CFPB – Page 25 – 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

Hyundai finance arm slapped with $19 million fine for providing inaccurate info to credit reporting companies

July 26, 2022 0

A fine of $19 million has been ordered against a Korean auto manufacturer-owned finance company for “repeatedly providing inaccurate information to nationwide credit reporting companies” and failing to address the bad information once it was […]

CFPB extends customer service RFI comment period to Aug. 22

July 19, 2022 0

A thirty-day extension to the comment period for the federal consumer financial protection agency’s request for information (RFI) focusing on how banks and credit unions with more than $10 billion in assets respond to consumer […]

Request for Information Regarding Relationship Banking and Customer Service

July 19, 2022 0

Title: Request for Information Regarding Relationship Banking and Customer Service Subject: Responses to customer inquiries Agency: CFPB Status: Request for information Summary: The Consumer Financial Protection Bureau (Bureau or CFPB) is seeking comments from the […]

Bureau extends comment period on credit card late fees to Aug. 1

July 18, 2022 0

Anyone wishing to comment on the federal consumer financial protection agency’s advance notice of proposed rulemaking (ANPR) on credit-card late fees has an additional 10 days from the original comment deadline, according to a notice […]

Fines of $225 million assessed against BofA for botching disbursement of pandemic-era unemployment benefits

July 14, 2022 0

Combined fines of $225 million were assessed Thursday against Bank of America by two federal regulators accusing the bank of botching disbursement of state unemployment benefits at the height of the coronavirus crisis. In a […]

Firm faces suit for concealing repayment plans from borrowers, pocketing $240 million in fees

July 12, 2022 0

Charged with concealing free repayment plans from struggling borrowers – which allegedly resulted in borrowers paying up to thousands in reborrowing fees – a Texas-based payday lender has been sued by the federal consumer financial […]

The Fair Credit Reporting Act’s Limited Preemption of State Laws

July 12, 2022 0

Title: The Fair Credit Reporting Act’s Limited Preemption of State Laws Subject: FCRA; limited preemption of state law Agency: CFPB Status: Interpretive rule Summary: States play an important role in the regulation of consumer reporting. […]

Fair Credit Reporting; Permissible Purposes for Furnishing, Using, and Obtaining Consumer Reports

July 12, 2022 0

Title: Fair Credit Reporting; Permissible Purposes for Furnishing, Using, and Obtaining Consumer Reports Subject: FCRA; consumer credit reports Agency: CFPB Status: Advisory opinion Summary: The Consumer Financial Protection Bureau (Bureau) is issuing this advisory opinion […]

CFPB looking for more tech experts; current openings close July 27

July 8, 2022 0

A call for applications from technical experts to support the agency’s work in consumer financial protection supervision and policymaking was issued this week by the Consumer Financial Protection Bureau (CFPB). In a blog post Thursday, […]

Opinion clarifies that ‘permissible purposes’ needed for sharing of credit, background reports

July 7, 2022 0

“Permissible purposes” are required when credit reporting companies – and users of credit reports – share credit and background reports, the federal consumer financial protection agency clarified Thursday in an advisory opinion. According to the […]

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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 [...]