CFPB – Page 3 – Regulatory Report

What's up

[ July 7, 2020 ] Agency names deputy CIO; still has not named new chief innovation officer FDIC
[ July 6, 2020 ] Fed’s Main Street Lending Program now ‘fully operational,’ ready to purchase loan participations COVID-19 actions
[ July 6, 2020 ] Liquidity facility for credit unions balloons to $25.8 billion – up $15.3 billion COVID-19 actions
[ July 6, 2020 ] NCUA OIG: Asset management center’s liquidation process adequate to protect personally identifiable info NCUA
[ July 6, 2020 ] Not nice: Man charged with stealing more than $123 million from failed bank, allegedly with help from its officers FDIC

CFPB’s consumer handbook on ARMs revised; eliminates references to LIBOR

June 8, 2020 0

A handbook that lenders must provide to adjustable rate mortgage (ARM) borrowers at application or before the consumer pays a non-refundable fee (whichever is earlier) has been updated by the Consumer Financial Protection Bureau (CFPB), […]

CFPB slates ‘convening’ Monday on youth financial education research

June 5, 2020 0

A virtual Youth Financial Education Research Convening is slated for Monday, hosted by the Consumer Financial Protection Bureau (CFPB) in conjunction with the Interagency Working Group on Youth Programs (IWGYP), according to a CFPB notice. […]

Bureau proposes changes in disclosure provisions for open-, closed-end products after LIBOR runs out

June 4, 2020 0

Changes in disclosure provisions for open-end and closed-end loan products to provide examples of replacement indices for a widely used reference rate whose use is expected to be discontinued after 2021 was proposed by the […]

Guidance on CARES Act mortgage forbearance measures issued jointly by CFPB, state regulators

June 4, 2020 0

Guidance to help mortgage servicers comply with forbearance requirements in dealing with consumers affected by the coronavirus (COVID-19) pandemic was issued jointly Thursday by the federal consumer bureau and state financial institution regulators. The guidance, […]

CFPB adopts flexible stance regarding certain credit card disclosures during pandemic

June 3, 2020 0

The Consumer Financial Protection Bureau (CFPB) is providing temporary, targeted flexibility during the coronavirus (COVID-19) pandemic for credit card issuers regarding the electronic provision of certain disclosures under truth-in-lending laws that are required to be […]

COVID-19’s potential impact on remittances addressed in consumer bureau FAQs

June 2, 2020 0

No error arises under the remittance rule (contained in Regulation E) when funds aren’t delivered on time because of certain government-mandated closures of commercial activity – that is the gist of a set of three […]

CFPB orders short-term lenders to pay $3.5 million in redress but allows reduction; cites deceptive, unfair acts

June 2, 2020 0

A consent order between the consumer financial protection agency and affiliated payday and auto-title lenders working in eight states imposes a judgment of about $3.5 million in consumer redress, but the settlement announced Tuesday provides […]

Study highlights challenges for retirees to maintain spending levels, not face big spending cuts later

May 27, 2020 0

Fifty-one percent of people who retired between 1992 to 2014 had income, savings, and/or non-housing assets to maintain the same spending level for five consecutive years after retiring – causing them to make large spending […]

Changes in HMDA reporting thresholds now outlined in small entity compliance guide

May 27, 2020 0

Changes in the reporting thresholds under mortgage reporting rules are now reflected in the Small Entity Compliance Guide published by the federal consumer financial protection agency, the agency announced Wednesday. In April, the Consumer Financial […]

Lawsuit charges deceptive actions, practices against Boston-based credit repair business

May 22, 2020 0

A credit repair company based in Boston faces a joint lawsuit by state and federal authorities charging the firm violated prohibitions against deceptive acts or practices in collecting at least $23 million in fees from […]

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