CFPB – Regulatory Report

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[ July 16, 2019 ] Consumer bureau needs to better communicate its expectations for accuracy, dispute investigations for consumer reporting agencies, GAO finds CFPB
[ July 16, 2019 ] In their own words: McWilliams, Gruenberg on opposite sides of final, proposed rules FDIC
[ July 16, 2019 ] UPDATED: FDIC leaders split on final rule for insurance determination, proposed rule on securitization safe harbor FDIC
[ July 15, 2019 ] Call reports due at end of month, but not yet for ‘streamlined’ reports for smaller banks (due after 3Q) FDIC
[ July 15, 2019 ] Week ahead: Deposit insurer, credit union regulator boards meet; Powell speaks in Paris NCUA

Consumer bureau needs to better communicate its expectations for accuracy, dispute investigations for consumer reporting agencies, GAO finds

July 16, 2019 0

Expectations about reasonable procedures for assuring maximum possible accuracy, and reasonable investigations of consumer disputes, should be communicated to consumer reporting agencies (CRAs) by the federal consumer financial protection agency, the congressional watchdog said in […]

Bureau seeks new cohort for providing educational materials to ‘economically vulnerable’ people

July 15, 2019 0

About 40 organizations that serve “economically vulnerable” populations are being sought by the federal consumer financial protection agency in an effort to help the organizations introduce financial capability topics to the people that the serve. […]

Agreement orders debt settlement firm to pay $20 million back to consumers – but discounts $5 million penalty by 10%

July 9, 2019 0

A settlement that orders $20 million in restitution to affected consumers, and a $5 million civil money penalty (CMP) has been reached between a large debt-settlement services company and the federal consumer financial protection agency, […]

15% of credit card holders who revolve balances do so for 2 years or more, bureau ‘Data Point’ report shows

July 3, 2019 0

Two-thirds of actively used credit card accounts carry a revolving balance, with balances revolved continuously for about 10 months, according to a “Data Point” report issued by the research unit of the Consumer Financial Protection […]

‘Fair Lending’ report outlines nuanced approach to innovation, creating increased access to credit

July 1, 2019 0

Exploration of cutting-edge fair lending issues – including how consumer-friendly innovation can increase access to credit for all consumers and especially unbanked and underbanked consumers and their communities – will be a focal point for […]

Bureau updates payday ‘small entity compliance guide’; notes court’s stay on rule’s payment-related requirements remains in place

July 1, 2019 0

The delay in the compliance date of the mandatory underwriting provisions of payday lending rules is reflected in an updated “small entity compliance guide” published by the federal consumer financial protection agency, announced Monday. The […]

Consumer bureau extends comment deadline for HMDA data points ANPR; comment period on coverage thresholds to be reopened

June 27, 2019 0

A three-month extension of the comment deadline on an advance notice of proposed rulemaking (ANPR) on Home Mortgage Disclosure Act (HMDA) data points and plans to reopen the comment period on HMDA coverage thresholds were […]

CFPB releases supplement on September 2018 report on its data program; plans to release texts of MOUs with other agencies, states in future

June 27, 2019 0

A supplement to a report issued last September on the various sources of data the Consumer Financial Protection Bureau (CFPB) uses in its work to ensure consumers access to products and services that are “fair, […]

Prevention of financial elder abuse subject for joint agency July webinar

June 26, 2019 0

Strategies for addressing and preventing elder financial abuse – including a discussion of the benefits of “appropriate collaboration” between financial institutions and law enforcement – will be presented in a July 25 webinar jointly sponsored […]

UDAAP ‘Abusiveness’ uncertainty creates impediments to those that want to comply with law, consumer bureau leader asserts

June 25, 2019 0

Uncertainty over the parameters of “abusiveness” creates impediments to innovation and other helpful developments in the marketplace, according to the director of the federal consumer financial protection agency, a condition, she claimed, that makes it […]

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Consumer bureau needs to better communicate its expectations for accuracy, dispute investigations for consumer reporting agencies, GAO finds

July 16, 2019 0

Expectations about reasonable procedures for assuring maximum possible accuracy, and reasonable investigations of consumer disputes, should be communicated to consumer reporting agencies (CRAs) by the federal consumer financial protection agency, the congressional watchdog said in a report issued Tuesday. The [...]
In their own words: McWilliams, Gruenberg on opposite sides of final, proposed rules

July 16, 2019 0

In Tuesday’s meeting of the Federal Deposit Insurance Corp. (FDIC) Board, Chairman Jelena McWilliams and Board Member Martin Gruenberg – the only two appointed members of the board – stood on opposite sides of two key issues before the board. [...]
UPDATED: FDIC leaders split on final rule for insurance determination, proposed rule on securitization safe harbor

July 16, 2019 0

The two appointed members of the federal bank deposit insurer board split on approval of final and proposed rules at their meeting Tuesday, with one citing an erosion of safeguards adopted in the wake of the financial crisis as his [...]