CFPB – Page 4 – Regulatory Report

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[ November 13, 2024 ] PA bank failure, first of year, came from reclassified debt securities, dysfunctional management, report finds FDIC
[ November 13, 2024 ] Reports of suspected fraud using deepfake media spurs FinCEN to issue ‘red flags’ alert to FIs Other
[ November 13, 2024 ] Two promoted to OCC deputy controllers for large bank supervision OCC
[ November 12, 2024 ] FDIC Board reportedly reaches ‘consensus’ on probe of execs over sexual harassment allegations FDIC
[ November 12, 2024 ] Consumer bureau identifies gaps in federal vs. states’ personal financial-data privacy protections, urges states to assess CFPB

Action against ‘repeat offender’ Fifth Third Bank seeks $20 million in redress for auto repos, opening fake accounts

July 9, 2024 0

Alleged wrongful triggering of auto repossessions, and purported opening of fake bank accounts, has led Tuesday to the federal consumer financial protection agency to seek $20 million in penalties from one of the nation’s largest […]

Exams find communication issues in account freezes, limited oversight in medical payment products, CFPB says

July 2, 2024 0

Unfair practices in how some banks communicated with consumers about freezes on deposit and prepaid accounts, and limited oversight by financial institutions of medical providers offering payment products, are among concerns recently identified by examiners […]

Survey results show mortgage borrowers’ views of appraisals, willingness to move, disability accommodations

July 1, 2024 0

Details on appraisals, willingness to move, and disability accommodations are covered in updated loan-level data released Monday by two federal agencies collected through the National Survey of Mortgage Originations (NSMO). The data also provide, according […]

With bureau funding upheld, small business lending rule proceeds with interim rule on data collection

July 1, 2024 0

Data collection compliance for small business lending is extended to next year (July 18, 2025) for the highest volume lenders, and to dates in 2026 for moderate and lowest volume lenders, the federal consumer financial […]

Reverse servicing failures, repeated data errors, earn mortgage-related companies combined nearly $9 million in penalties

June 18, 2024 0

Two mortgage-related firms face action – including a combined nearly $9 million in penalties — for reverse mortgage servicing failures and recurring data errors, the federal consumer financial protection agency charged Tuesday. The Consumer Financial […]

Bureau goes after couple who, despite judgment, evaded law enforcement, hid money, court filing claims

June 17, 2024 0

Claiming they fraudulently hid money – north of $40 million – to evade law enforcement, the federal consumer financial protection agency Monday asked a court to resolve a lawsuit against a Kansas couple filed in […]

Proposal would end exception permitting use of medical debt info in credit decisions, could remove some $49 billion debt from consumers’ credit reports

June 11, 2024 0

A proposal to remove a regulatory exception that allows creditors to obtain and use medical debt information for credit eligibility decisions was issued for comment Tuesday by the federal consumer financial protection agency. The proposal […]

BNPL interpretive rule kicks in July 30; bureau taking comments until Aug. 1

June 10, 2024 0

An interpretive rule that applies some Regulation Z (Truth in Lending Act) requirements to lenders marketing “buy now, pay later” (BNPL) loans that are accessed through digital user accounts is set to take effect July […]

Rule on data-sharing standards issued, launching process for ‘open banking,’ bureau says

June 5, 2024 0

Establishing the process for recognizing data-sharing standards to comply with an upcoming “open banking” rule is the aim of final rule issued Wednesday, the federal consumer financial protection agency said. The Consumer Financial Protection Bureau […]

UPDATED: CFPB creates new registry for nonbanks subject to orders under consumer financial protection laws

June 3, 2024 0

This story has been updated to include a link to a Federal Register notice of final rule, which has an effective date of Sept. 16. Implementation dates are phased in. Nonbank firms that are subject […]

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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 [...]
Two promoted to OCC deputy controllers for large bank supervision

November 13, 2024 0

Two long-time bank examiners – Robert Barnes and Kevin Greenfield – were promoted to the posts of deputy comptrollers for large bank supervision, the Office of the Comptroller of the Currency (OCC) said Wednesday. The OCC said Barnes, a national [...]