CFPB – Page 3 – Regulatory Report

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[ May 24, 2019 ] FinCEN’s new Innovation Hours Program will facilitate demos of tech products, services to enhance BSA/AML efforts Other
[ May 24, 2019 ] Large banks would be ‘comfortable’ with 40% less reserve balances, survey finds The Fed
[ May 23, 2019 ] Three in four say they are ‘doing OK’ financially, Fed survey results find – but financial distress still exists The Fed
[ May 23, 2019 ] Federal savings associations with $20 billion or less prior to 2018 can elect to operate as ‘covered’ institutions under OCC rule OCC
[ May 23, 2019 ] OCC advisory panel on minority institutions meets June 12 in Dallas OCC

Credit, consumer reporting leads complaints to CFPB for second straight year in 2018, up 27% from 2017

April 3, 2019 0

Complaints about credit or consumer reporting, for the second straight year, was the leader in 2018 as the “most-complained about” consumer financial product or service, according to the federal consumer financial protection agency’s Consumer Response […]

Bureau makes loan application registers for 5,400 FIs available, with 2018 data

March 29, 2019 0

Modified loan application registers (LARs) data for about 5,400 financial institutions were released Friday by the federal consumer financial protection agency, marking the first time the registers were released with additional data required under regulations […]

GAO outlines needed oversight for consumer reporting agencies, including more penalty authority for FTC, action by CFPB

March 26, 2019 0

Congress should consider giving the Federal Trade Commission (FTC) civil penalty authority to enforce the Gramm-Leach-Bliley Act’s (GLBA) safeguarding provisions for information gathered by consumer reporting agencies (CRAs), the Government Accountability Office (GAO) stated in […]

Payday lending rule proposed change convinces judge to leave stay in place

March 26, 2019 0

A federal judge last week left in place a stay on the Aug. 19 effective date of the payday lending regulations now in place, an asterisk to the proposed changes issued in February by the […]

Latest HMDA guide incorporates changes made under EGRRCPA, new CFPB rule

March 25, 2019 0

The 2019 edition of the Home Mortgage Disclosure Act (HMDA) guide – reflecting amendments made to the law by last year’s regulatory relief legislation, and the interpretive and procedural rule issued by the Consumer Financial […]

UPDATED: CFPB advisory panels to meet 3 times a year effective FY2020, terms extended; applications welcome

March 21, 2019 0

This has been updated to include a link to the March 22 Federal Register notice soliciting advisory council membership applications. Changes affecting the membership and meetings frequency of the Consumer Financial Protection Bureau’s (CFPB) research […]

CFPB to propose debt collection rule this spring, Kraninger says

March 20, 2019 0

A notice of proposed rulemaking related to debt collection is planned for issuance in the spring of this year, the director of the Consumer Financial Protection Bureau (CFPB) stated in her message for the agency’s […]

Financial services complaints up 12% among servicemembers; credit, consumer reporting leads (again)

March 20, 2019 0

Complaints related to financial services were up 12% in 2018 among members of the U.S. armed services, veterans and their families, according to the latest “complaint snapshot” published Tuesday by the federal consumer financial protection […]

Waters’ House panel marks up CFPB, cannabis banking bills March 26

March 19, 2019 0

Two financial services bills – one targeting the consumer financial protection agency, the other addressing services to legitimate marijuana businesses – are slated for mark-up next Tuesday by the House Financial Services Committee, panel Chairwoman […]

Trump 2020 budget again calls for lower consumer bureau spending, funding through appropriations

March 19, 2019 0

Funding for the Consumer Financial Protection Bureau (CFPB) would be cut by $23 million in fiscal year 2020, with total funding reductions of about $5 billion through FY 2029, according to White House budget documents. […]

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FinCEN’s new Innovation Hours Program will facilitate demos of tech products, services to enhance BSA/AML efforts

May 24, 2019 0

Treasury’s financial crimes unit on Friday announced a new program that will allow financial institutions, technology providers, and other firms involved in financial services the chance to present new, emerging innovative products and services and approaches designed to enhance anti-money [...]
Large banks would be ‘comfortable’ with 40% less reserve balances, survey finds

May 24, 2019 0

Large banks believe they could be holding much lower reserve balances – about 40% less – than they are holding now, largely because of the continued low-interest-rate environment, according to the results of a survey of senior financial officers released [...]
Three in four say they are ‘doing OK’ financially, Fed survey results find – but financial distress still exists

May 23, 2019 0

Three in four U.S. adults said in 2018 that, financially at least, they were “doing OK” or “living comfortably” – up 12 percentage points from 2013 – according to the results of a survey released Thursday by the Federal Reserve. [...]
Federal savings associations with $20 billion or less prior to 2018 can elect to operate as ‘covered’ institutions under OCC rule

May 23, 2019 0

Federal savings associations (FSAs) that had total consolidated assets of $20 billion or less as of Dec. 31, 2017, can elect to operate as “covered” savings associations and enjoy the same rights and privileges as a national bank under a [...]
OCC advisory panel on minority institutions meets June 12 in Dallas

May 23, 2019 0

A public meeting of the panel that advises the Office of the Comptroller of the Currency (OCC) on issues affecting minority depository institutions is set for 1 p.m. Central time in Dallas, the OCC announced Thursday. The Minority Depository Institutions [...]
Fed plans test operation of term deposit facility next week; ‘no implications for monetary policy’

May 23, 2019 0

One operation this month of the Term Deposit Facility (TDF) will be tested by the Federal Reserve, with the aim of ensuring its operational readiness and providing the institutions that may use it some degree of familiarity, the agency said [...]
More public unit and nonmember shares would be OK for credit unions under NCUA proposed rule

May 23, 2019 0

The basis for measuring the regulatory limit on nonmember and public unit shares that federally insured credit unions (FICUs) may hold would change – in many cases increasing the dollar amount that could be held – under a proposed rule [...]
Aids for credit union chartering, identifying low-income areas for service focus of CURE office at NCUA

May 23, 2019 0

The federal agency that charters and regulates federal credit unions says it’s planning to offer more resources for credit unions to identify low-income areas they might serve, and information for those seeking to charter a new credit union, through its [...]