CFPB – Page 121 – Regulatory Report

What's up

[ December 1, 2023 ] Nearly one-third of banks in latest batch of 42 CRA ratings were ‘outstanding,’ agency says OCC
[ December 1, 2023 ] Letter to banks notifies of changes to anti-redlining rules; notes compliance dates at starts of ’26, ‘27 FDIC
[ December 1, 2023 ] OCC assessment rates for new year will remain at 2023 levels; no inflation adjustments OCC
[ December 1, 2023 ] Trio of new videos cover cybersecurity, info technology for community banks FDIC
[ December 1, 2023 ] Reflecting extended beneficial ownership reporting for new companies, agency updates guidance materials Other

Compliance bulletin focuses on ‘production incentives’

January 17, 2017 0

“Production incentives” are the topic of a compliance bulletin published today by the CFPB, which highlights examples where incentives “contributed to substantial consumer harm” and which describes compliance management steps CFPB-supervised entities should take to […]

Survey: ‘troubling problems’ in debt collection industry

January 12, 2017 0

More than one in four consumers contacted by debt collectors feel threatened – and three in four of consumers report that debt collectors do not honor their request that collectors leave them alone, according to […]

House Dems to Trump: Firing Cordray tempts protracted legal battle

January 11, 2017 0

House Democrats in a letter have urged President-elect Donald Trump to reject calls to fire CFPB Director Richard Cordray, made in an earlier letter from Republican senators. In their letter on Tuesday, signed by Rep. […]

Senators call on Trump to fire Cordray (despite appeal)

January 10, 2017 0

Donald Trump, “promptly after his inauguration” as president, should fire CFPB Director Richard Cordray, two senators have written to the vice president-elect, despite an on-going legal battle over whether the director may be fired before […]

Chief of staff, other leadership positions named

January 7, 2017 0

Leandra English will be the CFPB’s chief of staff, returning to an agency she served previously as deputy chief operating officer and in other senior positions, the bureau announced today while also naming several other […]

Nearly 40% of older student borrowers in default, report finds

January 5, 2017 0

Nearly 40 percent of federal student loan borrowers age 65 and older were in default in 2015, according to a report released today by the CFPB, as many borrowers deal with payments on student loans […]

Credit raters fined, ordered to ‘truthfully represent’ value

January 4, 2017 0

Declaring that two credit rating agencies “lured consumers into costly recurring payments for credit-related products with false promises,” the CFPB Tuesday ordered Equifax, Inc., and TransUnion to pay fines and restitution totaling $23.1 million and […]

Collecting on debt already paid leads complaints

January 2, 2017 0

Attempts to collect on a debt that has already been paid is the source of the most common complaint about collections, according to the CFPB’s latest monthly complaint snapshot released Dec. 27. According to the […]

Nominations for CFPB advisory board, councils due March 1

December 27, 2016 0

Nominations for appointment to three of CFPB’s advisory groups (councils and board) representing banks, credit unions and consumers will open Jan. 16, with completed applications due by March 1. The bureau expects to announce selection of […]

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Nearly one-third of banks in latest batch of 42 CRA ratings were ‘outstanding,’ agency says

December 1, 2023 0

Of the 42 banks whose Community Reinvestment Act (CRA) evaluation ratings became public in November, 13 of them – nearly one-third of the total – received ratings of “outstanding,” the Office of the Comptroller of the Currency (OCC) said in [...]
Letter to banks notifies of changes to anti-redlining rules; notes compliance dates at starts of ’26, ‘27

December 1, 2023 0

The “updated, modernized” anti-redlining rule, which will begin taking effect in more than two years, is the topic of a financial institution letter sent to banks Friday. The letter from the Federal Deposit Insurance Corp. (FDIC) notifies insured banks that [...]
OCC assessment rates for new year will remain at 2023 levels; no inflation adjustments

December 1, 2023 0

Assessment rates for national banks and federal savings associations for the new year will remain at 2023 levels, the regulator of the banks said Friday. The Office of the Comptroller of the Currency (OCC) said it would maintain the 2023 [...]
Trio of new videos cover cybersecurity, info technology for community banks

December 1, 2023 0

Three new videos covering cybersecurity awareness and information technology aimed at both bank board members and bankers have been released by the federal insurer of banks deposits, the agency said Friday. The Federal Deposit Insurance Corp. (FDIC) said the three [...]
Reflecting extended beneficial ownership reporting for new companies, agency updates guidance materials

December 1, 2023 0

Guidance materials for complying with beneficial ownership information (BOI) requirements, especially for new companies that will be formed in the upcoming new year of 2024, have been updated by the Treasury’s financial crimes enforcement unit, the agency said Friday. According [...]
Bank run risk, depositor behavior and more topics are sought for papers to be presented at June event

December 1, 2023 0

Depositor behavior, bank liquidity, and run risk in the banking system are among the topics for academic research papers being sought by the regulator of national banks which will be presented at an event set for next summer at agency [...]
Group that issued alternative to LIBOR – SOFR – issues final report, declares its conclusion

November 30, 2023 0

The group that spearheaded the transition to an alternative reference rate from the long-used, but now defunct, LIBOR declared itself Thursday over and out as an organization – but not before issuing a final report. The Alternative Reference Rate Committee [...]
Feedback sought on ‘virtual process’ of exams in updated after-action survey

November 30, 2023 0

Additional feedback on the virtual aspects of examinations is sought on an updated post-examination survey issued by the ombudsman for the federal insurer of bank deposits, the agency said Thursday. The survey update, conducted by the Federal Deposit Insurance Corp.’s [...]