CFPB – Page 50 – 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

Consumers would pay down credit card debt with savings, but still keep some as a cushion, bureau says of ‘experiment’ results

January 27, 2021 0

Most consumers with savings would pay down some credit card debt, but would also preserve a savings cushion rather than spend all of it retiring the balance, according to the results of an “online experiment” […]

Spending was up at consumer bureau in 2020 – so were complaints about credit, consumer reporting

January 25, 2021 0

Spending was up more than 9% by the federal consumer financial protection agency in the last fiscal year, to $558.5 million, according to the agency’s fall 2020 semiannual report issued Jan. 21. The report also […]

CFPB seeks $1.25 million in penalty, redress by LendUp over alleged military servicemember protection violations

January 21, 2021 0

The federal financial consumer protection agency has proposed $300,000 in consumer redress and a $950,000 civil money penalty assessment against the Oakland, Calif.-based LendUp Loans LLC, which the bureau alleges violated the Military Lending Act’s […]

Biden administration imposes moratorium on regulations

January 21, 2021 0

The new Biden administration instituted a “regulatory freeze” order on Wednesday, requiring that no new rules be proposed or issued until a Biden-appointed official has reviewed or approved the rule. The order also requires that […]

UPDATED: Kraninger tenders resignation from CFPB, citing support for Biden to appoint own officials

January 20, 2021 0

Noting that she was doing so at the request of the new Biden administration, Consumer Financial Protection Bureau (CFPB) Director Kathleen (“Kathy”) Kraninger resigned Wednesday shortly after 12:45 p.m. ET. She had served about 25 […]

Final rule exempting smaller credit unions, banks from escrow accounts for HPMLs issued

January 19, 2021 0

An exemption from the requirement to establish escrow accounts for certain higher-priced mortgage loans (HPMLs) for smaller banks and credit unions was issued as a final rule Tuesday by the federal consumer financial protection agency. […]

Chopra nomination to CFPB likely first step in number of leadership changes ahead

January 19, 2021 0

By tapping Rohit Chopra as the intended nominee for next director of the federal consumer financial protection agency, the incoming Biden administration is signaling that changes are coming to leadership of federal financial institution regulation. […]

UPDATED: FDIC Board, others, finalize rules codifying role of supervisory guidance as not having force of law

January 19, 2021 0

A new rule codifying that supervisory guidance does not have the force of law, and that enforcement actions are not based on the guidance, was finalized Tuesday by the federal insurer of bank deposits. Three […]

Compliance guide for debt collection communications rule offered to small entities

January 15, 2021 0

A summary of the October 2020 debt collection rule regarding communications between collectors and debtors is provided in a small-entity compliance guide released by the federal consumer financial protection agency Friday. The Consumer Financial Protection […]

UPDATED: Agencies sign ‘memo of understanding’ to improve consumer protection coordination supervision for larger credit unions

January 15, 2021 0

Improving coordination between the federal credit union regulator and federal consumer financial protection agency over the consumer protection supervision of credit unions with more than $10 billion in assets is the stated purpose of a […]

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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 [...]