CFPB

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[ 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

Cash Store ordered to pay $1.3 million in penalty, consumer redress in settlement with CFPB over unfair, deceptive practices

April 1, 2020 0

A company doing business under the name Cash Store has been ordered to pay a $1.1 million civil money penalty (CMP) and consumer redress of $286,675.64 in a settlement with the Consumer Financial Protection Bureau […]

CFPB outlines responsibilities of credit reporting companies and furnishers under coronavirus pandemic relief statute

April 1, 2020 0

Compliance responsibilities of credit reporting agencies and furnishers of report information under the consumer and business relief provisions of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) are outlined in a policy statement […]

Credit, consumer reporting led complaints in 2019, up 23% from previous year; prepaid card gripes spike

April 1, 2020 0

Credit or consumer reporting made up 44% of all complaints received by the federal consumer financial protection agency in 2019 – a 23% increase from the previous year and the largest number of complaints in […]

FFIEC highlights bureau’s eased stance on quarterly HMDA reporting

March 30, 2020 0

The umbrella group representing the federal financial institution regulators on Monday underscored the eased stance being taken amid the coronavirus crisis by the Consumer Financial Protection Bureau (CFPB) regarding home mortgage reporting requirements. The Federal […]

UPDATED: Consumer bureau seeks input for task force on federal consumer financial law

March 27, 2020 0

A task force created by the federal agency charged with consumer financial protection is seeking public input – by June 1 – to identify areas of consumer protection the task force should focus on as it […]

UPDATED: Agencies postpone Friday webinar clarifying guidance on troubled debt restructuring in face of coronavirus crisis

March 27, 2020 0

The banking agencies postponed a joint webinar initially set for 2 p.m. ET Friday dealing with troubled debt restructuring (TDR) in the context of working constructively with borrowers affected by the coronavirus crisis. The agencies […]

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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 [...]

Cash Store ordered to pay $1.3 million in penalty, consumer redress in settlement with CFPB over unfair, deceptive practices

CFPB outlines responsibilities of credit reporting companies and furnishers under coronavirus pandemic relief statute

Credit, consumer reporting led complaints in 2019, up 23% from previous year; prepaid card gripes spike

FFIEC highlights bureau’s eased stance on quarterly HMDA reporting

UPDATED: Consumer bureau seeks input for task force on federal consumer financial law

UPDATED: Agencies postpone Friday webinar clarifying guidance on troubled debt restructuring in face of coronavirus crisis

Financial regulators encourage small-dollar lending amid coronavirus crisis; more guidance, lending principles to come

Bureau puts hold on data collections during crisis; will reschedule exams, enforcement actions ‘to minimize burden’

Exam council: Regulators won’t take action for late filing of call reports; offer 30-day window

Federal Reserve Banks’ assets hit $4.2 trillion in 2019, central bank reports; transfers to CFPB totaled $519 million

Delinquency rates on rise for CRE, some consumer loans, Fed supervision report finds

Farmer Mac stock a permissible investment for some FCUs, agency opinion states

Fed’s Kugler becomes latest board member to advocate for continued agency independence

VA firm must pay $3 million for taking funds, blocking accounts to pay for prisoner basic needs

OIG sets 4 recommendations for NCUA’s federal chartering process

Small FL credit union conserved

PA bank failure, first of year, came from reclassified debt securities, dysfunctional management, report finds

Reports of suspected fraud using deepfake media spurs FinCEN to issue ‘red flags’ alert to FIs