CFPB – Page 2 – Regulatory Report

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[ November 13, 2024 ] PA bank failure, first of year, came from reclassified debt securities, dysfunctional management, report finds FDIC
[ November 13, 2024 ] Reports of suspected fraud using deepfake media spurs FinCEN to issue ‘red flags’ alert to FIs Other
[ November 13, 2024 ] Two promoted to OCC deputy controllers for large bank supervision OCC
[ November 12, 2024 ] FDIC Board reportedly reaches ‘consensus’ on probe of execs over sexual harassment allegations FDIC
[ November 12, 2024 ] Consumer bureau identifies gaps in federal vs. states’ personal financial-data privacy protections, urges states to assess CFPB

Bureau unwraps web page for applications to become open banking ‘recognized standard setter’

September 24, 2024 0

Applications to become a recognized standard setter under the Personal Financial Data Rights (PFDR) rule of the Consumer Financial Protection Bureau (CFPB) will be accepted through a webpage introduced Tuesday, the agency said. Under a […]

Latest servicemembers report outlines increase in complaints; focuses on student services

September 24, 2024 0

Difficulties in getting help from student loan servicers and transcript withholding by colleges and universities to collect a debt or disputed fees are among the financial challenges being faced by servicemembers, the federal consumer financial […]

‘Narrow amendment’ to proposed rule aims to provide clearer information about remittance questions

September 20, 2024 0

Providing consumers with clearer information about the types of questions that may be better handled by their remittance company before contacting regulators is the aim of a proposed rule issued Friday by the federal consumer […]

Guidance issued to stop banks from charging overdraft fees without proof of customer opt-in

September 17, 2024 0

Guidance aimed at stopping banks from charging overdraft fees based on so-called “phantom opt-in agreements,” which allegedly occur when fees are charged even though there is no proof banks have consent to do so, was […]

Charges of deceptive marketing over membership credit card leveled against firm, CEO

September 16, 2024 0

Charges of deceptive marketing aimed at allegedly luring customers to pay illegal and excessive membership fees – and make it “unreasonably difficult for consumers to cancel memberships and obtain refunds – are part of a […]

CFPB: ‘Repeat offender’ New Day Financial fined $2.25 million for deceiving veterans that got cash-out refi loans

August 30, 2024 0

New Day Financial, also known as NewDay USA, was fined $2.25 million Thursday over deceptive activities targeting veterans seeking cash-out refinance loans, the federal agency charged with consumer financial protection said. The Consumer Financial Protection […]

Bureau finds 3 out of 8 retailers reviewed charge $90 million annually for ‘cash back’ at the register; notes concern over consumers’ access to cash

August 27, 2024 0

Three out of the eight major retail chains included in a sample reviewed by the federal consumer financial protection agency were found to charge “cash back” fees at the register, a practice that the agency […]

Bureau unveils beta platform for testing collection of non-customer small business data

August 26, 2024 0

A beta platform for testing the collection of small business data mandated by federal requirements was unveiled Monday by the federal consumer financial protection agency, which invited financial institutions and their technology service providers to […]

60-day comment period set for proposed data collection standards rule

August 22, 2024 0

Comments are due Oct. 21 on a proposal to establish data standards for the collection of information reported to federal financial institution regulators by financial entities under their jurisdiction, the federal financial institution and other […]

Bureau charges firm $5 million in redress, penalties for failing to meet requirements of 2017 order

August 22, 2024 0

Taking prohibited foreclosure actions against borrowers requesting mortgage assistance, and other deficiencies, have resulted in $5 million in redress and penalties ordered by the federal consumer financial protection bureau against a Tampa-based mortgage servicer, the […]

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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 [...]