CFPB – Page 122 – Regulatory Report

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[ May 8, 2024 ] Large banks ‘well positioned’ to absorb financial shock; CRE risk sizable but manageable, Fed governor says The Fed
[ May 7, 2024 ] Report finds sexual harassment at FDIC went on ‘far too long’; board chairman’s role highlighted FDIC
[ May 7, 2024 ] Bureau dings Chime, orders it to pay $4.55 million over untimely account-closure refunds CFPB
[ May 7, 2024 ] BSA/AML deficiencies noted in Fed order with Montana bank The Fed
[ May 7, 2024 ] Agencies nudged to act on coordinating identification, tackling of blockchain risks FDIC

Bureau sues debt relief companies for claim of federal affiliation

October 12, 2017 0

Two debt relief companies that allegedly claimed falsely that they are affiliated with the federal government were sued Thursday by the Consumer Financial Protection Bureau (CFPB). The bureau also alleged that the companies falsely promised […]

Evaluating borrower’s chance of success principle behind payday loan rule

October 5, 2017 0

The principle that lenders must actually evaluate the borrower’s chances of success before making a loan is just plain common sense, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray told the press Thursday in conference […]

Final ‘payday lending’ rule requires ‘full payment test’ in determining if borrowers can repay

October 5, 2017 0

A final rule requiring payday lenders and others to determine upfront whether consumers can repay their loans was issued Thursday by the Consumer Financial Protection Bureau (CFPB), covering payday loans, auto title loans, deposit advance […]

Rule, proposal aim to improve communications with troubled mortgage borrowers

October 4, 2017 0

Mortgage servicers would receive 10 more days to tell borrowers facing foreclosure — who have requested a cease in communication under federal debt collection law — about their options in preventing the foreclosure, under an […]

CFPB mum on comptroller charge that arbitration rule raises credit cost

October 2, 2017 0

No response has been made yet by the Consumer Financial Protection Bureau (CFPB) to an allegation that removing arbitration clauses for financial products and services raises costs of credit by about 25%. Acting Comptroller of […]

Title company ordered to cease activity, faces fine

September 27, 2017 0

An Indiana real estate settlement services provider was ordered to pay up to $1.25 million and cease illegal practices of steering consumers to a title insurer owned by its executives, the Consumer Financial Protection Bureau […]

Two in five struggling to make ends meet, bureau finds in ‘financial well-being’ survey

September 26, 2017 0

Millions of American adults – more than two in every five – struggle to make ends meet, and more than one-third of all consumers reported experiencing material hardships in the past year, according to the […]

Rule aims at more flexibility for mortgage lenders in collecting consumer ethnic, race info

September 20, 2017 0

A modification in federal mortgage rules that the Consumer Financial Protection Bureau (CFPB) said is aimed at providing additional flexibility for lenders in collecting consumer ethnicity and race information was finalized and published Wednesday by […]

High-profile settlement winners lied to by loan-marketing firm, CFPB alleges

September 19, 2017 0

Former professional football players suffering from neurological disorders, victims of the Deepwater Horizon oil-rig disaster, 9/11 first responders and others awaiting payment from legal settlements were lied to by a New Jersey company in loan […]

Guide offers summary for compliance with ‘Arbitration Rule’

September 19, 2017 0

A guide intended to be an easy-to-use summary of the Consumer Financial Protection Bureau’s (CFPB) Arbitration Agreements rule — and to highlight information that may be helpful when implementing the rule — has been published […]

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Large banks ‘well positioned’ to absorb financial shock; CRE risk sizable but manageable, Fed governor says

May 8, 2024 0

The capital adequacy and liquidity of the largest and most interconnected financial firms appear “well positioned” to absorb a shock to the financial system, the Federal Reserve Board’s chair of its financial stability committee said Wednesday. Meanwhile, she added, risk [...]
Report finds sexual harassment at FDIC went on ‘far too long’; board chairman’s role highlighted

May 7, 2024 0

A failure to provide a workplace safe from sexual harassment, discrimination, and other interpersonal misconduct went on “for far too many employees and for far too long,” according to a report issued Tuesday by a special committee of the board [...]
Bureau dings Chime, orders it to pay $4.55 million over untimely account-closure refunds

May 7, 2024 0

The financial-technology (fintech) firm Chime Financial must pay a $3.25 million civil money penalty (CMP) and provide at least $1.3 million in consumer redress for its failure to timely provide consumers their account balance refunds after they closed their accounts, [...]
BSA/AML deficiencies noted in Fed order with Montana bank

May 7, 2024 0

First Citizens Bank of Butte, Butte, Mont., is required to bring its operations into compliance with Bank Secrecy Act (BSA) anti-money laundering (AML) rules and regulations under an agreement announced Tuesday by the Federal Reserve Board. In the May 2 [...]
Agencies nudged to act on coordinating identification, tackling of blockchain risks

May 7, 2024 0

Identifying and addressing blockchain risks needs to be addressed by two federal banking regulators, as recommended last year, according to a report issued Tuesday by the congressional watchdog. In separate reports on “open priority recommendations,” the congressional Government Accountability Office [...]