CFPB – Page 55 – 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

Debt collector assessed $500k fine over alleged credit reporting violations, CFPB says

November 13, 2020 0

A non-bank, Illinois-based debt collector that specializes in collecting debt on behalf of telecommunications companies and furnishes information to consumer reporting agencies (CRAs) was assessed a $500,000 civil money penalty over findings that it violated […]

CFPB reports significant decline in payment information furnishing for credit card, retail revolving accounts since 2012

November 12, 2020 0

A review of information furnishing to consumer credit reporting agencies over the past eight years shows a steady increase in actual payment furnishing for installment loan products but a significant decline in such information furnishing […]

Former deputy director to lead ‘agency review team’ of CFPB for Biden-Harris transition

November 10, 2020 0

The former deputy director of the federal consumer financial protection agency, and the former chair of the federal regulatory agency for commodities markets, are both listed as leads for “agency review teams” that will aid […]

Young servicemembers more likely to default within six months after separation from service than prior period, CFPB finds

November 10, 2020 0

A report looking at debt delinquencies of young servicemembers leaving active duty show credit defaults and other “derogatories” are more likely to occur in the six months after separation for those who served at least […]

With election results, potential roster of new faces/titles in top positions, boards for regulatory agencies

November 9, 2020 0

While probably not at the top of the list of priorities for the apparent winner of the 2020 president election, his new administration will have decisions to make about who leads, or serves on the […]

Bureau files against debt-relief and debt-settlement firms, owner; alleges illegal advance fees, deceptive tactics

November 6, 2020 0

A complaint against a debt-relief firm, debt-settlement firm, and the owner of both was filed Thursday by the Consumer Financial Protection Bureau (CFPB), which alleges one of the firms and the owner charged illegal advance […]

Comments due Feb. 4 to CFPB on consumer access to records

November 6, 2020 0

The consumer financial protection agency will take comments until Feb. 4 on its advance notice of proposed rulemaking (ANPR) on consumer access to financial records, according to a notice published Friday in the Federal Register. […]

CFPB grants ‘no action’ letter to Bank of America on small-dollar lending; eyes future options for payday-loan disclosures

November 5, 2020 0

A “no action letter” (NAL) giving Bank of America supervisory cover for its planned approach to small-dollar lending was granted Thursday, according to a release by the consumer financial protection agency. The Consumer Financial Protection […]

Lawsuit claims deceptive acts, practices in loans, deposits for firm serving ride-share drivers

November 5, 2020 0

Deceptive acts or practices in taking deposits from and offering credit to consumers – allegedly at interest rates nearing 1000% – has earned a Florida company and its chief executive a lawsuit by the federal […]

Comments due Jan. 4 on agencies’ proposal on role of supervisory guidance

November 5, 2020 0

Public comments on a proposed rule codifying a 2018 statement on the role of supervisory guidance – binding regulators to that guidance and stating that such guidance does not have the force and effect of […]

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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 [...]