CFPB – Page 56 – 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

Consumer bureau, credit union regulator team up for webinar on servicemember protections

November 4, 2020 0

A webinar on financial literacy and consumer financial protections for servicemembers will be co-hosted Nov. 18 by the Consumer Financial Protection Bureau (CFPB) and the National Credit Union Administration (NCUA), the credit union regulatory agency […]

Role of Supervisory Guidance

November 4, 2020 0

Title: Role of Supervisory Guidance Subject: Supervisory guidance Agency: CFPB, FDIC, Federal Reserve, NCUA, OCC Status: Final rule Summary: The OCC, Board, FDIC, NCUA, and Bureau (collectively, the agencies) adopted a final rule that codifies […]

Austin firm misrepresented ‘savings’ to consumers from auto-loan payment program; likely to pay 20% of $7.5 million in ordered redress plus $1 fine

November 3, 2020 0

A firm that misrepresented the impact of its fees on consumers who used its service to make their auto loan payments is expected to pay just $1.5 million of the $7.5 million in redress specified […]

UPDATED: Three CFPB councils to meet Nov. 18 to discuss business data collection, more; research council meets two days later

November 2, 2020 0

The councils that provide advice to the consumer financial protection agency regarding the bureau’s actions affecting consumers, community banks, and credit unions are scheduled to meet in a combined, public virtual session from 1 to […]

Final debt collection rule issued by CFPB; more on consumer protections to come in December final rule

October 30, 2020 0

A final rule focusing on communications between consumers and debt collectors under the Fair Debt Collection Practices Act (FDCPA) was released Friday by the Consumer Financial Protection Bureau (CFPB), with that final rule scheduled to […]

UPDATED: Bureau issues final rule on its own records and information disclosure

October 29, 2020 0

The federal consumer financial protection agency on Thursday completed action initiated in 2016 by issuing a final rule on its own disclosure of records and information that is scheduled to take effect Dec. 24. The […]

Federal financial regulators, separately but united, announce proposal codifying supervisory guidance

October 29, 2020 0

A proposal outlining and confirming federal financial institution regulators’ use of supervisory guidance for regulated institutions was issued for a 60-day comment period, the regulators announced Thursday. In individual press releases, the federal banking agencies, […]

CFPB reports continued decline in student loan complaints, notes several potential factors

October 28, 2020 0

The decline in complaints it received related to private or federal student loans from Sept. 1, 2019, to Aug. 31, 2020, continued a trend from 2017 but is not likely attributable to just one factor, […]

Washington Federal Bank assessed $200k by CFPB over inaccurate HMDA reporting

October 28, 2020 0

Washington Federal Bank, N.A., already under a 2013 consent order addressing violations of Home Mortgage Disclosure Act (HMDA) reporting requirements, must pay a $200,000 civil money penalty and beef up its compliance management related to […]

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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 [...]