CFPB – Page 27 – 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

CFPB director, in blog post, discusses reg simplification and current priorities

June 17, 2022 0

The consumer financial protection agency’s desire to transition away from highly complicated rules and toward simpler, clearer rules – plus a look at its current regulatory priorities – was detailed in a blog post Friday by the […]

Public input on employer-driven debt due to CFPB Sept. 7

June 17, 2022 0

Input from the public on the practices and financial products that may leave workers indebted to their employers is due to the federal consumer financial protection agency Sept. 7, according to a Federal Register notice […]

Request for Information Regarding Employer-Driven Debt

June 17, 2022 0

Title: Request for Information Regarding Employer-Driven Debt Subject: Employer-driven debt Agency: CFPB Status: Request for information Summary: The Consumer Financial Protection Bureau (CFPB or Bureau) is charged with monitoring markets for consumer financial products and […]

CFPB

CFPB circulars on deceptive use of FDIC name/logo, adverse credit action notice rules published

June 14, 2022 0

Two new circulars providing other agencies guidance on the consumer financial protection agency’s policy on matters related to misuse of elements denoting the presence of federal bank deposit insurance and on adverse action notification requirements […]

Big banks, credit unions, to be under microscope for how they provide access to customer service

June 14, 2022 0

How customers and members of big banks and credit unions may assert their rights to better customer service is the stated aim of an initiative announced Tuesday by the federal consumer financial protection agency, the […]

Credit report bullying, phony medical bill collectors continue to plague military, veterans, families, report asserts

June 13, 2022 0

Problems with coercive credit reporting and false medical bill collections – including billing inaccuracies and aggressive debt collector tactics to recover allegedly unpaid medical bills – are cited by military service members, their families, and […]

Consumer bureau sets sights on employer-driven debt products, practices

June 9, 2022 0

Practices and financial products that may leave workers indebted to their employers is the focus of an inquiry launched Thursday by the Consumer Financial Protection Bureau (CFPB). In a request for information (RFI), the bureau […]

Student loan debt relief operator would be banned, fined, for allegedly absconding with $240,000 from borrower accounts

June 9, 2022 0

An operator of a California-based student loan debt relief firm would be banned from the industry after allegedly withdrawing more than $240,000 from student loan borrowers’ accounts without their authorization, the federal consumer financial protection […]

Bureau terminates lending firm’s ‘no action letter’ over fair lending laws at company’s request

June 8, 2022 0

A “no action letter” (NAL) has been terminated at the request of the company that initially received it so the firm could change its underwriting and pricing models but not be subject to additional review, […]

CFPB ‘spotlight’ shows about one-third of Americans saw drop in financial well-being from 2017 to 2020

June 7, 2022 0

Americans, on average, saw an increase in their financial well-being between 2017 and 2020 – likely aided by the government’s COVID-19 response offering varying types of financial and economic assistance – but most of those […]

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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 [...]