CFPB – Page 4 – Regulatory Report

What's up

[ January 23, 2025 ] New credit union regulator’s board chairman outlines priorities, with budgeting at top of list NCUA
[ January 21, 2025 ] Change comes from new administration with new leadership for FDIC, NCUA Boards FDIC
[ January 21, 2025 ] Another freeze on regulations ordered by Trump, pending rule review by his appointees CFPB
[ January 21, 2025 ] FDIC: Fraud suspected in connection with failed Pulaski Savings Bank, closed Friday FDIC
[ January 21, 2025 ] CFPB: TransUnion subsidiary agrees to not seek any bureau contracts for 3 years CFPB

Proposal would block data brokers from selling sensitive, personal data to scammers, stalkers

December 3, 2024 0

Data brokers would be blocked from selling sensitive personal data to potential scammers, stalkers and “spies” (those conducting espionage) under a proposal issued Tuesday by the federal consumer financial protection agency. The Consumer Financial Protection […]

Regcasts hope to explain how nonbanks may ‘register an order’ under new registration requirement

December 3, 2024 0

How nonbanks may register an order under a new rule that took effect in September will be the subject of two “regcasts” about the regulation set for Dec. 11 and 17, the federal consumer financial […]

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 […]

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 […]

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 […]

Consumer bureau identifies gaps in federal vs. states’ personal financial-data privacy protections, urges states to assess

November 12, 2024 0

Numerous states’ deference to federal law regarding consumer personal financial-data protections has left gaps in protections for financial data and financial products and services, according to a report released Tuesday by the Consumer Financial Protection […]

In a big OOPS, nation’s largest credit union must pay $95 million for ‘surprise’ overdraft fees

November 7, 2024 0

The nation’s largest credit union must pay a record $95 million for allegedly illegal, surprise overdraft fees and is barred from offering the fees in the future, the federal consumer financial protection agency said Thursday. […]

Credit union slapped with $1.5 million fine over ‘botched’ online banking system rollout blocking consumer account access

October 31, 2024 0

A credit union in Jacksonville, Fla., faces at $1.5 million fine for allegedly “stranding consumers” from accessing their money and accounts resulting from the “botched” rollout of a new online banking system, the federal consumer […]

Final rule mandates no charge for transferring personal financial data from one provider to another

October 22, 2024 0

An individual’s personal financial data would be transferred for no charge from one financial provider – including financial institutions, credit card issuers, and others – to another under a new rule finalized early Tuesday by […]

Bureau takes aim at student lender, investor for making false claims, misrepresenting training quality

October 17, 2024 0

Inducing students to take out loans by allegedly misrepresenting the quality of the training programs at partner schools and making false claims about hiring rates and salaries is the basis of a lawsuit against a […]

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New credit union regulator’s board chairman outlines priorities, with budgeting at top of list

January 23, 2025 0

Re-examining the current budgeting process for the federal credit union regulator is the top priority of the agency’s new board chairman as outlined late Wednesday in a press release. Kyle S. Hauptman, a Republican appointee who was named chairman of [...]
Change comes from new administration with new leadership for FDIC, NCUA Boards

January 21, 2025 0

Change came rapidly Tuesday to federal financial institution regulatory agencies with the new Trump administration, as at least two new leaders were named at two agencies. More changes could be coming in the days ahead. At the Federal Deposit Insurance [...]
Another freeze on regulations ordered by Trump, pending rule review by his appointees

January 21, 2025 0

No new rules – “in any manner” – may be proposed or adopted by federal regulators, including those overseeing financial institutions until those rules are reviewed and approved by an agency head appointed or designated by the new president, the [...]
FDIC: Fraud suspected in connection with failed Pulaski Savings Bank, closed Friday

January 21, 2025 0

All deposits of Pulaski Savings Bank of Chicago, Ill., were assumed by Millennium Bank of Des Plaines, Ill., under a purchase-and-assumption agreement entered into Friday by the federal bank deposit insurer to protect depositors, the agency said. “The FDIC [Federal [...]
CFPB: TransUnion subsidiary agrees to not seek any bureau contracts for 3 years

January 21, 2025 0

Argus Information and Advisory Services, a subsidiary of the nationwide consumer reporting agency TransUnion, has agreed in writing to not seek any government contract with the Consumer Financial Protection Bureau (CFPB) for three years, the bureau said Tuesday. The bureau [...]
New FDIC leader issues extensive, 15-item list of ‘matters’ he expects for agency’s focus

January 21, 2025 0

A list of 15 “matters” focusing on a range of issues that the new chairman of the Federal Deposit Insurance Corp. (FDIC) Board expects “to focus on in the coming weeks and months” was issued Tuesday by the new leader. [...]
FDIC makes good on now-acting chairman promise to resign from international regulator group focusing on climate-change policy

January 21, 2025 0

True to the word of the now-acting board chairman, the federal bank deposit insurance agency Tuesday withdrew from an international regulators’ group promoting the “greening” of the financial system. In a brief (one paragraph, two-sentence) statement, the Federal Deposit Insurance [...]