CFPB – Page 7 – Regulatory Report

What's up

[ 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
[ November 14, 2024 ] OIG sets 4 recommendations for NCUA’s federal chartering process NCUA
[ November 14, 2024 ] Small FL credit union conserved NCUA
[ November 13, 2024 ] PA bank failure, first of year, came from reclassified debt securities, dysfunctional management, report finds FDIC

Increasing use of up-front ‘discount points’ for lowering interest rates targeted in bureau report

April 5, 2024 0

Higher mortgage rates have led borrowers to pay “discount points” which have nearly doubled over the last two years, the federal consumer financial protection agency said Friday. The agency added that it is monitoring the […]

CFPB vows to begin monitoring video gaming marketplaces for financial, privacy risks

April 4, 2024 0

Financial and privacy risks are growing through video gaming marketplaces in banking options and payments, the federal consumer financial protection agency said Thursday, warning that it will now be monitoring those spheres. In a report […]

Sweeping rules for sales of data by brokers to comply with FCRA under consideration

April 3, 2024 0

Ensuring that data brokers comply with the Fair Credit Reporting Act (FCCA) through sweeping requirements affecting data sales the stated goal of new rules to be proposed by the federal consumer financial protection agency, its […]

Bureau circular reminds: remittances based on false advertising of “no fee,” “free” services violate federal law

March 27, 2024 0

Remittance transfer providers that issue false advertising about the cost or speed of sending a remittance transfer can violate federal law, the federal consumer financial protection agency reminded in a circular issued Wednesday. The Consumer […]

2023 HMDA mortgage loan-level data released for 5,089 lenders

March 26, 2024 0

Mortgage loan data that approximately 5,089 financial institutions collected last year on their modified loan application registers (LARs) as required under Home Mortgage Disclosure Act (HMDA) regulations was released Tuesday by the Consumer Financial Protection […]

Bureau joins regulators’ vow to hire more technologists to meet AI, data-intensive challenges

March 26, 2024 0

Increasing tech capacity – including by hiring more technologists – to help enforce laws and design remedies for consumers and others is the aim of a joint regulatory statement issued Tuesday. The Consumer Financial Protection […]

Bureau working on setting attributes of standard-setting groups under proposed ‘open banking’ rule, before final issued this fall

March 14, 2024 0

Codifying the attributes that standard-setting organizations must demonstrate to be recognized under a proposed, final “open banking” rule would be accomplished before the final rule is issued, likely this fall, the head of the federal […]

Bureau cuts penalty, additional late fees for large credit card issuers; smaller issuers get more room

March 5, 2024 0

“Large card issuers” are now subject to a much lower safe harbor amount for penalty fees and restrictions on fees for subsequent violations to ensure that late fees they charge are “reasonable and proportional” as […]

CFPB circular focuses on potential for CFPA violation by digital comparison-shopping tool operators

February 29, 2024 0

Digital comparison-shopping tool operators that give preference to financial products based on benefits to themselves are in violation of the Consumer Financial Protection Act (CFPA), the federal consumer financial protection agency said Thursday. The Consumer […]

Comments on overdraft proposal for ‘very large’ banks due April 1

February 23, 2024 0

April 1 is the public comment deadline for a proposed rule that would limit overdraft fees charged by “very large” financial institutions, or those with $10 billion or more in assets, according to a notice […]

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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 [...]
Two promoted to OCC deputy controllers for large bank supervision

November 13, 2024 0

Two long-time bank examiners – Robert Barnes and Kevin Greenfield – were promoted to the posts of deputy comptrollers for large bank supervision, the Office of the Comptroller of the Currency (OCC) said Wednesday. The OCC said Barnes, a national [...]