CFPB – Page 4 – Regulatory Report

What's up

[ November 21, 2024 ] Bureau finalizes rule extending supervision over digital payment wallet apps CFPB
[ November 21, 2024 ] Number of credit unions with low exam ratings rose in third quarter; strain on balance sheets, consumers, noted NCUA
[ November 21, 2024 ] CFPB publishes adjustments to thresholds under TILA, FCRA CFPB
[ November 21, 2024 ] Ex-CEO of failed Kansas bank prohibited from financial institutions after cryptocurrency scheme The Fed
[ November 18, 2024 ] Final rule provides ‘sharper scalpel’ of penalty, enforcement to foreign investment rules Other

UPDATED: Agencies jointly issue final automated valuation rule setting quality control standards for mortgage lenders

July 17, 2024 0

A final rule designed to ensure credibility and integrity of automated valuation models (AVMs) in mortgages secured by a consumer’s principal dwelling through quality control standards was issued Wednesday by the federal financial regulators and […]

Home loan applications dipped in ’23, but share of purchase loans to Blacks, Asians, rose slightly

July 11, 2024 0

Home loan applications in 2023 were down 30% – from 14.3 million in 2022 to 10 million – according to new home lending data released Thursday. However, the share of home purchase loans to Black, […]

Proposed rule would require mortgage servicers to focus on helping borrowers, not foreclosing

July 11, 2024 0

Mortgage servicers would be required to focus on helping their mortgage borrowers, and not foreclosing, when a homeowner asks for help under a rule proposed Wednesday by the federal consumer financial protection agency. The proposal […]

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 […]

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Bureau finalizes rule extending supervision over digital payment wallet apps

November 21, 2024 0

Digital payment wallet apps handling more than 50 million transactions annually are subject to a final rule requiring them to follow federal law applied to banks, credit unions and other financial institutions already supervised by the federal consumer financial protection [...]
Number of credit unions with low exam ratings rose in third quarter; strain on balance sheets, consumers, noted

November 21, 2024 0

The number of the lowest-rated credit unions based on their exam scores rose in the third quarter, their federal regulator said Thursday, reflecting strains on balance sheets and their consumer members, according to the agency. That total includes nine troubled [...]
CFPB publishes adjustments to thresholds under TILA, FCRA

November 21, 2024 0

Two adjustments to thresholds under lending disclosure and credit reporting rules were announced Thursday by the federal consumer financial protection agency. The Consumer Financial Protection Bureau (CFPB) said the first threshold adjustment resulted from a final rule it issued amending [...]
Ex-CEO of failed Kansas bank prohibited from financial institutions after cryptocurrency scheme

November 21, 2024 0

The former CEO of a Kansas bank that failed after the embezzlement of $47.1 million in a cryptocurrency scheme has been prohibited permanently from serving at another federally insured financial institution, the Federal Reserve said Thursday. Shan Hanes, 53, of [...]
Final rule provides ‘sharper scalpel’ of penalty, enforcement to foreign investment rules

November 18, 2024 0

A final rule aimed at providing a “sharper scalpel” of penalty and enforcement provisions to rules governing foreign investment in the United States was issued Monday by the Treasury Department, the agency said. The rule enhances “certain procedures” of the [...]
More days allowed for commenting on deposit insurance recordkeeping for custodial accounts

November 18, 2024 0

Forty-five more days are now available for commenting on the proposed deposit insurance recordkeeping rule for banks’ third-party (custodial) accounts, the federal insurer of bank deposits said Monday. With the addition of 45 days, the comment period now extends to [...]