CFPB – Regulatory Report

What's up

[ May 24, 2019 ] FinCEN’s new Innovation Hours Program will facilitate demos of tech products, services to enhance BSA/AML efforts Other
[ May 24, 2019 ] Large banks would be ‘comfortable’ with 40% less reserve balances, survey finds The Fed
[ May 23, 2019 ] Three in four say they are ‘doing OK’ financially, Fed survey results find – but financial distress still exists The Fed
[ May 23, 2019 ] Federal savings associations with $20 billion or less prior to 2018 can elect to operate as ‘covered’ institutions under OCC rule OCC
[ May 23, 2019 ] OCC advisory panel on minority institutions meets June 12 in Dallas OCC

Action to delay CFPB payday rule provisions slated for June, biz-lending data back on reg schedule

May 22, 2019 0

A delay in certain provisions of its payday rule is slated for final action in June by the Consumer Financial Protection Bureau (CFPB), according to details of the agency’s spring 2019 regulatory agenda. But the […]

Consumer bureau’s consumer advisory board, bank and CU advisory councils, scheduled to meet June 5-6

May 21, 2019 0

Meetings of advisory councils and board of the federal consumer financial protection agency are on tap for next month, according to notices set for publication as early as Wednesday. In filings with the Federal Register […]

Bureau wants to punish law firm for alleged phony involvement of attorneys in debt collection suits

May 20, 2019 0

Attorneys at a law firm were not “meaningfully involved” in preparing or filing lawsuits over debt collection despite the law firm’s alleged representation that they were – and that was enough to trigger a lawsuit […]

Bureau’s debt collection proposal in Federal Register Tuesday, out for comment until late August

May 20, 2019 0

The Consumer Financial Protection Bureau’s (CFPB) proposal that, among other things, would allow debt collectors to attempt to contact consumers up to seven times a week by phone over a specific debt will be out […]

Proposed debt collection rule allows up to seven phone contacts a week with consumers

May 7, 2019 0

Debt collectors would be allowed up to seven telephone-contact attempts a week with consumers about a specific debt under a proposal issued by the federal consumer financial protection agency Tuesday. In a release, the Consumer […]

CFPB revamps HMDA data/research page; will retire tool for exploring HMDA data

May 3, 2019 0

A data and research page giving access to current and past research using Home Mortgage Disclosure Act (HMDA) data and more has been redesigned by the Consumer Financial Protection Bureau (CFPB) said in a recent […]

Bureau proposes higher thresholds for HMDA data reporting; wants input also on costs, benefits of gathering certain data points

May 2, 2019 0

Raising the coverage thresholds for collecting and reporting data about closed-end mortgage loans and open-end lines of credit under federal disclosure rules was proposed Thursday by the Consumer Financial Protection Bureau (CFPB). In a release, […]

Fact sheet attempts to clear ambiguity over TRID disclosures with mortgage assumptions

May 2, 2019 0

A fact sheet addressing whether a “Loan Estimate and Closing Disclosure” is required under federal truth-in-lending and settlement procedures disclosures when a mortgage is assumed was published Wednesday by the federal consumer financial protection agency. […]

Home Mortgage Disclosure (Regulation C) Data Points and Coverage

May 22, 2019 0

Title: Home Mortgage Disclosure (Regulation C) Data Points and Coverage Subject: HMDA Agency: CFPB Status: ANPR Summary: The Bureau of Consumer Financial Protection (Bureau) is issuing this Advance Notice of Proposed Rulemaking (ANPR) to solicit […]

Student loan servicer will pay $3.9 million fine; admits to engaging in unfair practices

May 1, 2019 0

A student loan servicing company will pay a $3.9 million fine for engaging in unfair practices by failing to adjust principal balances of student loans, the federal consumer financial protection agency said Wednesday. In a […]

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FinCEN’s new Innovation Hours Program will facilitate demos of tech products, services to enhance BSA/AML efforts

May 24, 2019 0

Treasury’s financial crimes unit on Friday announced a new program that will allow financial institutions, technology providers, and other firms involved in financial services the chance to present new, emerging innovative products and services and approaches designed to enhance anti-money [...]
Large banks would be ‘comfortable’ with 40% less reserve balances, survey finds

May 24, 2019 0

Large banks believe they could be holding much lower reserve balances – about 40% less – than they are holding now, largely because of the continued low-interest-rate environment, according to the results of a survey of senior financial officers released [...]
Three in four say they are ‘doing OK’ financially, Fed survey results find – but financial distress still exists

May 23, 2019 0

Three in four U.S. adults said in 2018 that, financially at least, they were “doing OK” or “living comfortably” – up 12 percentage points from 2013 – according to the results of a survey released Thursday by the Federal Reserve. [...]
Federal savings associations with $20 billion or less prior to 2018 can elect to operate as ‘covered’ institutions under OCC rule

May 23, 2019 0

Federal savings associations (FSAs) that had total consolidated assets of $20 billion or less as of Dec. 31, 2017, can elect to operate as “covered” savings associations and enjoy the same rights and privileges as a national bank under a [...]
OCC advisory panel on minority institutions meets June 12 in Dallas

May 23, 2019 0

A public meeting of the panel that advises the Office of the Comptroller of the Currency (OCC) on issues affecting minority depository institutions is set for 1 p.m. Central time in Dallas, the OCC announced Thursday. The Minority Depository Institutions [...]
Fed plans test operation of term deposit facility next week; ‘no implications for monetary policy’

May 23, 2019 0

One operation this month of the Term Deposit Facility (TDF) will be tested by the Federal Reserve, with the aim of ensuring its operational readiness and providing the institutions that may use it some degree of familiarity, the agency said [...]
More public unit and nonmember shares would be OK for credit unions under NCUA proposed rule

May 23, 2019 0

The basis for measuring the regulatory limit on nonmember and public unit shares that federally insured credit unions (FICUs) may hold would change – in many cases increasing the dollar amount that could be held – under a proposed rule [...]
Aids for credit union chartering, identifying low-income areas for service focus of CURE office at NCUA

May 23, 2019 0

The federal agency that charters and regulates federal credit unions says it’s planning to offer more resources for credit unions to identify low-income areas they might serve, and information for those seeking to charter a new credit union, through its [...]