CFPB – Page 74 – 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

Kraninger says May will be big month for two rules from CFPB: on QM, remittances disclosures exemption

February 25, 2020 0

May will be a big month for two rules – through proposed amendments to “qualified mortgage” (QM) regulations and finalized remittances regulations – from the federal consumer financial protection agency, its director said Tuesday. Specifically: […]

‘Fast facts’ released to provide top-line details about ‘time-barred’ debt collections proposal

February 24, 2020 0

“Fast facts” about a proposal to clarify regulations covering debt collections of debt past the statute of limitations was published Monday by the federal consumer financial protection agency. The two-page fact sheet, published by the […]

CFPB’s reg agenda focus of consumer, bank, credit union, academic research councils meetings in two weeks

February 24, 2020 0

The panels that advise the consumer financial protection agency on consumer, community bank, and credit union issues, as well as the agency’s research panel, are set to meet March 11, 12, and 13 on issues […]

Debt collections on time-barred debt would be clarified under bureau proposal

February 21, 2020 0

Debt collectors would be banned from making calls or taking other “non-litigation means” to collect on debt that is beyond the statute of limitations unless it is disclosed during an initial contact that the debt […]

CFPB, two states file lawsuit against broker of schemes for high-interest credit to disabled veterans, others

February 20, 2020 0

A broker arranging high-interest credit agreements to consumers – particularly disabled veterans – was sued by the federal consumer financial protection agency and two states in action filed Thursday, the regulators said. The Consumer Financial […]

Consumer bureau slates Feb. 26 symposium on consumers’ access to financial records

February 20, 2020 0

A symposium on consumers’ access to financial records and underlying requirements in Section 1033 of the Dodd-Frank Act will be held Feb. 26 by the Consumer Financial Protection Bureau (CFPB), the agency announced Thursday. The […]

Payday lending violations lead ‘observations’ in latest consumer bureau report

February 18, 2020 0

Violations of federal rules regulating payday lending, debt collection, mortgage servicing, and student loan servicing are highlighted in the latest version of “supervisory highlights” from the federal consumer financial protection agency. Payday lending led with […]

Bureau aims to understand effects of TRID rule on lenders through series of surveys

February 7, 2020 0

Understanding the effects on lenders of rules designed to help borrowers select the mortgage that is right for them and to protect them from getting ripped off by those lenders is the aim of a […]

Statement of Policy Regarding Prohibition on Abusive Acts or Practices

February 6, 2020 0

Title: Statement of Policy Regarding Prohibition on Abusive Acts or Practices Subject: Abusive acts or practices Agency: CFPB Status: Policy statement Summary: Section 1031(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank […]

GAO says CFPB has updated, published its policy for posting public comments, ID info

February 6, 2020 0

The Consumer Financial Protection Bureau (CFPB) has implemented a recommendation made by the Government Accountability Office (GAO) last year for more clearly communicating its policy for posting public comments, according to a report released Thursday […]

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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 [...]