBOR contracts as soon as practicable, the federal banking, credit […]

Advisory asserts attempting to foreclose on ‘zombie mortgages’ is illegal, with focus on ‘piggybacks’

April 26, 2023 0

A debt collector who brings or threatens to bring a state court foreclosure action on a mortgage that is past the statute of limitations may violate the Fair Debt Collection Practices Act (FDCPA) and implementing […]

Seeing potential trouble ahead with AI, agencies vow to enforce anti-discrimination laws, rules

April 25, 2023 0

Protecting consumers from unlawful discrimination created by automated systems using artificial intelligence (AI) and other emerging automated systems is the aim of a pledge made Tuesday by the federal consumer financial protection agency and three […]

After losing data source, bureau turns to ICE to help calculate APORs for mortgages

April 14, 2023 0

A revised approach for determining the average prime offer rates (APOR) for purposes of federal mortgage rules was released Friday by the federal consumer financial protection agency. According to the Consumer Financial Protection Bureau (CFPB), […]

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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 [...]