CFPB – Page 34 – 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

Some planned digital services updates still in the works, bureau reports

January 24, 2022 0

Work to modernize the federal consumer financial protection agency’s digital services – including updates to its extranet and HMDA (Home Mortgage Disclosure Act) Help services previously slated for last year – is discussed in the […]

Bureau plans closer look at lending programs conducted by for-profit colleges, schools

January 20, 2022 0

In-house lending programs at for-profit colleges and post-secondary schools will be under the microscope of the federal consumer financial protection agency, according to an update to the agency’s exam procedures published Thursday. The Consumer Financial […]

Proposed judgment would bar firm charged with fraud from offering financial services, debt collection, telemarketing

January 18, 2022 0

A permanent ban from consumer financial products and industries and a civil money penalty (CMP) of $500,000 are being sought in a final judgment that alleges a Chicago-based firm knowingly processed payments for companies engaged […]

CFPB to keep close eye on algorithmic decision tools in lending to ensure religion, faith not part of outcome

January 14, 2022 0

Closely monitoring the use of algorithmic decision tools in lending by financial companies – particularly with regard to the religion or faith practiced by a borrower – is on the radar of the consumer financial […]

Bureau agrees to release all records from 2019-20 task force on federal consumer financial law in settlement

January 14, 2022 0

A 2019 taskforce established by the federal consumer financial protection agency, ostensibly focusing on federal consumer financial law, did not comply with federal “sunshine” law requirements and the report of the group, issued about a […]

Reserve Bank net income jumped nearly 22% in 2021; CFPB transfers up 21.5%

January 14, 2022 0

Federal Reserve Banks had net income of $107.8 billion in 2021, a $19.3 billion increase (21.8%) from the previous year; the Federal Reserve Board said the net income bump came mostly from a $25.1 billion […]

GAO makes 8 recommendations to FI regulators to better safeguard personally identifiable info

January 13, 2022 0

Four of the five federal financial institution regulators have been urged to take actions – ranging in number from one to five – to better protect the personally identifiable information (PII) they collect use, and […]

No surprise: Bulletin reminds collectors of medical debts of obligations under No Surprises Act

January 13, 2022 0

A reminder to debt collectors of their obligations when collecting medical debts to comply with federal prohibitions on misrepresentations and unfair practices was issued Thursday by the federal consumer financial protection agency. The Consumer Financial […]

Lawsuit filed against NY debt collection holding firm for giving business to companies using alleged unlawful tactics

January 10, 2022 0

A New York-based debt collection company holding group, and its owners and affiliates, face a lawsuit by the federal consumer financial protection agency for placing consumer debt with collection companies that used “unlawful and deceptive […]

Bureau alleges, in new analysis, 3 big credit bureaus failed to fully respond to consumers over credit report errors

January 5, 2022 0

The three big credit bureaus “failed to fully respond to consumers with errors,” a report released Wednesday by the federal consumer financial protection agency charged. The Consumer Financial Protection Bureau (CFPB) said its report, which […]

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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 [...]