CFPB – Regulatory Report

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[ January 15, 2021 ] 2021 NCUA supervisory priorities focus on COVID-19, BSA/AML, consumer protection; no CECL reviews for now NCUA
[ January 15, 2021 ] Former top lawyer for Wells Fargo agrees to $3.5 million fine, cooperation OCC
[ January 15, 2021 ] Supervisory appeals guidelines slated for FDIC Board action Tuesday FDIC
[ January 15, 2021 ] FDIC: Bank call reports due Jan. 30; letter highlights provisions issued amid COVID-19 pandemic FDIC
[ January 15, 2021 ] Compliance guide for debt collection communications rule offered to small entities CFPB

Compliance guide for debt collection communications rule offered to small entities

January 15, 2021 0

A summary of the October 2020 debt collection rule regarding communications between collectors and debtors is provided in a small-entity compliance guide released by the federal consumer financial protection agency Friday. The Consumer Financial Protection […]

Agencies sign ‘memo of understanding’ to improve consumer protection coordination supervision for larger credit unions

January 15, 2021 0

Improving coordination between the federal credit union regulator and federal consumer financial protection agency over the consumer protection supervision of credit unions with more than $10 billion in assets is the stated purpose of a […]

Statement aims at encouraging financials to better serve consumers with limited English proficiency (LEP)

January 13, 2021 0

Financial institutions are encouraged to better serve consumers with limited English proficiency (LEP) and are being provided principles and guidelines to assist financial institutions seeking to better serve LEP consumers in non-English languages, the federal […]

UPDATED: Civil money penalty maximums higher in 2021 after inflation adjustments

January 13, 2021 0

Maximum civil money penalty amounts are rising about 1.18% under inflation adjustments made by federal financial institution regulators, with the increased maximums set to apply after Jan. 15. The Federal Deposit Insurance Corp. (FDIC), Federal […]

Beta platform for 2021 HMDA data available for testing, CFPB says

January 11, 2021 0

The beta release of the Home Mortgage Disclosure Act (HMDA) platform for data collected in 2021 is available now for testing, the Consumer Financial Protection Bureau (CFPB) said in a notification Monday. The beta platform […]

Applications open for bureau ‘advisory committees,’ with selections made by summer

January 11, 2021 0

Applications for appointments to membership of one of four advisory committees that offer input from various sections of the financial industry, and for research projects by the agency, to the federal consumer financial protection agency […]

Task force recommends expanded access to payment systems for non-banks, elimination of overlapping exam subject areas (among 100 things)

January 5, 2021 0

Expanding access to the payments system by non-bank providers, and eliminating overlapping examination subject areas by regulators, are among the recommendations – out of 100 total – from a taskforce on federal consumer financial law […]

Bureau reminds HMDA reports on 2020 data collected are due March 1

January 5, 2021 0

The federal consumer financial protection agency on Tuesday reminded that mortgage lenders are due to file their mortgage loan/application registers (LARs) with federal regulators by March 1. The registers, containing Home Mortgage Disclosure Act (HMDA, […]

$2 million-plus penalty assessed for making prohibited loans to military members

January 5, 2021 0

A penalty of $2.175 million must be paid by a Las Vegas, Nev., firm for violations of federal law regulating lending to members of the military, the Consumer Financial Protection Bureau (CFPB) said Dec. 30. […]

Firms win ‘sandbox’ licenses for dual-feature credit cards, advances on unpaid wages

January 5, 2021 0

A “dual-feature credit card” and a program allowing employees access to their earned but unpaid wages prior to payday got the green light Dec. 30 for limited time under two “compliance assistance sandbox” (CAS) approval […]

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2021 NCUA supervisory priorities focus on COVID-19, BSA/AML, consumer protection; no CECL reviews for now

January 15, 2021 0

A continued focus on the challenges posed by the ongoing coronavirus (COVID-19) pandemic and steps to enhance the agency’s offsite monitoring of credit unions’ condition are among the highlights in a letter Friday on 2021 supervisory priorities announced by the [...]
Former top lawyer for Wells Fargo agrees to $3.5 million fine, cooperation

January 15, 2021 0

A $3.5 million fine has been assessed against the former Wells Fargo Bank general counsel in a settlement following charges that he and other executives helped to maintain a business model that urge workers at the bank to engage in [...]
Supervisory appeals guidelines slated for FDIC Board action Tuesday

January 15, 2021 0

A set of revisions to the agency’s guidelines for appeals of material supervisory determinations is the sole discussion item slated for action during next week’s open meeting of the Federal Deposit Insurance Corp. (FDIC), according to the agenda released Friday. [...]
FDIC: Bank call reports due Jan. 30; letter highlights provisions issued amid COVID-19 pandemic

January 15, 2021 0

Banks working on their fourth-quarter 2020 call reports, due generally by Jan. 30, are reminded of revisions made to the reports beginning last March in a Financial Institution Letter (FIL) issued Friday by the Federal Deposit Insurance Corp. (FDIC). While [...]
Compliance guide for debt collection communications rule offered to small entities

January 15, 2021 0

A summary of the October 2020 debt collection rule regarding communications between collectors and debtors is provided in a small-entity compliance guide released by the federal consumer financial protection agency Friday. The Consumer Financial Protection Bureau (CFPB) said the guide [...]
Kressman is named NCUA general counsel; Conyers-Ausbrooks is board secretary

January 15, 2021 0

Frank Kressman has been selected as the agency’s general counsel, a move that elevates him from his “acting” role in that post assigned 13 months ago. The National Credit Union Administration (NCUA), in a release Friday, also said that Melane [...]
NCUA places small IN credit union into conservatorship

January 15, 2021 0

The federal credit union regulator on Thursday said it placed the $6.6 million-in-assets, 1,155-member Indianapolis’ Newspaper Federal Credit Union into conservatorship. “The NCUA placed Indianapolis’ Newspaper Federal Credit Union into conservatorship because of unsafe and unsound practices at the credit [...]
Agencies sign ‘memo of understanding’ to improve consumer protection coordination supervision for larger credit unions

January 15, 2021 0

Improving coordination between the federal credit union regulator and federal consumer financial protection agency over the consumer protection supervision of credit unions with more than $10 billion in assets is the stated purpose of a “memorandum of understanding” announced by [...]