CFPB – Page 76 – 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

Bureau outlines how it will address ‘abusive’ acts, says possibility open for future rulemaking

January 24, 2020 0

Holding out the possibility of a future rulemaking, the consumer financial protection agency on Friday announced what it described as a “common-sense” framework on how it plans to apply the Dodd-Frank Wall Street Reform and […]

CFPB to create ‘compliance aids’ category of guidance materials

January 24, 2020 0

A policy statement explaining a new category being created for regulatory guidance materials – “compliance aids” – was approved by the director of the agency charged with consumer financial protection Jan. 10 and is set […]

Bureau publishes HMDA small entity compliance guide reflecting recent changes to rules

January 24, 2020 0

An updated compliance guide to home mortgage disclosure rules – aimed at small entities – was released Friday by the federal consumer financial protection agency, which includes changes made to the rules last fall. The Consumer […]

With latest addition, new consumer bureau taskforce on federal consumer financial law has five members

January 17, 2020 0

Another member – William MacLeod – has been named to a taskforce formed recently by the consumer financial protection agency to review current laws and rules affecting consumer financial services, the bureau announced Friday, increasing […]

Bureau to survey banks on costs for providing info about credit extended to women, minority-owned small businesses

January 16, 2020 0

A “cost of compliance survey” developed to measure expenses related to collection of information about applications for credit made to financial institutions by women-owned, minority-owned, and small businesses will be released for comment by the […]

Survey shows most CFPB employees value their jobs and bureau’s mission; senior leaders’ policies, not so much

January 15, 2020 0

A high percentage of employees of the Consumer Financial Protection Bureau (CFPB) responding to the agency’s latest employee survey said they like the kind of work they do and that their work is important, but […]

Penalties will be more expensive in 2020 under inflation-adjusted schedules

January 13, 2020 0

Higher maximum amounts for civil money penalties (CMP), adjusted for inflation, will be in place after Jan. 15 by four federal financial institution regulators, the agencies said in separate notices to be published as early […]

Bank of America gets CFPB ‘no action letter’ on funding arrangements with housing counseling agencies

January 10, 2020 0

A no-action letter (NAL) issued Friday to Bank of America (BofA) by the federal consumer financial protection agency provides there will be no supervisory findings or enforcements issued regarding the bank’s funding arrangements with housing […]

CFPB opens application period for council memberships Monday

January 10, 2020 0

The federal agency charged with consumer financial protection will begin taking applications for membership on its consumer, community bank, credit union, and academic research councils Monday, according to a notice slated for Federal Register publication […]

Four members named to bureau taskforce on federal consumer financial law

January 9, 2020 0

Four members have been named to a new taskforce that will examine the existing legal and regulatory environment facing consumers and financial services providers and report findings to the director of the Consumer Financial Protection […]

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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 [...]