CFPB – Regulatory Report

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[ October 7, 2024 ] Research papers on AI – including impact on financial stability, use for fraud – sought for symposium OCC
[ October 4, 2024 ] Threshold will rise in 2025 for higher-priced mortgage loans subject to special appraisal requirements CFPB
[ October 4, 2024 ] Consumer loan, lease amounts with Regs Z, M protections to rise in 2025 CFPB
[ October 3, 2024 ] Chart aims to help nonbanks determine requirement to register order under rule CFPB
[ October 3, 2024 ] Bulletin puts focus on refinance risk in commercial lending; urges measure to assess, control threats OCC

Threshold will rise in 2025 for higher-priced mortgage loans subject to special appraisal requirements

October 4, 2024 0

The threshold will increase from $32,400 to $33,500 for higher-priced mortgage loans that are subject to special appraisal requirements, the federal banking and consumer financial protection agencies said Friday. The new threshold takes effect Jan. […]

Consumer loan, lease amounts with Regs Z, M protections to rise in 2025

October 4, 2024 0

Thresholds for consumer loan and lease amounts subject to certain protections of Regulation Z (Truth in Lending Act) and Regulation M (Consumer Leasing Act) will rise in 2025 from $69,500 to $71,900, federal agencies said […]

Chart aims to help nonbanks determine requirement to register order under rule

October 3, 2024 0

A chart for determining whether a nonbank entity is required to register an order under a rule from the federal consumer financial protection agency was published Thursday by the agency. The chart summarizes how the […]

Collecting on inaccurate, legally invalid medical debts illegal, agency contends in new guidance

October 1, 2024 0

Debt collectors, which may include third-party “revenue cycle management” companies, violate federal law when they collect on inaccurate or legally invalid medical debts, according to guidance released Tuesday by the federal consumer financial protection agency. […]

Bureau unwraps web page for applications to become open banking ‘recognized standard setter’

September 24, 2024 0

Applications to become a recognized standard setter under the Personal Financial Data Rights (PFDR) rule of the Consumer Financial Protection Bureau (CFPB) will be accepted through a webpage introduced Tuesday, the agency said. Under a […]

Latest servicemembers report outlines increase in complaints; focuses on student services

September 24, 2024 0

Difficulties in getting help from student loan servicers and transcript withholding by colleges and universities to collect a debt or disputed fees are among the financial challenges being faced by servicemembers, the federal consumer financial […]

‘Narrow amendment’ to proposed rule aims to provide clearer information about remittance questions

September 20, 2024 0

Providing consumers with clearer information about the types of questions that may be better handled by their remittance company before contacting regulators is the aim of a proposed rule issued Friday by the federal consumer […]

Guidance issued to stop banks from charging overdraft fees without proof of customer opt-in

September 17, 2024 0

Guidance aimed at stopping banks from charging overdraft fees based on so-called “phantom opt-in agreements,” which allegedly occur when fees are charged even though there is no proof banks have consent to do so, was […]

Charges of deceptive marketing over membership credit card leveled against firm, CEO

September 16, 2024 0

Charges of deceptive marketing aimed at allegedly luring customers to pay illegal and excessive membership fees – and make it “unreasonably difficult for consumers to cancel memberships and obtain refunds – are part of a […]

CFPB: ‘Repeat offender’ New Day Financial fined $2.25 million for deceiving veterans that got cash-out refi loans

August 30, 2024 0

New Day Financial, also known as NewDay USA, was fined $2.25 million Thursday over deceptive activities targeting veterans seeking cash-out refinance loans, the federal agency charged with consumer financial protection said. The Consumer Financial Protection […]

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Research papers on AI – including impact on financial stability, use for fraud – sought for symposium

October 7, 2024 0

Academic research papers on the use of artificial intelligence (AI) in banking and finance, including on topics such as the effect on financial stability and use for fraud, are being sought by the regulator of national banks for an economic [...]
Threshold will rise in 2025 for higher-priced mortgage loans subject to special appraisal requirements

October 4, 2024 0

The threshold will increase from $32,400 to $33,500 for higher-priced mortgage loans that are subject to special appraisal requirements, the federal banking and consumer financial protection agencies said Friday. The new threshold takes effect Jan. 1. According to the agencies [...]
Consumer loan, lease amounts with Regs Z, M protections to rise in 2025

October 4, 2024 0

Thresholds for consumer loan and lease amounts subject to certain protections of Regulation Z (Truth in Lending Act) and Regulation M (Consumer Leasing Act) will rise in 2025 from $69,500 to $71,900, federal agencies said Friday. The Consumer Financial Protection [...]