CFPB – Page 85 – 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 publishes 11 new FAQs (and answers) about TRID compliance

August 1, 2019 0

Eleven frequently asked questions (and answers) about integrated disclosures related to real estate lending — including about providing loan estimates to consumers — are now posted on its website, the federal consumer financial protection agency […]

TILA dollar-amount triggers for penalties, disclosures set for 2020

August 1, 2019 0

The dollar-amount thresholds that trigger various penalty and disclosure requirements under Regulation Z, implementing the Truth in Lending Act (TILA), have been adjusted effective Jan. 1, 2020, by the Consumer Financial Protection Bureau (CFPB) through […]

Comment period on permanent HMDA coverage thresholds reopened; comments due Oct. 15 to CFPB

July 31, 2019 0

Proposed changes released in May to set the coverage threshold for home loan data reporting at either 50 or 100 closed-end mortgage loans, in either of the two preceding years, and set the threshold for […]

Comments on ‘qualified mortgage’ definition, without the ‘GSE patch,’ due in mid-September

July 30, 2019 0

Input on a consumer bureau advance notice of proposed rulemaking (ANPR) on potential changes to the definition of “qualified mortgage” (QM) in light of the planned expiration of a temporary QM category for agency loans […]

Qualified Mortgage Definition under the Truth in Lending Act (Regulation Z)

July 30, 2019 0

Title: Qualified Mortgage Definition under the Truth in Lending Act (Regulation Z) Subject: Qualified mortgage Agency: CFPB Status: ANPR Summary: With certain exceptions, Regulation Z requires creditors to make a reasonable, good faith determination of […]

Bureau eyes whether to revise Reg Z ‘qualified mortgage’ factors, including DTI, as GSE patch nears expiration

July 25, 2019 0

The federal agency charged with consumer financial protection on Thursday issued an advance notice of proposed rulemaking (ANPR) that asks, among other things, whether a direct measure of a consumer’s personal finances – such as […]

GAO testimony reiterates call to regulators to provide clarity to fintechs on alternative data

July 25, 2019 0

Clear communication from the Consumer Financial Protection Bureau (CFPB) and the federal banking regulators on appropriate use of alternative data in the underwriting process would bring fintech lenders greater certainty about their compliance with fair […]

Settlement proposes $60 million in penalties for debt collectors, with banishment from industry

July 25, 2019 0

In an unusual proposal, five debt collectors will settle a complaint with the federal consumer financial protection bureau by agreeing to be banned from the industry and pay fines and redress of $60 million. But […]

Oversight of FI cybersecurity, threat info sharing remain top challenges for regulators, IGs council reports

July 24, 2019 0

A council of federal financial regulatory inspectors general created in the aftermath of the financial crisis identifies seven “top management and performance challenges” facing their respective regulatory organizations – including ongoing challenges related to cyber […]

Bureau report gives highlights of pre-Kraninger ‘credit visibility’ symposium

July 22, 2019 0

Highlights of panel discussions and key themes arising during a day-long symposium held last September on how to help “credit-invisible” consumers gain access to credit was published Friday by the Consumer Financial Protection Bureau (CFPB). […]

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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 [...]