CFPB – Regulatory Report

What's up

[ July 10, 2020 ] Debt settlement, credit counseling report based on Great Recession offers glimpse of financial impact from 2020 pandemic CFPB
[ July 10, 2020 ] July 14 call to provide update on SBA programs, including PPP NCUA
[ July 10, 2020 ] FDIC slates July 28 meeting of its community banking advisory panel FDIC
[ July 10, 2020 ] No material differences in accounting, capital standards – just technical ones, regulators tell Congress FDIC
[ July 9, 2020 ] FDIC ends ShoreBank receivership FDIC

Debt settlement, credit counseling report based on Great Recession offers glimpse of financial impact from 2020 pandemic

July 10, 2020 0

A record amount of $11.4 billion in debt settlements 10 years ago during the Great Recession may provide a road map of what’s to come in 2020 as the financial impact of the coronavirus crisis […]

Bureau’s QM proposals set for Federal Register publication Friday; comments due early August, September

July 9, 2020 0

Two proposed rules aimed at addressing the pending expiration of the so-called “GSE patch” in the federal consumer financial protection agency’s qualified mortgage provisions of its Truth in Lending Act regulation are slated for publication […]

Fine reduction offered by CFPB from $3.8 million to $20,000 for illegal fees firm charged in student loan scheme

July 8, 2020 0

Millions of dollars in fines against a Florida company for charging illegal fees to consumers to purportedly relieve them of their federal student loan payments will be reduced to just a fraction of that under […]

CFPB ponders fit between AI and adverse action notices under ECOA

July 8, 2020 0

The role of artificial intelligence (AI) and, within it, machine learning (ML), in the credit underwriting process is under review at the Consumer Financial Protection Bureau (CFPB), which highlighted in a blog post Wednesday the […]

Bureau taps new deputy director, third person to fill job this year; new division named for public, policy engagement

July 8, 2020 0

Thomas Pahl is the new deputy director of the federal consumer financial protection bureau, the third person to fill that position so far this year. The agency also announced a new division consolidating its external […]

Bureau drops ‘ability to repay’ provision from payday lending rule but keeps provisions blocking unapproved withdrawals

July 7, 2020 0

A new final rule on small-dollar lending issued Tuesday by the federal consumer financial protection agency revokes “ability to repay” provisions of the previous rule but makes no changes to the payment protection provisions already […]

Bureau alleges firm took $15 million in deposits after phony advertising – including that it was a bank (when it wasn’t)

July 7, 2020 0

Several false, misleading, and inaccurate marketing representations in advertising for a Delaware-based financial services company that took $15 million in deposits but was not a bank are alleged in lawsuit filed Monday the Consumer Financial […]

Most regulatory actions taken by consumer bureau between 2012-20 ‘ratified’ in wake of Supreme Court decision

July 7, 2020 0

Most regulatory actions taken from 2012 through the middle of 2020 by the consumer financial protection agency were ratified by the agency Tuesday in response to a Supreme Court decision last week declaring the agency’s […]

Higher-Priced Mortgage Loan Escrow Exemption (Regulation Z)

July 6, 2020 0

Title: Higher-Priced Mortgage Loan Escrow Exemption (Regulation Z) Subject: Regulation Z, mortgage lending Agency: CFPB Status: Notice of proposed rule making (NPRM) Summary: The Bureau of Consumer Financial Protection (Bureau) is proposing to amend Regulation […]

Bureau’s spring agenda includes proposals under ECOA, HMDA data points, debt collection

July 2, 2020 0

Business lending data collection, Home Mortgage Disclosure Act data points, debt collection, and more are yet to come under the current rulemaking agenda of the Consumer Financial Protection Bureau (CFPB). The agenda is the bureau’s […]

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Debt settlement, credit counseling report based on Great Recession offers glimpse of financial impact from 2020 pandemic

July 10, 2020 0

A record amount of $11.4 billion in debt settlements 10 years ago during the Great Recession may provide a road map of what’s to come in 2020 as the financial impact of the coronavirus crisis becomes more apparent, a report [...]
July 14 call to provide update on SBA programs, including PPP

July 10, 2020 0

Updates to the Small Business Administration’s (SBA) lending programs, including the Paycheck Protection Program implemented under the CARES Act, will be provided during a conference call slated for 3 p.m. ET next Tuesday, the federal credit union regulator said in [...]
FDIC slates July 28 meeting of its community banking advisory panel

July 10, 2020 0

The Federal Deposit Insurance Corp. (FDIC) Advisory Committee on Community Banking is slated to hold an open meeting July 28 from 1 to 5:30 p.m. ET, with the meeting – out of an abundance of caution due to the coronavirus [...]
No material differences in accounting, capital standards – just technical ones, regulators tell Congress

July 10, 2020 0

There are no material differences in accounting and capital standards applicable to the insured depository institutions they regulate and supervise, but there are some technical deviations, the federal banking agencies will say in their annual report to Congress, expected to [...]
FDIC ends ShoreBank receivership

July 9, 2020 0

The federal bank deposit insurer’s receivership of the defunct ShoreBank (Chicago) was terminated July 1, the agency said in a recent Federal Register notice. ShoreBank was closed by the Illinois Department of Financial and Professional Regulation in August 2010. At [...]
Bureau’s QM proposals set for Federal Register publication Friday; comments due early August, September

July 9, 2020 0

Two proposed rules aimed at addressing the pending expiration of the so-called “GSE patch” in the federal consumer financial protection agency’s qualified mortgage provisions of its Truth in Lending Act regulation are slated for publication Friday in the Federal Register. [...]
Fed terminates enforcement action with The Leaders Group Inc.

July 9, 2020 0

A consent order entered into in April 2011 between the Federal Reserve Board and The Leaders Group Inc. – a bank holding company that owns and controls The Leaders Bank (Oak Brook, Ill.) – was terminated July 1, the Fed [...]