CFPB – Page 18 – 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

Probe looks at operations of data brokers, with aim at new rules under fair credit reporting

March 15, 2023 0

An investigation into companies that track and collect information on people’s personal lives – known as data brokers – has been launched by the federal consumer financial protection agency, it said in a release Wednesday. […]

Bureau collecting comments on rules over mortgage lending disclosures

March 10, 2023 0

Comments on rules implementing truth in mortgage lending are being sought by the federal consumer financial protection agency, it said Friday, related to its review of rules impact on small entities and others. The Consumer […]

Illegal junk fees the focus of CFPB’s Supervisory Highlights ‘special edition’

March 8, 2023 0

The consumer financial protection agency on Wednesday suggested its work focusing on surprise overdraft fees has led to “at least 20” of the largest banks in the country to no longer charge such fees and […]

‘Earned wage access’ programs by fintechs need clarification as to application of truth-in-lending rules, watchdog advises

March 8, 2023 0

“Earned wage access” products need clarification as to whether they are subject to truth-in-lending disclosures, the congressional watchdog said in a report issued Wednesday. The Government Accountability Office (GAO) said its report found that the […]

Consumer, labor relations agencies ink deal to share information on practices harming workers in ‘gig economy’

March 7, 2023 0

An information-sharing agreement aimed at alleged practices that harm workers in the “gig economy” was announced Tuesday by the federal labor relations and consumer financial protection agencies. According to the Consumer Financial Protection Bureau (CFPB) […]

CFPB issues report on review of HMDA rule effectiveness

March 3, 2023 0

Findings from a review of the overall effectiveness of the Home Mortgage Disclosure Act (HMDA) rule, from 2015 forward, are provided in 177-page report released Friday by the Consumer Financial Protection Bureau (CFPB). The bureau […]

New findings link ‘buy now, pay later’ programs to borrowers using other credit products (including high interest loans)

March 2, 2023 0

Borrowers who use “Buy Now, Pay Later” (BNPL) programs are more likely to exhibit measures of financial distress than non-users, and they are also more likely to be active users of high interest products including […]

Analysis focuses on fees charged for delivery of public benefits that ‘chip away’ at payments

March 1, 2023 0

High fees through financial products that “chip away” at public benefits such as Social Security and unemployment compensation are highlighted by the federal consumer financial protection bureau in an Issue Spotlight made public Wednesday. The […]

Bureau in final stages of reviewing consumer disclosures under dual loan scenario

February 28, 2023 0

Review of a “sandbox application” about consumer disclosures of a loan that finances both a construction phase and the permanent purchase of a home is in the final stages by the federal consumer financial protection […]

RMK Financial, operating as ‘Majestic Home Loans,’ shut down over repeat offenses despite 2015 order, fined $1 million

February 27, 2023 0

A mortgage loan business that was ordered in 2015 to stop deceptive advertising to military families was permanently banned from the business Monday and ordered to pay a $1 million civil money penalty (CMP) by […]

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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 [...]