CFPB – Regulatory Report

What's up

[ September 28, 2020 ] THIS WEEK: Fed’s Quarles in financial regulation, stability panel discussions; FDIC systemic resolution panel meets; ‘seasoned’ QM comments due CFPB
[ September 28, 2020 ] More are using online banking, but even those are continuing to step into brick-and-mortar locations, Fed survey finds The Fed
[ September 28, 2020 ] FinCEN publishes Spanish version of ‘red flags’ advisory on COVID-19-related cybercrime COVID-19 actions
[ September 28, 2020 ] FDIC state regulators advisory panel to meet Oct. 14 FDIC
[ September 28, 2020 ] Letter reminds credit unions that new membership rules with new ‘service area’ meaning take effect Oct. 14 NCUA

THIS WEEK: Fed’s Quarles in financial regulation, stability panel discussions; FDIC systemic resolution panel meets; ‘seasoned’ QM comments due

September 28, 2020 0

Three Federal Reserve Board governors are set to speak during events slated over the next three days on, among other things, financial regulation and financial stability. Also this week, the Federal Deposit Insurance Corp. (FDIC) […]

Report: Many believe they need more money to cover emergencies than they have in savings

September 25, 2020 0

People think they need about $10,000 to cover any financial emergencies, according to results of a study released Thursday, but more than half of those have only $3,000 or even less in their combined checking […]

Anticipating Yom Kippur, CFPB adds more time to ‘seasoned mortgage’ comment period

September 22, 2020 0

Time to accommodate the Yom Kippur Jewish holiday is being allocated to collect comments on a new category of qualified mortgages, the federal consumer financial protection agency said Monday, with the new comments due date […]

Auto loan servicer settles with CFPB; $1.3 million in redress, $100k penalty set

September 21, 2020 0

Consumer redress of more than $1.3 million to 4,000 harmed consumers – and a $100,000 civil money penalty (CMP) – are portions of a settlement reached with an auto-loan servicer charged with engaging in unfair […]

CFPB announces new, continuing members on advisory councils

September 16, 2020 0

Continuing and new members on the Consumer Financial Protection Bureau’s (CFPB) four advisory panels were announced Wednesday. The bureau named new members to the Consumer Advisory Board (CAB), the Community Bank Advisory Council (CBAC), the […]

Consumer bureau releases outline of proposals for small-biz data collection

September 15, 2020 0

An outline of proposals under consideration for the collection of data on women-owned, minority-owned, and small businesses that could apply to depository institutions with assets of $600 million or less was released Tuesday by the […]

Proposed judgment seeks $330 million in student loan forgiveness on charges of deceiving borrowers

September 15, 2020 0

A proposed stipulated judgment to forgive $330 million in student loans was filed Tuesday by the federal consumer financial protection agency, along with several states, against a student loan company and one of the largest […]

ClearPath Lending gets $625k fine for deceptive ads to servicemembers, vets dating back to 2017

September 14, 2020 0

A consent order announced Monday between the consumer financial protection agency and a mortgage firm licensed in about 22 states imposes a $625,000 civil money penalty against the firm for deceptively advertising Veterans Administration (VA)-backed […]

Protecting consumers from threats part of discussion on regulatory modernization in Tuesday CFPB taskforce session

September 14, 2020 0

Protecting consumers from “new threats” while enabling financial services providers to develop new, better ways to serve consumer needs will be a key part of a discussion on regulatory modernization and flexibility among a taskforce […]

7 enforcements in July, August penalized mortgage firms abusing rights of vets, servicemembers

September 11, 2020 0

July and August were not great months for mortgage companies if they’d been caught ripping off military vets and servicemembers. Reg Report reported on one order issued by the consumer financial protection bureau in late […]

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THIS WEEK: Fed’s Quarles in financial regulation, stability panel discussions; FDIC systemic resolution panel meets; ‘seasoned’ QM comments due

September 28, 2020 0

Three Federal Reserve Board governors are set to speak during events slated over the next three days on, among other things, financial regulation and financial stability. Also this week, the Federal Deposit Insurance Corp. (FDIC) systemic resolution advisory panel meets [...]
More are using online banking, but even those are continuing to step into brick-and-mortar locations, Fed survey finds

September 28, 2020 0

Use of online banking has increased slightly over a three-year period ending in 2019, while use of paper checks declined over the same time, according to study results released by the Federal Reserve Monday. However, customers and members of banks [...]
FinCEN publishes Spanish version of ‘red flags’ advisory on COVID-19-related cybercrime

September 28, 2020 0

A Spanish version of its July 30 advisory issued to help financial institutions identify, prevent, and report potential cybercrime and cyber-enabled crime exploiting the COVID-19 pandemic was announced Monday by Treasury’s financial crimes enforcement unit. The advisory (FIN-2020-A005) issued by [...]
FDIC state regulators advisory panel to meet Oct. 14

September 28, 2020 0

A Federal Deposit Insurance Corp. advisory committee created to facilitate and increase dialogue between the agency and state regulators on policy issues related to the regulation of state-chartered financial institutions is scheduled to hold an meeting Oct. 14 via webcast. [...]
Letter reminds credit unions that new membership rules with new ‘service area’ meaning take effect Oct. 14

September 28, 2020 0

With an impending date of changes to membership rules coming in just under three weeks, federal credit unions were reminded by their regulator Monday that they may use a new definition of a service area for expanding the group of [...]