CFPB – Page 38 – 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 reminds: Use 2020 Census info for tract information in HMDA reporting after Jan. 1

October 25, 2021 0

Financial institutions should use census tract information provided in the 2020 Census for mortgage-related data collected beginning next year, the federal consumer financial protection agency said Monday. In a “HMDA Reminder,” the Consumer Financial Protection […]

Bank faces penalty, order to increase credit access in alleged redlining activity in Memphis area

October 22, 2021 0

Alleging redlining, three federal agencies took action against a Jackson, Miss., bank – with operations in Memphis, Tenn. – and announced Friday a settlement requiring the financial institution to pay a $5 million penalty and […]

CFPB seeks data from large payments system operators including Facebook, Amazon

October 21, 2021 0

Orders seeking business practice data from large technology companies that operate payments systems in the U.S. – among them Facebook, Amazon, Apple – were issued Thursday by the Consumer Financial Protection Bureau (CFPB), the bureau […]

Regulators – including CFPB – unite for statement on supervisory considerations of LIBOR transition

October 21, 2021 0

A joint regulators’ statement that suggested actions banks and nonbanks alike should consider taking to ensure safe-and-sound practices during the transition away from the LIBOR reference rate was joined Thursday by the federal consumer financial […]

CFPB orders $6 million in redress, penalties for prison financial services firm JPay

October 19, 2021 0

A dominant provider of financial services to prisons and jails nationwide has been ordered to pay $4 million in consumer redress and a $2 million civil money penalty over allegations it charged people who were departing […]

CFPB advisory, research panels set to meet first week of November

October 18, 2021 0

The four panels that advise the Consumer Financial Protection Bureau (CFPB) on consumer, financial industry, and research matters are set to meet over a three-day period beginning Nov. 3, according to notices scheduled to publish […]

In first action since taking CFPB seat, Chopra/agency join in appealing consumer FCRA decision

October 15, 2021 0

Arguing that a consumer reporting agency is subject to requirements of the Fair Credit Reporting Act (FCRA), the federal consumer financial protection agency has joined the state of North Carolina and the Federal Trade Commission […]

Consumer financial protection agency names four to leadership posts

October 13, 2021 0

The federal agency charged with consumer financial protection on Wednesday announced four individuals named to the senior posts of deputy director, associate director for consumer education and external affairs, chief of staff, and chief technologist. […]

Chopra sworn in as CFPB director; promises to promote market power to consumers, law-abiding businesses

October 12, 2021 0

Rohit Chopra became the fifth director of the federal consumer financial protection agency Tuesday, saying he would work to ensure the financial marketplace meets the needs of all families, workers, and communities. In a letter addressed […]

Reverse mortgage firm – represented by TV’s Tom Selleck – faces $1.1 million penalty for alleged deceptive acts

October 12, 2021 0

A $1.1 million penalty would be paid by a California firm for taking allegedly deceptive acts aimed at older homeowners under a proposed order issued late Friday by the federal consumer financial protection agency. 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 [...]