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White House order starts process for improving, modernizing regulatory review
Producing a set of recommendations for improving and modernizing federal regulatory review was ordered by the new president Wednesday, with an aim of ensuring “swift federal action,” according to a memorandum issued by the White […]
CFPB
Biden administration imposes moratorium on regulations
The new Biden administration instituted a “regulatory freeze” order on Wednesday, requiring that no new rules be proposed or issued until a Biden-appointed official has reviewed or approved the rule. The order also requires that […]
CFPB
UPDATED: Kraninger tenders resignation from CFPB, citing support for Biden to appoint own officials
Noting that she was doing so at the request of the new Biden administration, Consumer Financial Protection Bureau (CFPB) Director Kathleen (“Kathy”) Kraninger resigned Wednesday shortly after 12:45 p.m. ET. She had served about 25 […]
CFPB
Final rule exempting smaller credit unions, banks from escrow accounts for HPMLs issued
An exemption from the requirement to establish escrow accounts for certain higher-priced mortgage loans (HPMLs) for smaller banks and credit unions was issued as a final rule Tuesday by the federal consumer financial protection agency. […]
CFPB
Chopra nomination to CFPB likely first step in number of leadership changes ahead
By tapping Rohit Chopra as the intended nominee for next director of the federal consumer financial protection agency, the incoming Biden administration is signaling that changes are coming to leadership of federal financial institution regulation. […]
CFPB
UPDATED: FDIC Board, others, finalize rules codifying role of supervisory guidance as not having force of law
A new rule codifying that supervisory guidance does not have the force of law, and that enforcement actions are not based on the guidance, was finalized Tuesday by the federal insurer of bank deposits. Three […]
CFPB
Compliance guide for debt collection communications rule offered to small entities
A summary of the October 2020 debt collection rule regarding communications between collectors and debtors is provided in a small-entity compliance guide released by the federal consumer financial protection agency Friday. The Consumer Financial Protection […]
OCC
Former top lawyer for Wells Fargo agrees to $3.5 million fine, cooperation
A $3.5 million fine has been assessed against the former Wells Fargo Bank general counsel in a settlement following charges that he and other executives helped to maintain a business model that urge workers at […]
CFPB
UPDATED: Agencies sign ‘memo of understanding’ to improve consumer protection coordination supervision for larger credit unions
Improving coordination between the federal credit union regulator and federal consumer financial protection agency over the consumer protection supervision of credit unions with more than $10 billion in assets is the stated purpose of a […]