CFPB – Page 3 – Regulatory Report

What's up

[ January 21, 2021 ] Biden administration imposes moratorium on regulations CFPB
[ January 21, 2021 ] White House order starts process for improving, modernizing regulatory review Other
[ January 21, 2021 ] OCC releases list of enforcements dating back to November; 2015 BSA-related order against Wells Fargo terminated OCC
[ January 21, 2021 ] FDIC revises guidelines on appeals of material supervisory findings; new office planned for review of appeals FDIC
[ January 21, 2021 ] FinCEN, bank and credit union regulators issue FAQs on SAR reporting, other AML considerations FDIC

Bureau tells Congress of slight updates for HMDA, other websites in coming year

December 22, 2020 0

Changes to two key websites maintained by the federal consumer financial protection agency, and which are used to help financial institutions share information or find answers to questions, are outlined under an annual report submitted […]

CFPB issues advisory opinion on special purpose credit programs under Reg B

December 21, 2020 0

An advisory opinion clarifying the content that a for-profit organization must include in a written plan that establishes and administers a special purpose credit program (SPCP) under Regulation B, which implements the Equal Credit Opportunity […]

Bureau names two to executive roles as deputy staff chief, assistant innovation director

December 21, 2020 0

Two new executives have been named to the federal consumer financial protection agency, one a new face and the other a “veteran” of the relatively new agency, which was formed after 2010 legislation. Jocelyn Sutton […]

‘Detailed disclosures’ required from debt collectors at start of communications, new rule requires

December 18, 2020 0

Debt collectors must provide, at the outset of collection communications, detailed disclosures about the consumer’s debt and rights in debt collection, along with information to help consumers respond, under a final rule issued Friday by […]

Smaller institutions tell bureau they support rules on reporting of small business lending data

December 15, 2020 0

Smaller financial institutions are generally supportive of rules requiring reporting of small business lending data in order to build a better understanding of the lending market, according to feedback released Tuesday by the federal consumer […]

Bureau lists five new regulatory activities in coming months – and two longer-term projects

December 14, 2020 0

Five new regulatory activities will be taken on by the federal consumer financial protection bureau through the rest of this year, and into the spring of 2021, the agency said Friday. In addition, the Consumer […]

Bureau makes final two new QM rules: one on ‘general QMs,’ the other on ‘seasoned QMs’

December 10, 2020 0

Two final rules related to “qualified mortgages” (QMs) – one instituting a limit on lending based on a loan’s pricing, and the second creating a “seasoned QM” – were released Thursday by the federal consumer […]

Firm that operates bad-check pretrial-diversion programs sued by CFPB

December 10, 2020 0

A firm based in Kansas City, Mo., that operates bad-check pretrial diversion programs on behalf of more than 90 district attorneys’ offices throughout the country is being sued by the consumer financial protection agency over […]

Debt collection firm hit with $204k money penalty over abusive, deceptive practices

December 9, 2020 0

A $204,000 civil money penalty was assessed Tuesday against RAB Performance Recoveries, LLC, in a consent order with the Consumer Financial Protection Bureau (CFPB), which said the firm threatened to sue and sued consumers for […]

CFPB seeks $74.5 million in combined redress, civil money penalty from Nationstar Mortgage

December 7, 2020 0

Nationstar Mortgage, LLC, would be required to pay about $73 million in redress and a civil money penalty of $1.5 million under a complaint and proposed stipulated order filed Monday by the Consumer Financial Protection […]

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Biden administration imposes moratorium on regulations

January 21, 2021 0

The new Biden administration instituted a “regulatory freeze” order on Wednesday, requiring that no new rules be proposed or issued until a Biden-appointed official has reviewed or approved the rule. The order also requires that all new rules or proposals [...]
White House order starts process for improving, modernizing regulatory review

January 21, 2021 0

Producing a set of recommendations for improving and modernizing federal regulatory review was ordered by the new president Wednesday, with an aim of ensuring “swift federal action,” according to a memorandum issued by the White House. The recommendations, according to [...]
OCC releases list of enforcements dating back to November; 2015 BSA-related order against Wells Fargo terminated

January 21, 2021 0

Orders of removal and prohibition, civil money penalties, and personal cease-and-desist orders are among the actions included in the list of recent enforcements released Thursday by the Office of the Comptroller of the Currency (OCC). The list includes the order [...]
FDIC revises guidelines on appeals of material supervisory findings; new office planned for review of appeals

January 21, 2021 0

Revised guidelines for banks’ appeals of material supervisory determinations by the federal bank deposit insurer were approved by the agency’s board Monday on a vote of 3-1, with Board Member Martin Gruenberg (a former chairman) dissenting. The FDIC Board, in [...]
FinCEN, bank and credit union regulators issue FAQs on SAR reporting, other AML considerations

January 21, 2021 0

Answers to frequently asked questions (FAQs) related to suspicious activity report (SAR) rules and other anti-money laundering (AML) considerations were issued jointly Monday by the four federal financial regulatory agencies. The FAQs from the Federal Deposit Insurance Corp. (FDIC), Federal [...]
CFPB seeks $1.25 million in penalty, redress by LendUp over alleged military servicemember protection violations

January 21, 2021 0

The federal financial consumer protection agency has proposed $300,000 in consumer redress and a $950,000 civil money penalty assessment against the Oakland, Calif.-based LendUp Loans LLC, which the bureau alleges violated the Military Lending Act’s protections for military servicemembers. The [...]