CFPB – Page 2 – Regulatory Report

What's up

[ January 18, 2019 ] More banks soon eligible for 18-month exam cycle; OCC issues bulletin OCC
[ January 18, 2019 ] Bank directors, former CEO, face fines for failing to address earlier enforcement action OCC
[ January 18, 2019 ] Consumer bureau publishes 2.5% CMP inflation adjustment CFPB
[ January 18, 2019 ] GAO recommends legislation to define future role of GSEs – including structure and goals OCC
[ January 18, 2019 ] Most Fed districts see modest to moderate growth, says latest Beige Book The Fed

Kraninger sets $12.50 maximum charge for consumer credit reports in 2019

January 8, 2019 0

Consumer reporting agencies will be able to charge up to $12.50 to provide a consumer with his or her credit report in 2019 under a rule change signed Dec. 21 by Consumer Financial Protection Bureau […]

Kraninger signs new-year HMDA, escrow exemption threshold adjustments

January 4, 2019 0

Asset-size thresholds for institutions exempt from home mortgage data collection and from a requirement to establish new escrow accounts for certain high-cost mortgages were signed by the new director of the consumer financial protection agency in […]

Consumer bureau slaps USAA bank with $3.5 million penalty, orders restitution of $12 million

January 3, 2019 0

USAA Federal Savings Bank – one of the largest financial institutions serving active and retired members of the military, and their families – will pay $12 million in restitution and a $3.5 million civil money penalty (CMP) […]

Report: CFPB director will enforce law, but consider ‘costs and benefits’ to consumers of actions

January 3, 2019 0

Vigorous enforcement of the law will be pursued, but the “costs and benefits to consumers” of enforcement activities and rulemakings will also weighed, according to a memo sent to staff Wednesday by the new director […]

Consumer bureau workers like their jobs, value agency mission – but not necessarily ‘senior leadership’ policies, integrity

December 31, 2018 0

More than four in every five of the workers at the federal consumer financial protection agency acknowledge that the work they do is important (and a similar number say they like the work that they […]

In reversal of long-time trend, more credit card programs offered through colleges in 2017, report finds

December 28, 2018 0

Reversing a long-standing trend, credit card programs offered with colleges and universities or their affiliated entities increased in 2017, according to a report issued Friday by the federal consumer financial protection agency. In its College […]

Bureau guidance outlines HMDA data changes for coming year – and more modifications, too

December 26, 2018 0

Final policy guidance describing mortgage lending data that will be disclosed publicly in 2019 – as well as information that will be excluded from disclosure – was announced Friday by the federal consumer financial protection […]

Report calls for ‘systematic process’ at consumer bureau for prioritizing consumer risks

December 21, 2018 0

A systematic process by the federal consumer financial protection agency for prioritizing risks to consumers could use principles such as assessment of the extent of potential harm to consumers in financial markets, the congressional watchdog […]

Fintech lenders need more guidance on use of alternative data, GAO finds

December 19, 2018 0

While alternative data is helpful for financial technology, or “fintech,” companies to use in determining borrowers’ creditworthiness, the Consumer Financial Protection Bureau and the federal banking agencies should communicate with these lenders about how to […]

Asserting leadership (and picking battles), new consumer bureau director unplugs name change plan of predecessor

December 19, 2018 0

Possibly in a move to pick her battles, the new director of the federal consumer financial protection agency Wednesday told her staff that she was pulling the plug on a name change instituted by her […]

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More banks soon eligible for 18-month exam cycle; OCC issues bulletin

January 18, 2019 0

A rule that, as of Jan. 28, is expected to make more than 400 additional banks potentially eligible for the 18-month, on-site examination cycle is highlighted in a bulletin issued Thursday to banking institutions supervised by the Office of the [...]
Bank directors, former CEO, face fines for failing to address earlier enforcement action

January 18, 2019 0

Five former directors of a Montana bank were fined $2,000 each – and the bank’s former president and board chairman $10,000 — for failing to take actions to correct issues outlined under a previous consent order their bank agreed to [...]
Consumer bureau publishes 2.5% CMP inflation adjustment

January 18, 2019 0

A final rule to implement a 2.5% increase in maximum civil money penalties (CMP) that may be assessed by the Consumer Financial Protection Bureau (CFPB) was signed Jan. 6 by agency Director Kathleen (“Kathy”) Kraninger and posted Jan. 15 in [...]
GAO recommends legislation to define future role of GSEs – including structure and goals

January 18, 2019 0

Congress should consider legislation for the future federal role of the government-sponsored enterprises (GSEs) in housing finance that addresses their structure and establishes clear, specific, and prioritized goals, as well as considering all relevant entities, the congressional watchdog said in [...]
Most Fed districts see modest to moderate growth, says latest Beige Book

January 18, 2019 0

Signs of continued economic growth – with eight of 12 Federal Reserve districts reporting modest to moderate growth – were noted in the Fed’s latest Beige Book report. “Outlooks generally remained positive, but many Districts reported that contacts had become [...]
OIG report on chairman’s office spending did not benchmark to other agencies, which spend more, NCUA says

January 18, 2019 0

A 2018 inspector general report on spending by the office of the chairman of the federal credit union regulatory agency, conducted in follow-up to an anonymous complaint, omitted any benchmarking with similar spending of other agencies (none specified) and with [...]