CFPB – Page 21 – 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

CFPB proposes public registry of nonbank offenders of consumer financial protections, one aim being to ID repeat offenders

December 12, 2022 0

Nonbank financial firms that become subject to local, state, or federal consumer financial protection agency or court orders under laws enforceable by the federal Consumer Financial Protection Bureau (CFPB) would be required to register with […]

Bureau finds TILA does not preempt NY commercial financing law; considers preemption rulings for three other states

December 7, 2022 0

Federal truth in lending statutes do not preempt certain provisions of a New York law governing commercial financing, according to a preliminary opinion issued Wednesday by the federal consumer financial protection agency. The Consumer Financial […]

$9 million in extra interest being paid by military reserve, guard on active duty, agency contends

December 7, 2022 0

An extra $9 million in interest is being paid by military reserve and National Guard members because they are not receiving rights under federal legislation reducing the rates they may be charged, the federal consumer […]

CFPB not prioritizing, just yet, enforcement of restored 25-loan HMDA reporting threshold for closed-end mortgages

December 6, 2022 0

The federal agency charged with consumer financial protection says it does not plan to carry out enforcement actions related to a now 25-loan threshold for reporting closed-end mortgage loans under the Home Mortgage Disclosure Act […]

Bureau wants ‘deposits’ of $19 million refunded; firm was ‘not a bank,’ made other spurious claims, agency finds

December 1, 2022 0

Refunds of approximately $19 million to about 400 depositors would be forced on an investor and the company he ran under a proposal made public Thursday by the federal consumer financial protection agency. According to […]

Ceiling rises $1 (to $14.50) on maximum allowable consumer credit report fees for 2023

November 22, 2022 0

The ceiling on allowable charges will rise to $14.50 next year under the Fair Credit Reporting Act (FCRA), the federal consumer financial protection agency said Tuesday. The new rate takes effect Jan. 1. Under the […]

$5.25 million fine assessed against CA mortgage servicer for alleged ‘cheating’ of homeowners

November 17, 2022 0

A $5.25 million fine for allegedly cheating homeowners of their rights for mortgage payment forbearance during the height of the coronavirus crisis was announced Thursday by the federal consumer financial protection agency. The Consumer Financial […]

Consumer reporting firms continue to violate FCRA, latest CFPB ‘highlights’ alleges

November 16, 2022 0

Consumer reporting companies and data furnishers continued to violate the Fair Credit Reporting Act (FCRA) by failing to promptly address and update incorrect information on credit reports, according to a report issued Wednesday by the […]

CFPB cites issues with tenant background reports; will seek to identify guidance or rules to ensure practices follow law

November 15, 2022 0

Erroneous information in tenant background checks is leading to higher costs and barriers to quality rental housing, the Consumer Financial Protection Bureau (CFPB) said in issuing a market report and a consumer “snapshot” focusing on […]

CFPB modifies nonbank supervision procedural rule

November 14, 2022 0

Changes to clarify what will be disclosed to the public when the Consumer Financial Protection Bureau (CFPB) designates a nonbank entity for supervision, and more time for such entity to weigh in on such disclosure, […]

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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 [...]