CFPB – Page 20 – 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

Law firm would be curtailed in filing new ‘junk lawsuits’ against consumers in settlement

January 11, 2023 0

Charging illegal debt collection practices – including filing “junk lawsuits” – by a New York debt collection firm, the federal consumer financial protection agency said it has reached a settlement that would sharply curtail any […]

Nonbank contracts claiming to waive consumer rights would be subject to registry under proposal

January 11, 2023 0

Contracts by nonbanks that claim to waive or limit consumer rights and protections – including bankruptcy and liability amounts – would be subject to a public registry of terms and conditions under a proposal issued […]

Agencies announce lawsuit against auto lender for misrepresenting credit costs, ‘tricking customers’

January 4, 2023 0

Misrepresenting the cost of credit and tricking customers into high-cost loans on used cars are charges leveled against a Michigan auto lender by the New York Attorney General and the federal consumer financial protection agency […]

Annual report on consumer reporting firms finds improvements, but more actions suggested

January 3, 2023 0

Considerations for the nationwide consumer reporting companies to improve compliance with consumer financial protection laws and, ostensibly, to serve consumers better, is the asserted aim of annual report issued Tuesday by the federal consumer financial […]

HMDA, TILA asset-size exemption thresholds raised for 2023

December 28, 2022 0

Two final rules increasing the asset-size exemption thresholds for institutions required to report mortgage activity and to establish escrows for certain higher-priced mortgage loans (HPMLs) were published this week by the Consumer Financial Protection Bureau […]

Bureau raises 2023 TILA thresholds for higher-cost mortgages, QMs

December 23, 2022 0

There is no change in the $1 amount triggering minimium interest charge disclosures for open-end consumer credit plans for 2023, but the consumer financial protection agency is raising other amounts that will apply to certain […]

Remittance firm ordered to refund fees, pay penalty, after charges of failing to follow regulations

December 22, 2022 0

A remittance provider has been ordered to refund fees and pay a penalty after allegedly failing to provide refunds on thousands of transactions, the consumer financial protection agency said Thursday. The order against Servicio UniTeller, […]

Household financial health fell in 2021, report asserts, with some key groups falling further

December 21, 2022 0

Household financial health is in decline, with a “rapid deterioration” in financial health for some key groups, according to a new report issued Wednesday by the federal consumer financial protection agency. In its 2022 Making […]

Wells Fargo faces $3.7 billion in redress, fines for ‘widespread mismanagement’ of customer accounts

December 20, 2022 0

Citing “widespread mismanagement of auto loans, mortgages, and deposit accounts,” the federal consumer financial protection agency ordered $3.7 billion to be paid in fines and redress by one of the nation’s largest banks, the agency […]

Higher income borrowers took advantage of low rates, paperless process, during first year of pandemic, report finds

December 13, 2022 0

The first year of the coronavirus crisis led more higher-income borrowers to seek new mortgages or refinancings, and pushed more to consider “paperless” online mortgage borrowing, according to a report issued Tuesday by two federal […]

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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 [...]