CFPB – Page 2 – Regulatory Report

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[ January 27, 2022 ] Proposed rule on FCU succession planning issued on 2-1 vote, out for 60-day comment period NCUA
[ January 27, 2022 ] NCUA notes help available to CUs on CECL implementation NCUA
[ January 27, 2022 ] CFPB updates list of consumer reporting companies that may be held accountable CFPB
[ January 27, 2022 ] Agency names new leader for credit union liquidity lending facility NCUA
[ January 27, 2022 ] Fed bars former MD bank employee from future FI work The Fed

Lawsuit filed against NY debt collection holding firm for giving business to companies using alleged unlawful tactics

January 10, 2022 0

A New York-based debt collection company holding group, and its owners and affiliates, face a lawsuit by the federal consumer financial protection agency for placing consumer debt with collection companies that used “unlawful and deceptive […]

Bureau alleges, in new analysis, 3 big credit bureaus failed to fully respond to consumers over credit report errors

January 5, 2022 0

The three big credit bureaus “failed to fully respond to consumers with errors,” a report released Wednesday by the federal consumer financial protection agency charged. The Consumer Financial Protection Bureau (CFPB) said its report, which […]

Regs C, Z asset-size exemption thresholds for mortgage providers rise Jan. 1

December 23, 2021 0

Increases in the asset sizes of financial institutions exempt from home mortgage data reporting and from establishing escrows for higher-cost mortgage loans are set to take effect Jan. 1 under final rules of the Consumer […]

Order shuts down lending by firm after alleging illegal, deceptive marketing and more

December 21, 2021 0

A single-payment and installment consumer loan provider based in Oakland, Calif., is barred from providing any new loans or collecting on certain outstanding loans under provisions of an agreement made public Tuesday by the federal […]

Joint letters put landlords, mortgage servicers on notice about military servicemembers housing protections

December 20, 2021 0

Landlords and mortgage servicers with military servicemembers and veterans as tenants and clients were put on notice about housing protections in letters sent Monday by the federal consumer financial protection and top federal law enforcement […]

Concerned about ‘buy now, pay later,’ CFPB opens inquiry, as credit reporter adds scrutiny

December 20, 2021 0

Concern about accumulating debt, regulatory arbitrage, data harvesting, and other components associated with “buy now, pay later” (BNPL) plans has led the federal consumer financial protection agency to open an inquiry into the quickly expanding […]

UPDATED: Bureau targets six key regulatory activities for new year – overdraft fees not among them

December 13, 2021 0

Six regulatory activities in 2022 by the federal consumer financial protection agency have been identified by the agency as “key” actions, according to a rulemaking the agency released Monday. The Consumer Financial Protection Bureau (CFPB) […]

Yes, no, or maybe: Joint statement says FDIC Board issuing RFI on merger policy; another says not so

December 9, 2021 0

The board of the Federal Deposit Insurance Corp. (FDIC) may or may not have approved issuance of a request for information (RFI) on bank merger rules, regulations, guidance and policy statements, according to what appear […]

CFPB Supervisory Highlights asserts ‘wide-ranging violations’ of consumer protection laws in 2021

December 8, 2021 0

Asserting that it found “wide-ranging violations of law in 2021,” the federal consumer financial protection agency Wednesday issued a report that claimed “irresponsible or mismanaged firms” harmed Americans during the coronavirus crisis. In a release, […]

Creditors have until April 1 to pick LIBOR replacement for existing consumer loans under final rule

December 7, 2021 0

Creditors must select replacement indices for existing LIBOR-linked consumer loans after April 1, 2022, a final rule issued Tuesday by the federal consumer financial protection agency states, which includes closed- and open-end credit provisions that […]

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Proposed rule on FCU succession planning issued on 2-1 vote, out for 60-day comment period

January 27, 2022 0

On a bipartisan, 2-1 vote, the board of the federal agency that regulates credit unions issued a proposed rule Thursday that would require federal credit union (FCU) boards of directors to establish and adhere to processes for succession planning. The [...]
NCUA notes help available to CUs on CECL implementation

January 27, 2022 0

Implementation of the current-expected-credit-loss (CECL) accounting standard kicks in next January for credit unions, and their federal regulator on Thursday noted plans to help them complete the first hurdle. During a briefing during Thursday’s open National Credit Union Administration (NCUA) [...]
CFPB updates list of consumer reporting companies that may be held accountable

January 27, 2022 0

Wondering which consumer reporting companies can be held accountable by the public? Wonder no more: A list of “dozens of specialty reporting companies that collect and sell access to people’s data” was released Thursday by the federal consumer financial protection [...]
Agency names new leader for credit union liquidity lending facility

January 27, 2022 0

Anthony Cappetta is the new president of the government-sponsored lending facility for credit unions experiencing unusual or unexpected liquidity shortfalls, the federal credit union regulator said Wednesday. His appointment is effective Monday (Jan. 30). A 30-year veteran of the U.S. [...]
Fed bars former MD bank employee from future FI work

January 27, 2022 0

A former branch manager for Cecil Bank, Elkton, Md., who reportedly misappropriated nearly $45,000 in customer funds in 2017 was barred from future involvement in the affairs of any federally insured depository institution under a consent order announced Thursday by [...]