CFPB – Page 24 – Regulatory Report

What's up

[ November 15, 2024 ] Delinquency rates on rise for CRE, some consumer loans, Fed supervision report finds The Fed
[ November 15, 2024 ] CLF’s 2025-26 budget, share insurance fund update slated next Thursday NCUA
[ November 15, 2024 ] Farmer Mac stock a permissible investment for some FCUs, agency opinion states NCUA
[ 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

Limited Applicability of Consumer Financial Protection Act’s “Time or Space” Exception with Respect to Digital Marketing Providers

August 16, 2022 0

Title: Limited Applicability of Consumer Financial Protection Act’s “Time or Space” Exception with Respect to Digital Marketing Providers Subject: Digital marketing Agency: CFPB Status: Interpretive rule Summary: Section 1002 of the Consumer Financial Protection Act […]

Financial firms liable for consumer financial protection violations with lax data protection, agency warns

August 11, 2022 0

Financial companies may violate federal consumer financial protection law when they fail to safeguard consumer data, and they may be held liable for putting those data at risk, according to a circular published by the […]

Chopra: Bureau considering new rules on consumer use of own financial data; examining tech firms’ consumer reporting

August 10, 2022 0

Consumers’ use of their own financial data and how technology companies’ activities may require consumer reporting are two rules under consideration by the federal consumer financial protection agency, its director indicated Wednesday. Speaking to a […]

Fintech firm’s faulty algorithm caused overdrafts, penalties, bureau asserts; $2.7 million fine imposed

August 10, 2022 0

Claims that a faulty algorithm has caused overdrafts and overdraft penalties for customers has led to an action – including a $2.7 million fine – by the federal consumer financial protection agency against a San […]

Behavioral marketing exposes tech firms to consumer financial protection law violations, rule asserts

August 10, 2022 0

Tech firms that use behavioral targeting in their marketing of individual consumers regarding financial products are liable for violations if they do not comply with federal consumer finance protections, the federal consumer financial protection agency […]

Small-biz data collection final rule slated for March 2023

August 8, 2022 0

A final rule to require the collection and reporting of small-business loan data under Regulation B (Equal Credit Opportunity Act) is slated for action about March 2023, according to the latest regulatory agenda published by […]

Bureau events seek to prep industry for upcoming rule on small-biz data reporting

August 8, 2022 0

Two events – one virtual, the later one in person – are slated for August and September to begin a discussion with financial institutions and their providers on implementation of an upcoming small-business lending data […]

Joint letter serves to remind – and warn – auto finance companies of special protections extended to servicemembers

July 29, 2022 0

Military servicemembers have additional rights to protect them and their families against unique financial challenges, auto finance companies were reminded, and warned, in a letter issued Friday by the federal consumer financial protection agency and […]

$35.5 million fine assessed against one of nation’s biggest banks for exploiting customers’ data to open sham accounts

July 28, 2022 0

A $37.5 million fine for allegedly illegally exploiting customers’ personal data to open sham accounts for unsuspecting customers was announced Thursday against the fifth-largest U.S. bank by the federal consumer financial protection agency. The Consumer […]

Firms’ reduction in medical debt reporting will leave nearly half of consumers with such debt still affected, CFPB says

July 27, 2022 0

Consumer credit reporting companies’ changes to medical debt collection reporting, announced in March, will remove some but not all medical debt collections and will leave nearly half of consumers still seeing such collections on their […]

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Delinquency rates on rise for CRE, some consumer loans, Fed supervision report finds

November 15, 2024 0

Delinquency rates for some commercial real estate (CRE) loans and some consumer loans have increased to above pre-pandemic levels, and banks have boosted the allowance for credit losses in anticipation of further deterioration in asset quality, according to a supervision [...]
CLF’s 2025-26 budget, share insurance fund update slated next Thursday

November 15, 2024 0

The budget for the agency’s liquidity facility for credit unions is slated for action during the Nov. 21 open meeting of the National Credit Union Administration (NCUA) Board, which will also receive a credit union share (deposit) insurance fund briefing. [...]
Farmer Mac stock a permissible investment for some FCUs, agency opinion states

November 15, 2024 0

Federal credit unions (FCUs) may invest in common stock of the Federal Agricultural Mortgage Corporation, or Farmer Mac, to the extent they must in order to serve as loan originators or sellers in the program, the federal credit union regulator [...]
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 [...]