CFPB – Regulatory Report

What's up

[ February 3, 2023 ] 6 banks rated ‘outstanding’ under CRA, 2 ‘needs to improve,’ FDIC reports FDIC
[ February 3, 2023 ] FDIC, credit union regulator offer guidance on lower HMDA reporting threshold; expect ‘flexible’ approach FDIC
[ February 2, 2023 ] Seven banks receive ‘outstanding’ ratings for CRA performance; none rated less than ‘satisfactory’ OCC
[ February 1, 2023 ] ‘Outdated’ IT exam program for banks holds weaknesses, needs improvements, report finds FDIC
[ February 1, 2023 ] OCC issues guidance for dealing with new, lower HMDA closed-end mortgage reporting threshold OCC

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 […]

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 […]

Bureau begins biennial review of consumer credit card market, invites public feedback

January 24, 2023 0

A request for information seeking public feedback on how the consumer credit market is functioning was announced Tuesday as part of the Consumer Financial Protection Bureau’s (CFPB) biennial review of the industry, with feedback due […]

Bureau targets subscription fees for services consumers don’t want as violations of consumer protection laws

January 19, 2023 0

Subscription fees charged for services people don’t want are the target of new guidance issued Thursday by the federal consumer financial protection agency with an aim of “rooting out” the tactics by some companies, the […]

Law firm would be curtailed in filing new ‘junk lawsuits’ against consumers in settlement

January 11, 2023 0

Charging illegal debt collection practices – including filing “junk lawsuits” – by a New York debt collection firm, the federal consumer financial protection agency said it has reached a settlement that would sharply curtail any […]

Nonbank contracts claiming to waive consumer rights would be subject to registry under proposal

January 11, 2023 0

Contracts by nonbanks that claim to waive or limit consumer rights and protections – including bankruptcy and liability amounts – would be subject to a public registry of terms and conditions under a proposal issued […]

Agencies announce lawsuit against auto lender for misrepresenting credit costs, ‘tricking customers’

January 4, 2023 0

Misrepresenting the cost of credit and tricking customers into high-cost loans on used cars are charges leveled against a Michigan auto lender by the New York Attorney General and the federal consumer financial protection agency […]

Annual report on consumer reporting firms finds improvements, but more actions suggested

January 3, 2023 0

Considerations for the nationwide consumer reporting companies to improve compliance with consumer financial protection laws and, ostensibly, to serve consumers better, is the asserted aim of annual report issued Tuesday by the federal consumer financial […]

HMDA, TILA asset-size exemption thresholds raised for 2023

December 28, 2022 0

Two final rules increasing the asset-size exemption thresholds for institutions required to report mortgage activity and to establish escrows for certain higher-priced mortgage loans (HPMLs) were published this week by the Consumer Financial Protection Bureau […]

Bureau raises 2023 TILA thresholds for higher-cost mortgages, QMs

December 23, 2022 0

There is no change in the $1 amount triggering minimium interest charge disclosures for open-end consumer credit plans for 2023, but the consumer financial protection agency is raising other amounts that will apply to certain […]

1 2 3 … 111 »

6 banks rated ‘outstanding’ under CRA, 2 ‘needs to improve,’ FDIC reports

February 3, 2023 0

Of the 44 banks that received their federal anti-redlining compliance ratings in November, six of them were rated “outstanding” and two were deemed “needs to improve,” according to data released Friday by the Federal Deposit Insurance Corp. (FDIC). The FDIC, [...]
FDIC, credit union regulator offer guidance on lower HMDA reporting threshold; expect ‘flexible’ approach

February 3, 2023 0

The supervisory approach for the new, lower reporting threshold of 25 closed-end mortgage loans was outlined Friday by two regulators – one for banks, one for credit unions – who both indicated limited action, if any, on recent past reporting [...]