CFPB – Page 47 – 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

Agencies’ RFI asks how financial institutions use AI for fraud prevention, underwriting, more

March 29, 2021 0

Information on how financial institutions use artificial intelligence (AI) in their activities, including fraud prevention, personalization of customer services, credit underwriting, and more is sought under a request for information announced Monday by federal bank, […]

Financial stability council slates climate change, COVID-19 developments for March 31 meeting

March 25, 2021 0

The interagency council formed under the 2010 Dodd-Frank Act to identify risks to financial stability and respond to emerging threats is set to meet next Wednesday on climate change and its potential impact on stability, […]

Uejio, in blog post on small-dollar loan issue, affirms importance of ability to repay in underwriting

March 24, 2021 0

The acting director of the Consumer Financial Protection Bureau (CFPB) on Tuesday stated the bureau’s continued belief that ability to repay is an important underwriting standard and held out the possibility of future rulemaking on […]

Bureau attributes 54% increase in 2020 complaints to coronavirus crisis; credit, consumer reporting objections led total

March 24, 2021 0

More than a half million complaints – up 54% from the previous year – were fielded in 2020 by the federal consumer financial protection agency, which reflects the financial impact of the coronavirus crisis, the […]

CFPB: Consumers’ debt collection complaints rose 10% in 2020

March 22, 2021 0

An annual report to Congress by the federal agency charged with consumer financial protection shows that the agency received some 82,700 complaints about first-party and third-party debt collection in 2020, an increase of about 10% […]

Statement of Policy Regarding Prohibition on Abusive Acts or Practices; Rescission

March 19, 2021 0

Title: Statement of Policy Regarding Prohibition on Abusive Acts or Practices; Rescission Subject: Abusive acts or practices Agency: CFPB Status: Rescission of statement of policy Summary: The Bureau of Consumer Financial Protection is rescinding the […]

CFPB renews advisory committee charters; minimum numbers of community bank, credit union reps each up by 1

March 17, 2021 0

Two-year charter renewals for the consumer financial protection agency’s four advisory committees are slated for publication in the Federal Register Thursday. The notices by the Consumer Financial Protection Bureau (CFPB) also show that the two […]

Stimulus payments should go directly to consumers, not to cover fees, agency asserts

March 17, 2021 0

In a release sporting a headline saying it is encouraging financial institutions and debt collectors to allow federal stimulus payments to reach consumers, the Consumer Financial Protection Bureau (CFPB) Wednesday said it is concerned that […]

CFPB suit says CA student loan debt relief firm collected more than $3.5 million fees in violation of Telemarketing Sales Rule

March 16, 2021 0

A student loan debt relief company, its owner, and manager charged some 3,300 consumers more than $3.5 million illegal up-front fees in violation of the Telemarketing Sales Rule (TSR) from 2015 to 2019, the consumer […]

Equal Credit Opportunity (Regulation B); Discrimination on the Bases of Sexual Orientation and Gender Identity

March 15, 2021 0

Title: Equal Credit Opportunity (Regulation B); Discrimination on the Bases of Sexual Orientation and Gender Identity Subject: ECOA, Reg B Agency: CFPB Status: Interpretive rule Summary: The Bureau of Consumer Financial Protection (Bureau) is issuing […]

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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 [...]