CFPB – Page 4 – 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

Bureau unwraps web page for applications to become open banking ‘recognized standard setter’

September 24, 2024 0

Applications to become a recognized standard setter under the Personal Financial Data Rights (PFDR) rule of the Consumer Financial Protection Bureau (CFPB) will be accepted through a webpage introduced Tuesday, the agency said. Under a […]

Latest servicemembers report outlines increase in complaints; focuses on student services

September 24, 2024 0

Difficulties in getting help from student loan servicers and transcript withholding by colleges and universities to collect a debt or disputed fees are among the financial challenges being faced by servicemembers, the federal consumer financial […]

‘Narrow amendment’ to proposed rule aims to provide clearer information about remittance questions

September 20, 2024 0

Providing consumers with clearer information about the types of questions that may be better handled by their remittance company before contacting regulators is the aim of a proposed rule issued Friday by the federal consumer […]

Guidance issued to stop banks from charging overdraft fees without proof of customer opt-in

September 17, 2024 0

Guidance aimed at stopping banks from charging overdraft fees based on so-called “phantom opt-in agreements,” which allegedly occur when fees are charged even though there is no proof banks have consent to do so, was […]

Charges of deceptive marketing over membership credit card leveled against firm, CEO

September 16, 2024 0

Charges of deceptive marketing aimed at allegedly luring customers to pay illegal and excessive membership fees – and make it “unreasonably difficult for consumers to cancel memberships and obtain refunds – are part of a […]

CFPB: ‘Repeat offender’ New Day Financial fined $2.25 million for deceiving veterans that got cash-out refi loans

August 30, 2024 0

New Day Financial, also known as NewDay USA, was fined $2.25 million Thursday over deceptive activities targeting veterans seeking cash-out refinance loans, the federal agency charged with consumer financial protection said. The Consumer Financial Protection […]

Bureau finds 3 out of 8 retailers reviewed charge $90 million annually for ‘cash back’ at the register; notes concern over consumers’ access to cash

August 27, 2024 0

Three out of the eight major retail chains included in a sample reviewed by the federal consumer financial protection agency were found to charge “cash back” fees at the register, a practice that the agency […]

Bureau unveils beta platform for testing collection of non-customer small business data

August 26, 2024 0

A beta platform for testing the collection of small business data mandated by federal requirements was unveiled Monday by the federal consumer financial protection agency, which invited financial institutions and their technology service providers to […]

60-day comment period set for proposed data collection standards rule

August 22, 2024 0

Comments are due Oct. 21 on a proposal to establish data standards for the collection of information reported to federal financial institution regulators by financial entities under their jurisdiction, the federal financial institution and other […]

Bureau charges firm $5 million in redress, penalties for failing to meet requirements of 2017 order

August 22, 2024 0

Taking prohibited foreclosure actions against borrowers requesting mortgage assistance, and other deficiencies, have resulted in $5 million in redress and penalties ordered by the federal consumer financial protection bureau against a Tampa-based mortgage servicer, the […]

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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 [...]