CFPB – Regulatory Report

What's up

[ December 13, 2019 ] Fed keeps own counsel on CRA-reform proposal as OCC, FDIC push forward The Fed
[ December 13, 2019 ] ‘New framework’ for determining what makes a brokered deposit ‘brokered’ envisioned in proposal FDIC
[ December 12, 2019 ] Proposal offers banks new flexibility in complying with anti-redlining rules under CRA FDIC
[ December 12, 2019 ] Credit union regulator delays capital rule to 2022; board member indicates new ‘suite’ of capital proposals coming soon NCUA
[ December 12, 2019 ] FDIC Board approves $2.02 budget for 2020, down 1.3%; reflects continuing compression of industry FDIC

Bureau expects final, revised payday rule by next April, director tells group

December 10, 2019 0

A final, revised rule on payday lending is anticipated for April of next year, the director of the Consumer Financial Protection Bureau (CFPB) said Tuesday, following review of approximately 190,000 comments from stakeholders. In a […]

GAO says five recommendations to financial regulators post Dodd-Frank, focusing on process, not yet implemented

December 10, 2019 0

Five of the total 37 recommendations the congressional watchdog agency has made to financial regulators since enactment of the 2010 law responding to the financial crisis have yet to be implemented, according to a report […]

In marking one year as head of consumer bureau, Kraninger releases list of 94 separate items of work accomplishments

December 10, 2019 0

Citing a laundry list of 94 separate items – under six separate categories – of “work” accomplished, the director of the federal consumer financial protection agency Tuesday celebrated her first year as head of the […]

Impact of now-complete removal of tax liens, civil judgments from consumer credit reports reviewed in CFPB report

December 10, 2019 0

The removal of tax liens and civil judgments from consumers’ credit reports in recent years did not have a large impact on the relationship between credit scores and consumers’ credit performance, the Consumer Financial Protection […]

Report outlines new violations under FCRA (and how violators are aiming to fix them)

December 10, 2019 0

New violations and compliance management system weaknesses under the Fair Credit Reporting Act (FCRA) and Regulation V are outlined in the 20th issue of “supervisory highlights” published by the federal consumer financial protection agency Monday. […]

‘Credit products’ led complaints to bureau’s office of ombudsman for FY 2019

December 6, 2019 0

Credit products – including credit cards and non-mortgage lending items such as student loans – were the most-commonly complained about products in inquiries received by the ombudsman’s office of the federal consumer financial protection agency, […]

Remittance Transfers under the Electronic Fund Transfer Act (Regulation E)

December 5, 2019 0

Title: Remittance Transfers under the Electronic Fund Transfer Act (Regulation E) Subject: Remittances Agency: CFPB Status: Proposed rule Summary: The Electronic Fund Transfer Act (EFTA), as amended by the Dodd-Frank Wall Street Reform and Consumer […]

Bank, credit union regulators’ statement cites usefulness of alternative data in credit underwriting, notes benefits/risks

December 3, 2019 0

The value of information not typically found in a consumer’s credit report, used against the backdrop of a well-designed compliance management program, is recognized as potentially helpful in credit underwriting in a statement issued jointly […]

Proposal would allow estimates for remittance fee disclosures; raises ‘safe harbor’ to 500 per year

December 3, 2019 0

Some financial institutions could estimate certain remittance fee and exchange rate information – instead of disclosing exact amounts in certain circumstances – under a proposal issued by the federal consumer financial protection agency Tuesday. The […]

Court sets March 3 hearing for arguments over bureau structure, constitutionality

December 3, 2019 0

The future of the federal consumer financial protection agency will be at the forefront at a March 3 hearing by the Supreme Court of a case questioning the agency’s constitutionality. The high court will hear […]

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Fed keeps own counsel on CRA-reform proposal as OCC, FDIC push forward

December 13, 2019 0

The Federal Reserve remained mum Friday about its plans for modernizing the Community Reinvestment Act (CRA) the day after its sister federal banking regulators issued their own proposals for making changes to anti-redlining rules. Thursday, in separate actions, the Federal [...]
‘New framework’ for determining what makes a brokered deposit ‘brokered’ envisioned in proposal

December 13, 2019 0

A new framework for determining whether bank deposits placed through placement arrangements qualify as brokered deposits is part of a proposal issued by the Federal Deposit Insurance Corp. (FDIC) Board Thursday. Under the notice of proposed rulemaking on brokered deposit [...]