CFPB – Page 3 – Regulatory Report

What's up

[ March 30, 2023 ] Office of Financial Technology opens at OCC, with new leader, to bolster ability to deal with tech changes at banks OCC
[ March 30, 2023 ] New small business lending reporting rule finalized after 13 years in the making CFPB
[ March 30, 2023 ] Wells Fargo slapped with fines of nearly $98 million for ‘historical inadequate oversight’ of sanctions compliance risks The Fed
[ March 30, 2023 ] Credit union regulator lists 2023 criteria for collecting mortgage loan application data NCUA
[ March 29, 2023 ] May 3 is comment deadline for CFPB credit card late-fee proposal CFPB

Bureau advisory opinion explains how digital mortgage comparison-shopping platforms might violate RESPA kickback prohibitions

February 7, 2023 0

Digital mortgage comparison-shopping platforms that give preferred placement or otherwise steer consumers to lenders based on the lenders’ compensation to the platforms are violating section 8 of the Real Estate Settlement Procedures Act (RESPA), the […]

Proposal would cap late credit card fees at $8; CFPB says move would save consumers $9 billion

February 1, 2023 0

Fees would be capped at $8 for credit card payments made late, and an annual inflation adjustment would be eliminated, under a proposal issued Wednesday by the federal consumer financial protection agency. The advance notice […]

Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders

January 30, 2023 0

Title: Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders Subject: Registry of orders Agency: CFPB Status: Proposed rule Summary: Pursuant to its authorities under the Consumer Financial Protection Act of 2010 […]

Bureau begins biennial review of consumer credit card market, invites public feedback

January 24, 2023 0

A request for information seeking public feedback on how the consumer credit market is functioning was announced Tuesday as part of the Consumer Financial Protection Bureau’s (CFPB) biennial review of the industry, with feedback due […]

Bureau targets subscription fees for services consumers don’t want as violations of consumer protection laws

January 19, 2023 0

Subscription fees charged for services people don’t want are the target of new guidance issued Thursday by the federal consumer financial protection agency with an aim of “rooting out” the tactics by some companies, the […]

Law firm would be curtailed in filing new ‘junk lawsuits’ against consumers in settlement

January 11, 2023 0

Charging illegal debt collection practices – including filing “junk lawsuits” – by a New York debt collection firm, the federal consumer financial protection agency said it has reached a settlement that would sharply curtail any […]

Nonbank contracts claiming to waive consumer rights would be subject to registry under proposal

January 11, 2023 0

Contracts by nonbanks that claim to waive or limit consumer rights and protections – including bankruptcy and liability amounts – would be subject to a public registry of terms and conditions under a proposal issued […]

Agencies announce lawsuit against auto lender for misrepresenting credit costs, ‘tricking customers’

January 4, 2023 0

Misrepresenting the cost of credit and tricking customers into high-cost loans on used cars are charges leveled against a Michigan auto lender by the New York Attorney General and the federal consumer financial protection agency […]

Annual report on consumer reporting firms finds improvements, but more actions suggested

January 3, 2023 0

Considerations for the nationwide consumer reporting companies to improve compliance with consumer financial protection laws and, ostensibly, to serve consumers better, is the asserted aim of annual report issued Tuesday by the federal consumer financial […]

HMDA, TILA asset-size exemption thresholds raised for 2023

December 28, 2022 0

Two final rules increasing the asset-size exemption thresholds for institutions required to report mortgage activity and to establish escrows for certain higher-priced mortgage loans (HPMLs) were published this week by the Consumer Financial Protection Bureau […]

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Office of Financial Technology opens at OCC, with new leader, to bolster ability to deal with tech changes at banks

March 30, 2023 0

A new Office of Financial Technology, as well as the leader of that new department, was announced Thursday by the regulator of national banks. The new office, which the Office of the Comptroller of the Currency (OCC) said last fall [...]
New small business lending reporting rule finalized after 13 years in the making

March 30, 2023 0

A new rule requiring lenders to collect and report information about the small business credit applications they receive, including geographic and demographic data, lending decisions, and the price of credit, was finalized Thursday by the federal consumer financial protection bureau. [...]
Wells Fargo slapped with fines of nearly $98 million for ‘historical inadequate oversight’ of sanctions compliance risks

March 30, 2023 0

Fines of nearly $98 million were assessed against the holding company of Wells Fargo bank Thursday for its “historical inadequate oversight of sanctions compliance risks” which resulted in more than $530 million in prohibited transactions over a five-year period. The [...]
Credit union regulator lists 2023 criteria for collecting mortgage loan application data

March 30, 2023 0

All credit unions with more than $54 million in assets will be required to collect data associated with mortgage loan applications processed in 2023, the federal credit union regulator said Thursday. In a “regulatory alert” (23-RA-02), the National Credit Union [...]