CFPB – Page 3 – Regulatory Report

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[ April 22, 2021 ] CFPB, NY AG seek to seize $1.6 million home of debt collector who was ordered to pay $60 million under 2019 settlement CFPB
[ April 22, 2021 ] How the FDIC will address misuse of its name, logo detailed in proposed rule FDIC
[ April 22, 2021 ] Agencies say proposal updates, codifies guidance on tax allocation agreements, protecting banks and insurance fund FDIC
[ April 22, 2021 ] Harper indicates capitalization of interest, derivatives rules may be nearing readiness for action NCUA
[ April 22, 2021 ] Two Fed actions include $9,500 penalty over flood insurance rule violations The Fed

CFPB renews advisory committee charters; minimum numbers of community bank, credit union reps each up by 1

March 17, 2021 0

Two-year charter renewals for the consumer financial protection agency’s four advisory committees are slated for publication in the Federal Register Thursday. The notices by the Consumer Financial Protection Bureau (CFPB) also show that the two […]

Stimulus payments should go directly to consumers, not to cover fees, agency asserts

March 17, 2021 0

In a release sporting a headline saying it is encouraging financial institutions and debt collectors to allow federal stimulus payments to reach consumers, the Consumer Financial Protection Bureau (CFPB) Wednesday said it is concerned that […]

CFPB suit says CA student loan debt relief firm collected more than $3.5 million fees in violation of Telemarketing Sales Rule

March 16, 2021 0

A student loan debt relief company, its owner, and manager charged some 3,300 consumers more than $3.5 million illegal up-front fees in violation of the Telemarketing Sales Rule (TSR) from 2015 to 2019, the consumer […]

Equal Credit Opportunity (Regulation B); Discrimination on the Bases of Sexual Orientation and Gender Identity

March 15, 2021 0

Title: Equal Credit Opportunity (Regulation B); Discrimination on the Bases of Sexual Orientation and Gender Identity Subject: ECOA, Reg B Agency: CFPB Status: Interpretive rule Summary: The Bureau of Consumer Financial Protection (Bureau) is issuing […]

Bureau rescinds January 2020 statement limiting response to ‘abusive’ practices

March 11, 2021 0

A policy announced during the Trump administration that limited the extent of the consumer financial protection agency’s response to certain abusive acts or practices affecting consumers was rescinded Thursday, the agency announced. In a release, […]

Senate Banking tied on CFPB director nominee Chopra; next action is in Senate

March 11, 2021 0

President Joe Biden’s nomination of Rohit Chopra to be director of the Consumer Financial Protection Bureau (CFPB) drew a tie vote by the Senate Banking Committee Wednesday, 12-12, and now awaits Senate action. If confirmed, […]

Discrimination for sexual orientation, gender identity prohibited, bureau clarifies in rule

March 9, 2021 0

Discrimination for sexual orientation or gender identity is prohibited under equal credit opportunity regulations, the federal consumer financial protection agency said Tuesday. The subhead for the press release announcing the rule issued by the agency […]

Model privacy form, fintechs’ use of alternative data among areas flagged for CFPB action, report shows

March 5, 2021 0

A recent report by the federal agency charged with financial consumer protection provides a window into some of the actions currently underway – including a potential update of the model privacy form explaining information-sharing to […]

CFPB sues payments processor for allegedly supporting clients’ tech-support scams

March 4, 2021 0

A lawsuit filed in Wednesday by the Consumer Financial Protection Bureau (CFPB) alleges that Chicago-based BrightSpeed Solutions Inc. and its founder and former chief executive officer, Kevin Howard, knowingly processed payments for companies engaged in […]

Compliance date for new QM rule would be delayed 15 months to October 2022 under proposal

March 3, 2021 0

The mandatory compliance date of the general qualified mortgage (QM) final rule would be delayed 15 months (from July 1, 2021, to Oct. 1, 2022) under a proposal issued Wednesday by the federal consumer financial […]

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CFPB, NY AG seek to seize $1.6 million home of debt collector who was ordered to pay $60 million under 2019 settlement

April 22, 2021 0

A federal court Thursday was asked to declare as void the 2015 transfer by a former debt collection firm operator of a $1.6 million home to family members and to order the seizure and sale of the property to partially [...]
How the FDIC will address misuse of its name, logo detailed in proposed rule

April 22, 2021 0

A proposed rule to provide “transparency” in the way the federal bank deposit insurer responds to the misuse of the agency’s name or logo, and false representations that a product is federally insured, was issued Wednesday on a notation vote [...]
Agencies say proposal updates, codifies guidance on tax allocation agreements, protecting banks and insurance fund

April 22, 2021 0

Banks that file tax returns as part of a consolidated tax filing group would be required to enter into tax allocation agreements with their holding companies and other members of their consolidated group under a proposed rule announced Thursday by [...]
Harper indicates capitalization of interest, derivatives rules may be nearing readiness for action

April 22, 2021 0

The chairman of the federal credit union regulator on Thursday said staff are “working through” some of the agency’s pending proposals and could, in the near future, have two in particular – on the capitalization of interest, the other on [...]
Two Fed actions include $9,500 penalty over flood insurance rule violations

April 22, 2021 0

A civil money penalty over a “pattern or practice” of violations of the central bank’s flood insurance rules and, separately, a written agreement calling for a bank to strengthen board oversight and management were announced Thursday by the Federal Reserve [...]