CFPB – Page 9 – Regulatory Report

What's up

[ 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
[ November 14, 2024 ] OIG sets 4 recommendations for NCUA’s federal chartering process NCUA
[ November 14, 2024 ] Small FL credit union conserved NCUA
[ November 13, 2024 ] PA bank failure, first of year, came from reclassified debt securities, dysfunctional management, report finds FDIC

Filing period for 2023 HMDA data now open, with March 1 submission due date

January 4, 2024 0

Filings for data collected last year under home mortgage disclosure requirements are due by March 1, the federal consumer financial protection agency said Thursday, noting that the filing period opened on Jan. 1. The Consumer […]

Asset-size exemption thresholds rise in 2024 for mortgage data collection, certain mortgage escrow requirements

December 21, 2023 0

The asset-size exemption thresholds for financial institutions required to collect Home Mortgage Disclosure Act (HMDA) data and, separately, to establish escrow accounts for higher-priced mortgage loans will rise in 2024, according to Federal Register notices […]

U.S. Bank slapped with $36 million in separate fines alleging ‘illegal conduct,’ unfairness related to unemployment benefits access

December 19, 2023 0

Fines totaling $36 million were announced Tuesday against the fifth largest bank firm in the nation for “illegal conduct” during the coronavirus crisis related to access and payment of unemployment benefits, two regulators said. In […]

Colleges may continue to mislead students into high-fee financial products, report asserts

December 19, 2023 0

Many college-sponsored financial products have higher fees and worse terms and conditions compared to typical market products according to a report issued Tuesday by the federal consumer financial protection agency. According to its 2023 student […]

Overdraft fees still catch many consumers by surprise, survey finds; low-income households pay most

December 19, 2023 0

More than a quarter of consumers say someone in their household was charged an overdraft fee or NSF fee within the past year, even though many banks and credit unions have dropped the fees, the […]

Agency shutters medical debt collector after consumers complained about unverified bills

December 18, 2023 0

Alleged illegal attempts to collect unverified medical debts after consumers disputed their validity spurred the federal consumer financial protection agency to close down a bill collector and fine it $95,000, the agency said Friday. According […]

VA bank to pay ‘no less than’ $5 million in consumer redress, $1.2 million fine for illegal overdraft practices

December 7, 2023 0

Illegal overdraft practices are at the center of a consent order announced Thursday that requires Atlanta Union Bank (AUB), a subsidiary of Atlantic Union Bankshares Corporation (Richmond, Va.), to pay $5 million in redress to […]

$12 million fine ordered against BofA after loan officers lied about mortgage data to federal regulators

November 28, 2023 0

A $12 million penalty is imposed on Bank of America (BofA) for the acts of submitting false mortgage lending information to the federal government for at least four years, the federal consumer financial protection agency […]

$60 million in redress, fine ordered for automaker credit arm in alleged efforts to withhold refunds, provide false data

November 20, 2023 0

A $60 million payment for fines and consumer redress was ordered against a carmaker’s lending arm for allegedly directing customers to a dead-end cancellation hotline, withholding refunds, and “knowingly” tarnishing credit reports with false data, […]

Comments due to CFPB Jan. 8 on supervision of nonbank digital consumer payment providers

November 20, 2023 0

Public comments on a proposed rule subjecting larger nonbank companies that offer digital payment apps and wallets will be accepted by the Consumer Financial Protection Bureau (CFPB) through Jan. 8, according to a notice in […]

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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 [...]
Two promoted to OCC deputy controllers for large bank supervision

November 13, 2024 0

Two long-time bank examiners – Robert Barnes and Kevin Greenfield – were promoted to the posts of deputy comptrollers for large bank supervision, the Office of the Comptroller of the Currency (OCC) said Wednesday. The OCC said Barnes, a national [...]