Federal financial regulation – Page 116

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[ January 17, 2025 ] Echoing FDIC appointee, Fed withdraws from international regulator group focusing on climate-change policy The Fed
[ January 17, 2025 ] Honda financing arm to pay $12.8 million in redress, penalty over credit reporting violations during COVID-19 pandemic CFPB
[ January 17, 2025 ] Equifax hit with $15 million penalty over poor dispute handling CFPB
[ January 16, 2025 ] Cash App owner Block ordered to pay up to $175 million combined in redress, penalty CFPB
[ January 16, 2025 ] Credit union overdraft, non-sufficient funds fees not offset by reduced fees, lower rates, research finds NCUA

Seven banks receive ‘outstanding’ ratings for CRA performance; none rated less than ‘satisfactory’

February 2, 2023 0

No banks received a “needs improvement” or “substantial noncompliance” ratings in their anti-redlining evaluations released Thursday by the national bank regulator. Seven of the evaluations, out of 31 released, were “outstanding” ratings, the agency said. […]

‘Outdated’ IT exam program for banks holds weaknesses, needs improvements, report finds

February 1, 2023 0

An information technology (IT) exam program for banks adopted just about seven years ago is now “outdated” and in need of major changes in procedures, according to a report issued Wednesday by the inspector general […]

OCC issues guidance for dealing with new, lower HMDA closed-end mortgage reporting threshold

February 1, 2023 0

Guidance for complying with the new threshold for reporting closed-end mortgage loans, now at 25 originated in each of the two preceding calendar years, was issued Wednesday by the regulator of national banks In a […]

Proposal would cap late credit card fees at $8; CFPB says move would save consumers $9 billion

February 1, 2023 0

Fees would be capped at $8 for credit card payments made late, and an annual inflation adjustment would be eliminated, under a proposal issued Wednesday by the federal consumer financial protection agency. The advance notice […]

NCUA prohibits two former credit union employees convicted of financial crimes

January 31, 2023 0

Two former affiliated persons from credit unions who were convicted of financial crimes last year were “permanently prohibited” from participating in the affairs of any federally insured deposit institution under recent orders by the National […]

Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders

January 30, 2023 0

Title: Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders Subject: Registry of orders Agency: CFPB Status: Proposed rule Summary: Pursuant to its authorities under the Consumer Financial Protection Act of 2010 […]

Agency issues call for papers to present at bank research conference in September

January 30, 2023 0

Theoretical and empirical papers on issues related to the performance and regulation of the financial sector are now being accepted for a bank research conference, hosted by the federal bank deposit insurance agency in late […]

Agency updates FAQs for credit unions as they employ CECL accounting standard

January 30, 2023 0

A list of frequently asked questions (FAQs) on the current expected credit losses (CECL) accounting standard for credit unions has been updated by their federal regulator, along with the agency’s simplified tool for dealing with […]

Due to popular requests, comment period extended for rule cracking down on ‘misrepresentations’ of deposit insurance

January 30, 2023 0

An extension of 45 days to the comment period for proposed changes to rules about misrepresentations of deposit insurance was announced Monday by the federal bank deposit insurance agency. Comments will now be due by […]

FDIC: Kansas banker assessed $35k penalty, ordered to undergo training after 100+ violations of federal insider lending rules

January 27, 2023 0

A Kansas banker who reportedly committed a combined 107 violations of federal insider lending rules was required to pay a $35,000 civil money penalty and undergo training under a December, combined consent order released Friday […]

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Echoing FDIC appointee, Fed withdraws from international regulator group focusing on climate-change policy

January 17, 2025 0

Echoing a stance taken by another regulator earlier this week, the Federal Reserve Friday said it has withdrawn from an international group of regulatory agencies focused on climate-change policy. The Fed said that it has withdrawn from the Network of [...]
Honda financing arm to pay $12.8 million in redress, penalty over credit reporting violations during COVID-19 pandemic

January 17, 2025 0

American Honda Finance Corporation was ordered Friday to pay $10.3 million in consumer redress plus a $2.5 million civil money penalty over findings of credit report furnishing inaccuracies and dispute investigation failures during the COVID-19 pandemic, the Consumer Financial Protection [...]
Equifax hit with $15 million penalty over poor dispute handling

January 17, 2025 0

Equifax, one of three nationwide consumer reporting agencies, was ordered Friday to pay a $15 million civil money penalty for failing to conduct proper investigations of consumer disputes. The Consumer Financial Protection Bureau (CFPB) – in a release familiar in [...]
Cash App owner Block ordered to pay up to $175 million combined in redress, penalty

January 16, 2025 0

Up to $120 million in consumer redress plus a $55 million civil money penalty (CMP) must be paid by Block, the owner of peer-to-peer payments app Cash App, under a consent order announced Thursday by the federal consumer financial protection [...]
Credit union overdraft, non-sufficient funds fees not offset by reduced fees, lower rates, research finds

January 16, 2025 0

Credit unions are not offsetting income from overdraft (OD) and non-sufficient funds (NSF) fees through reduced fees for other services or lower interest rates, according to a “research note” issued Thursday by the institutions’ federal regulator. Those results, the agency [...]
Credit union regulator gives nod to ’25 performance plan

January 16, 2025 0

A 2025 performance plan was adopted by the federal credit union regulator’s board Thursday, outlining specific methods and targets about how the agency will measure its performance. The agency board adopted the plan unanimously at its regular monthly meeting. In [...]
‘Modest’ growth in lending reported as year ended; delinquencies still a concern

January 15, 2025 0

Modest growth in lending was reported across Federal Reserve districts in late November and December, tracking what most districts called “moderate” or “modest” economic growth, according to the latest Beige Book released Wednesday by the Federal Reserve. According to the [...]