CFPB

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[ May 13, 2022 ] Use of AI under consideration by national bank regulator – recognizing risks that banks face using the technology OCC
[ May 12, 2022 ] Two more confirmed to Fed Board – chair and member – both on bipartisan, overwhelming votes The Fed
[ May 12, 2022 ] Worker tries to bump bank salary by faking offer from competing institution The Fed
[ May 12, 2022 ] Comptroller voices concern over ‘hype, risk’ consumers facing with crypto investments; counsels education, awareness OCC
[ May 12, 2022 ] Agencies finally release revised flood insurance Q&As, including 144 new, updated ones FDIC

Bureau levies $11 million in redress, fines against consumer, student-loan debt-relief payment processors

May 11, 2022 0

$11 million in consumer redress and civil money penalties were assessed Wednesday against debt-relief payment processors, and co-founders of one of the firms, the federal consumer financial protection agency said Wednesday. In a release, the […]

ECOA bars lenders from discriminating after making loan too, advisory opinion states

May 9, 2022 0

Lenders are barred from discriminating against customers after they have received a loan, not just during the application process, according to an advisory opinion issued Monday by the federal consumer financial protection agency. The Equal […]

Consumer bureau looking closer at digital redlining, algorithmic bias

May 6, 2022 0

The federal agency charged with consumer financial protection is “sharpening its focus” on digital redlining and algorithmic bias amid the growing influence of technology platforms, including big tech firms, in the financial services marketplace, the […]

BofA slapped with $10 million penalty for processing ‘illegal,’ out-of-state garnishment orders against customer accounts

May 4, 2022 0

A $10 million penalty was ordered against Bank of America for processing illegal, out-of-state garnishment orders against its customers’ bank accounts, the federal consumer financial protection agency said. According to the Consumer Financial Protection Bureau […]

Wrongful car seizures, breakdowns in credit report disputes among ‘highlights’ for 2nd half of ‘21

May 2, 2022 0

Wrongful car repossessions and breakdowns in credit report disputes are among the key findings in a report released Monday by the federal consumer financial protection agency on legal violations identified during supervisory examinations in the […]

Bureau seeks to ban firm permanently from debt relief services; prohibit CEO from services for five years

April 29, 2022 0

Wrongful fee-charging practices and deceptive telemarketing have earned a proposed prohibition order against a debt relief firm and its chief executive for tricking consumers into using debt relief services and collecting nearly $10.5 million in […]

Supervisory Authority Over Certain Nonbank Covered Persons Based on Risk Determination; Public Release of Decisions and Orders

April 29, 2022 0

Title: Supervisory Authority Over Certain Nonbank Covered Persons Based on Risk Determination; Public Release of Decisions and Orders Subject: Nonbank covered persons Agency: CFPB Status: Procedural rule; request for public comment Summary: The Consumer Financial […]

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Use of AI under consideration by national bank regulator – recognizing risks that banks face using the technology

May 13, 2022 0

Use of artificial intelligence (AI) tools is being considered by the regulator of national banks to enhance its monitoring of risks in the banking system, a top official at the agency told a congressional task force Friday. In a hearing [...]
Two more confirmed to Fed Board – chair and member – both on bipartisan, overwhelming votes

May 12, 2022 0

The Federal Reserve Board now has a permanent chair, and is a step closer to having its full contingent of seven members after action in successive days by the U.S. Senate. Jerome H. (“Jay”) Powell was confirmed by the Senate [...]
Worker tries to bump bank salary by faking offer from competing institution

May 12, 2022 0

A former worker of Deutsche Bank AG New York Branch agreed to a cease and desist order from the Federal Reserve that the banker faked a proposed salary offer from a competing firm seeking to hire him in order to [...]
Comptroller voices concern over ‘hype, risk’ consumers facing with crypto investments; counsels education, awareness

May 12, 2022 0

The hype and the risk consumers face with cryptocurrency investments and other digital assets is of concern to the national banking regulator, he told a group Thursday, describing the ventures as a “get rich quick” scheme. Wherever you look, someone [...]
Agencies finally release revised flood insurance Q&As, including 144 new, updated ones

May 12, 2022 0

Federal flood insurance law and federal regulators’ implementing rules are the topic of revised questions and answers (Q&As) released late Wednesday by federal financial institution regulators and the Farm Credit Administration (FCA). According to the agencies (which included the three [...]

Bureau levies $11 million in redress, fines against consumer, student-loan debt-relief payment processors

ECOA bars lenders from discriminating after making loan too, advisory opinion states

Consumer bureau looking closer at digital redlining, algorithmic bias

BofA slapped with $10 million penalty for processing ‘illegal,’ out-of-state garnishment orders against customer accounts

Wrongful car seizures, breakdowns in credit report disputes among ‘highlights’ for 2nd half of ‘21

Bureau seeks to ban firm permanently from debt relief services; prohibit CEO from services for five years

Supervisory Authority Over Certain Nonbank Covered Persons Based on Risk Determination; Public Release of Decisions and Orders

Bureau to take on exams of nonbank firms posing risk to consumers; new rule proposed

Big remittance firm charged with stranding customers without cash, bungling instructions for resolving disputes

Report charges ‘rising volume’ of consumer complaints over coercive credit reporting of medical bills

Use of AI under consideration by national bank regulator – recognizing risks that banks face using the technology

Two more confirmed to Fed Board – chair and member – both on bipartisan, overwhelming votes

Worker tries to bump bank salary by faking offer from competing institution

Comptroller voices concern over ‘hype, risk’ consumers facing with crypto investments; counsels education, awareness

Agencies finally release revised flood insurance Q&As, including 144 new, updated ones