CFPB – Regulatory Report

What's up

[ October 21, 2019 ] High court decision to take up CFBP challenge spurs praise by industry, calls for commission CFPB
[ October 21, 2019 ] Two civil money penalties, one prohibition on OCC’s list of recent enforcement actions OCC
[ October 21, 2019 ] ‘Stablecoins’ must not be outside of scope of global anti-money laundering efforts, group says Other
[ October 21, 2019 ] FDIC announces new file exchange application for exam-related docs FDIC
[ October 21, 2019 ] FDIC’s economic inclusion group to talk credit scoring, mortgage markets, in meeting Tuesday FDIC

High court decision to take up CFBP challenge spurs praise by industry, calls for commission

October 21, 2019 0

The Supreme Court’s announcement Friday that it will consider a case challenging the constitutionality of the federal consumer financial protection agency was greeted with praise from financial industry trade groups, who called for a commission, […]

Transition away from LIBOR (to SOFR) addressed in ‘what you need to know’ from CFPB

October 18, 2019 0

The impact of the transition from one commonly used index for setting interest rates on adjustable-rate consumer loan and other products – primarily residential mortgages – to another, new index is addressed in a “what […]

‘Preventing harm to consumers’ top aim of bureau, director says; House Dem report says agency fails to seek consumer relief

October 16, 2019 0

Preventing harm to consumers is the top priority of the federal consumer financial protection agency, its director told a House committee Wednesday – which the agency does through education, providing “clear rules of the road” […]

Total student loan complaints handled by bureau down by about half over past 2 years, new ombudsman’s report shows

October 15, 2019 0

The agency charged with consumer financial protection handled approximately 20,600 complaints related to private or federal student loans from Sept. 1, 2017, through Aug. 31, 2019, according to the first student loan ombudsman annual report […]

Based on 50-plus year model, Bureau to set up task force to ‘strengthen, improve’ consumer protection law, rules

October 11, 2019 0

A taskforce to examine ways to harmonize and modernize federal consumer financial laws is being established by the federal consumer financial protection agency, with the intent, the agency said Friday, of strengthening and improving consumer […]

Bureau extends suspension on HMDA data reporting by some for two more years

October 10, 2019 0

A two-year extension of a current, temporary threshold suspending the collection and reporting of data about open-end lines of credit for certain mortgage lenders is provided under a rule issued Thursday by the federal consumer […]

CFPB report: Symposium next month on small-biz loan data collection; action ahead on escrows, remittances

October 9, 2019 0

Ongoing and future regulatory activities planned regarding small-business loan data collection, the exemption for higher-priced mortgage loan escrows, remittance transfer rules and more at the Consumer Financial Protection Bureau (CFPB) are summarized in a semiannual […]

House panel joins Senate counterpart in scheduling CFPB semiannual review

October 9, 2019 0

Senate and House semiannual reviews of the federal consumer financial protection agency are now set for next week, Oct. 16 in the House and Oct. 17 in the Senate. The House Financial Services Committee Wednesday […]

Consumer bureau’s four advisory committees set to meet Oct. 23-24, 25

October 8, 2019 0

Public meetings of the academic research, consumer, community bank, and credit union panels formed to advise the federal agency charged with consumer financial protection are slated about two weeks from now and will focus, among […]

Kraninger names bureau Consumer Advisory Board, advisory council members

October 3, 2019 0

The appointment of 35 individuals across the four panels that advise Consumer Financial Protection Bureau (CFPB) leadership on consumer financial issues and emerging market trends were announced Thursday by bureau Director Kathleen (“Kathy”) Kraninger. The […]

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High court decision to take up CFBP challenge spurs praise by industry, calls for commission

October 21, 2019 0

The Supreme Court’s announcement Friday that it will consider a case challenging the constitutionality of the federal consumer financial protection agency was greeted with praise from financial industry trade groups, who called for a commission, rather than a single director, [...]
Two civil money penalties, one prohibition on OCC’s list of recent enforcement actions

October 21, 2019 0

Two civil money penalties and an order of prohibition are among the enforcement actions announced by the Office of the Comptroller of the Currency (OCC) Friday, covering actions taken in September and the first part of October. The civil money [...]
‘Stablecoins’ must not be outside of scope of global anti-money laundering efforts, group says

October 21, 2019 0

Global “stablecoins” and their service providers should “never be outside the scope of anti-money laundering controls,” the international group of regulators that sets standards for combating money laundering, terrorist financing, and other illicit activities said Friday. In a statement, the [...]
FDIC announces new file exchange application for exam-related docs

October 21, 2019 0

A new Enterprise File Exchange (EFX) module that allows federally insured banks to exchange examination-related documentation with the Federal Deposit Insurance Corp. (FDIC) and state banking authorities was announced Monday by the FDIC in a Financial Institution Letter (FIL). The [...]
FDIC’s economic inclusion group to talk credit scoring, mortgage markets, in meeting Tuesday

October 21, 2019 0

Developments in credit scoring and underwriting, the status of the mortgage markets, and efforts to create sustainable bank accounts will be discussed by an advisory committee on economic inclusion, set for Tuesday (beginning at 8:45 a.m.). The Federal Deposit Insurance [...]
Final rule completes update of OREO regs (first in more than 20 years) for savings associations, national banks

October 21, 2019 0

A final rule aimed at clarifying and streamlining other real estate owned (OREO) rules for federal savings associations (FSAs) will take effect Dec. 1, according to filings Monday by the federal regulator of national banks and thrifts. The final rule [...]