CFPB – Page 17 – 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

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 […]

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. […]

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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 [...]