CFPB – Page 3 – Regulatory Report

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[ December 20, 2024 ] Three of nation’s largest banks sued for allowing ‘fraud to fester’ on Zelle payment network CFPB
[ December 20, 2024 ] WARM holiday greetings: Agency issues quarterly update to tool for calculating CECL NCUA
[ December 20, 2024 ] FinCEN provides financial institutions ‘red flags’ of potential frauds using FinCEN’s name Other
[ December 20, 2024 ] OCC annual report notes sound banking system, but urges banks to guard against complacency OCC
[ December 19, 2024 ] More than one-third of workers at FDIC witnessed or experienced sexual harassment, report asserts FDIC

Consumer bureau identifies gaps in federal vs. states’ personal financial-data privacy protections, urges states to assess

November 12, 2024 0

Numerous states’ deference to federal law regarding consumer personal financial-data protections has left gaps in protections for financial data and financial products and services, according to a report released Tuesday by the Consumer Financial Protection […]

In a big OOPS, nation’s largest credit union must pay $95 million for ‘surprise’ overdraft fees

November 7, 2024 0

The nation’s largest credit union must pay a record $95 million for allegedly illegal, surprise overdraft fees and is barred from offering the fees in the future, the federal consumer financial protection agency said Thursday. […]

Credit union slapped with $1.5 million fine over ‘botched’ online banking system rollout blocking consumer account access

October 31, 2024 0

A credit union in Jacksonville, Fla., faces at $1.5 million fine for allegedly “stranding consumers” from accessing their money and accounts resulting from the “botched” rollout of a new online banking system, the federal consumer […]

Final rule mandates no charge for transferring personal financial data from one provider to another

October 22, 2024 0

An individual’s personal financial data would be transferred for no charge from one financial provider – including financial institutions, credit card issuers, and others – to another under a new rule finalized early Tuesday by […]

Bureau takes aim at student lender, investor for making false claims, misrepresenting training quality

October 17, 2024 0

Inducing students to take out loans by allegedly misrepresenting the quality of the training programs at partner schools and making false claims about hiring rates and salaries is the basis of a lawsuit against a […]

WI mortgage firm would pay $1.9 million penalty for redlining in Birmingham, AL, pay $7 million in loan subsidies under settlement with Justice, CFPB

October 16, 2024 0

A proposed settlement over allegations of illegal mortgage lending discrimination against majority-Black neighborhoods in the greater Birmingham, Ala., would require a mortgage company in Wisconsin to pay a civil money penalty of $1.9 million, provide […]

Threshold will rise in 2025 for higher-priced mortgage loans subject to special appraisal requirements

October 4, 2024 0

The threshold will increase from $32,400 to $33,500 for higher-priced mortgage loans that are subject to special appraisal requirements, the federal banking and consumer financial protection agencies said Friday. The new threshold takes effect Jan. […]

Consumer loan, lease amounts with Regs Z, M protections to rise in 2025

October 4, 2024 0

Thresholds for consumer loan and lease amounts subject to certain protections of Regulation Z (Truth in Lending Act) and Regulation M (Consumer Leasing Act) will rise in 2025 from $69,500 to $71,900, federal agencies said […]

Chart aims to help nonbanks determine requirement to register order under rule

October 3, 2024 0

A chart for determining whether a nonbank entity is required to register an order under a rule from the federal consumer financial protection agency was published Thursday by the agency. The chart summarizes how the […]

Collecting on inaccurate, legally invalid medical debts illegal, agency contends in new guidance

October 1, 2024 0

Debt collectors, which may include third-party “revenue cycle management” companies, violate federal law when they collect on inaccurate or legally invalid medical debts, according to guidance released Tuesday by the federal consumer financial protection agency. […]

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Three of nation’s largest banks sued for allowing ‘fraud to fester’ on Zelle payment network

December 20, 2024 0

Claiming three of the largest banks in the country allowed “fraud to fester” on an online payment provider, resulting in more than $870 million lost by customers over seven years, the federal consumer financial protection agency Friday filed suit against [...]
WARM holiday greetings: Agency issues quarterly update to tool for calculating CECL

December 20, 2024 0

The latest life-of-loan – or Weighted Average Remaining Maturity (WARM) – factors are included in the updated simplified tool for credit unions released Friday to measure credit losses, their federal regulator said. The National Credit Union Administration (NCUA) said for [...]
FinCEN provides financial institutions ‘red flags’ of potential frauds using FinCEN’s name

December 20, 2024 0

An alert about fraud schemes abusing the name, insignia, and authorities of Treasury’s financial crimes enforcement unit for financial gain was issued this week to warn corporations, money services businesses and financial institutions and urge that suspected incidents be reported. [...]
OCC annual report notes sound banking system, but urges banks to guard against complacency

December 20, 2024 0

The federal banking system is sound, but banks were urged to guard against complacency and remain vigilant according to the national bank regulator’s 2024 annual report, issued Friday. The Office of the Comptroller of the Currency (OCC) said the report [...]