CFPB – Page 22 – 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

New consumer bureau bulletin highlights crypto-asset complaints, fraud risks

November 10, 2022 0

A complaint bulletin that highlights consumer complaints and discusses fraud risks related to crypto-assets was issued Thursday by the Consumer Financial Protection Bureau (CFPB). “Our analysis of consumer complaints suggests that bad actors are leveraging […]

CFPB circular details potential FCRA liability for consumer reporting agencies, information furnishers that shirk dispute investigation requirements

November 10, 2022 0

Inadequate investigatory practices of consumer credit reporting companies and information furnishers in dealing with consumer reporting disputes could draw state or federal law enforcement action under the Fair Credit Reporting Act (FCRA), the Consumer Financial […]

Bureau adds 2 questions to inquiry about big-tech firms’ data use, policy regarding payments; comments due Dec. 7

November 7, 2022 0

Two questions about large technology firms’ penalty practices and acceptable use policies are out for comment until Dec. 7 as part of the consumer financial protection agency’s inquiry launched in October 2021. The Consumer Financial […]

Notice and Request for Comment Regarding the CFPB’s Inquiry Into Big Tech Payment Platforms

November 7, 2022 0

Title: Notice and Request for Comment Regarding the CFPB’s Inquiry Into Big Tech Payment Platforms Subject: Payments/big tech Agency: CFPB Status: Notice and request for comment Summary: On October 21, 2021, the Consumer Financial Protection […]

CFPB to seek more input from public on big-tech firms’ policies, practices

October 31, 2022 0

More input from the public on large technology firms’ use and policies surrounding the huge amounts of consumer data they hold will be accepted by the Consumer Financial Protection Bureau (CFPB) for 30 days following […]

CFPB releases outline of options for future rulemaking on consumers’ access to, control over their financial data

October 27, 2022 0

The federal agency charged with consumer financial protection on Thursday said it’s taking a step forward toward an eventual rulemaking on consumers’ access to their financial data, as authorized by the 2010 Dodd-Frank Wall Street […]

CFPB opinion: Credit reporting agencies have responsibility to assure consumer report accuracy under FCRA

October 26, 2022 0

A recent federal consumer financial protection agency advisory opinion that highlights credit reporting agencies’ duty under the Fair Credit Reporting Act (FCRA) to assure maximum possible accuracy in consumer credit reports – free of “junk” […]

Fair Credit Reporting; Facially False Data

October 26, 2022 0

Title: Fair Credit Reporting; Facially False Data Subject: FCRA Agency: CFPB Status: Advisory opinion Summary: The Consumer Financial Protection Bureau (Bureau) is issuing this advisory opinion to highlight that a consumer reporting agency that does […]

Bureau continues emphasis on ‘surprise’ fees, issuing guidance on depositor charges

October 26, 2022 0

Banks charging so-called “surprise” overdraft and depositor fees can avoid violations of rules by following guidance issued by the federal consumer financial protection agency, it said Wednesday. The Consumer Financial Protection Bureau (CFPB) said it […]

‘Unanticipated’ overdraft fee can count as an unfair act or practice, circular declares

October 26, 2022 0

An assessment of an unanticipated overdraft fee can constitute an unfair act or practice even if the bank or other entity charging the fee complies with key financial regulations, according to a circular published Wednesday […]

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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 [...]