CFPB – Page 40 – 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

Banks have regulatory flexibility to help communities facing disasters, emergencies, bureau reminds

September 14, 2021 0

Existing laws and regulations provide banks and other supervised entities regulatory flexibility to take certain actions that can benefit consumers in communities under stress from disasters or emergencies and hasten recovery, the consumer financial protection […]

Bureau sues online lender once more for misrepresentation of products, services

September 8, 2021 0

An Oakland, Calif.-based online lending firm faces a lawsuit – again – from the federal consumer financial protection agency for allegedly misrepresenting products and services and for failing to provide adverse-action notices to applicants, the […]

Bureau tells Virginia firm to stop misleading student borrowers about products

September 7, 2021 0

Allegedly misleading borrowers about income share agreements (ISAs) has led a Virginia-based student lender to face action from the federal consumer financial protection agency – but no financial penalties, the agency said Tuesday. According to […]

Proposal would collect business lending data from lenders

September 7, 2021 0

Helping regulators and the public better understand the business lending market is the aim of a new rule unveiled last week by the federal consumer financial protection agency, according to its acting director. The proposed […]

Court upholds payday loan rule, setting mandatory compliance date for mid-2022

September 7, 2021 0

Payment provisions in a 2017 rule on payday loans were upheld by a federal court in Texas Tuesday, essentially turning back a challenge to the four-year-old regulation. The ruling means compliance with the rule will […]

Credit access for credit cards fell during pandemic – but increased for mortgages, auto loans, report asserts

August 26, 2021 0

Credit access declined during the coronavirus crisis for credit cards but increased for mortgages and auto loans, the federal consumer financial protection agency said in its final report issued Thursday in a series documenting consumer […]

CFPB pushing all CARD Act submissions to ‘Collect’ website beginning with data due Jan. 31

August 20, 2021 0

Card issuers required to supply credit card agreement terms and other data to the Consumer Financial Protection Bureau (CFPB) must make all submissions via the agency’s Collect website beginning in January, according to a notice […]

CFPB says continued boom in mortgage refinancings last year drove rise in closed-end originations

August 19, 2021 0

Last year brought a continuation of the refinancing boom seen beginning in the second quarter of 2019, the Consumer Financial Protection Bureau (CFPB) said Thursday, and that boom drove some 90% of the increase in […]

CFPB teams up with HUD to lead one of six Census Bureau tech sprints on post-pandemic challenges

August 18, 2021 0

A tech sprint to tackle housing insecurity as state and federal COVID-19 eviction and foreclosure protections near their end will be led jointly by the Consumer Financial Protection Bureau (CFPB) and Department of Housing and […]

Debt collector faces action for failure to establish policies, conduct reviews of disputes

August 17, 2021 0

Failing to establish or implement reasonable written policies and procedures of the accuracy and integrity of information a debt collection enterprise and its owner furnished to credit reporting agencies has earned an action taken against […]

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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 [...]