CFPB – Page 8 – Regulatory Report

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[ December 20, 2024 ] Three of nation’s largest banks sued for allowing ‘fraud to fester’ on Zelle payment network CFPB
[ December 20, 2024 ] WARM holiday greetings: Agency issues quarterly update to tool for calculating CECL NCUA
[ December 20, 2024 ] FinCEN provides financial institutions ‘red flags’ of potential frauds using FinCEN’s name Other
[ December 20, 2024 ] OCC annual report notes sound banking system, but urges banks to guard against complacency OCC
[ December 19, 2024 ] More than one-third of workers at FDIC witnessed or experienced sexual harassment, report asserts FDIC

Bureau: Study finds complex pricing schemes through ‘junk fees’ lead to consumers paying up to 60% more

April 30, 2024 0

Consumers tend to pay more for products – up to 60% more – when prices are separated into multiple fees through more complex, difficult to understand pricing structures, according to a study released Tuesday by […]

Improvements noted in medical bills included in credit reports – but not so much in the South, bureau asserts

April 29, 2024 0

If you reside in the South you are “most likely” to have medical bills on your credit reports – making you among 15 million Americans who have the invoices on their credit summaries, according to […]

CFPB’s consumer panel to meet May 15

April 25, 2024 0

A public meeting of the Consumer Advisory Board (CAB) of the federal consumer financial protection agency is slated for May 15 from 10:30 a.m. to 1 p.m. Eastern. CAB is charged with advising and consulting […]

Bureau asserts scrutiny of mortgage servicing fees having impact; declines in overdraft, NSF fees leveling off

April 24, 2024 0

More than $120 million in junk fee refunds since August from bank account deposits has resulted in the federal consumer financial protection agency’s supervision work on the charges, the agency said in a release Wednesday. […]

CFPB taking comments for 30 days on last week’s nonbank designation rule

April 23, 2024 0

A revised procedural rule on how the consumer financial protection agency designates nonbanks for supervision is in effect now, according to a notice in Tuesday’s Federal Register, and comments from the public will be accepted […]

False claims about student loan costs, graduate hiring rates lead to action against for-profit school, CEO

April 17, 2024 0

Deceiving students about the cost of loans and making false claims about graduates’ hiring rates have led to a consent order and a civil money penalty (CMP) against a San Francisco-based, for-profit vocational school and […]

Final, procedural rule aims to streamline process for designations of nonbanks

April 16, 2024 0

Procedures for designating a nonbank for supervision by the federal consumer financial protection agency were updated Tuesday, the agency said, and will streamline the process for both it and the nonbanks. The Consumer Financial Protection […]

CFPB’s community bank panel to meet April 30

April 16, 2024 0

A public meeting of its Community Bank Advisory Council (CBAC) is slated for April 30 from 1-3:30 p.m. Eastern, the Consumer Financial Protection Bureau (CFPB) said in a notice posted online and in Tuesday’s Federal […]

Report alleges companies failed to ensure accuracy of credit reports, including not excluding data from ID theft, human trafficking

April 8, 2024 0

Some consumer reporting companies failed to ensure the accuracy of credit reports, including by failing to exclude information resulting from alleged identity theft or human trafficking, the federal consumer financial protection agency charged in a […]

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 […]

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Three of nation’s largest banks sued for allowing ‘fraud to fester’ on Zelle payment network

December 20, 2024 0

Claiming three of the largest banks in the country allowed “fraud to fester” on an online payment provider, resulting in more than $870 million lost by customers over seven years, the federal consumer financial protection agency Friday filed suit against [...]
WARM holiday greetings: Agency issues quarterly update to tool for calculating CECL

December 20, 2024 0

The latest life-of-loan – or Weighted Average Remaining Maturity (WARM) – factors are included in the updated simplified tool for credit unions released Friday to measure credit losses, their federal regulator said. The National Credit Union Administration (NCUA) said for [...]
FinCEN provides financial institutions ‘red flags’ of potential frauds using FinCEN’s name

December 20, 2024 0

An alert about fraud schemes abusing the name, insignia, and authorities of Treasury’s financial crimes enforcement unit for financial gain was issued this week to warn corporations, money services businesses and financial institutions and urge that suspected incidents be reported. [...]
OCC annual report notes sound banking system, but urges banks to guard against complacency

December 20, 2024 0

The federal banking system is sound, but banks were urged to guard against complacency and remain vigilant according to the national bank regulator’s 2024 annual report, issued Friday. The Office of the Comptroller of the Currency (OCC) said the report [...]