CFPB – Page 95 – Regulatory Report

What's up

[ April 25, 2024 ] Competing proposals to change rules on Bank Control Act withdrawn after neither can win majority of FDIC Board votes FDIC
[ April 25, 2024 ] FDIC: Deposit Insurance Fund on track to reach statutory minimum before deadline FDIC
[ April 25, 2024 ] CFPB’s consumer panel to meet May 15 CFPB
[ April 24, 2024 ] Bureau asserts scrutiny of mortgage servicing fees having impact; declines in overdraft, NSF fees leveling off CFPB
[ April 24, 2024 ] 4 named to FDIC MDI subcommittee; panel to meet May 1 FDIC

UPDATED: ‘No-action’ letter, ‘reg sandbox’ proposals draw fast criticism from incoming Democrat

December 11, 2018 0

A proposal to establish a “regulatory sandbox” encouraging banks to test new, innovative financial products as part of changes to the “no-action letter policy” has drawn sharp criticism from the Democrat poised to take over […]

Kraninger sworn in as 3rd director of BCFP

December 10, 2018 0

The federal consumer financial protection agency officially has a new director, as Kathleen (“Kathy”) Kraninger was sworn in Monday evening; she was confirmed to serve a five-year term by the Senate Thursday. Vice President Mike […]

Proposal for Reg CC inflation adjustments in Federal Register

December 10, 2018 0

A proposed rule change to adjust funds-availability amounts for inflation every five years, announced in November, is in Monday’s Federal Register with a comment period that ends Feb. 8. Announced jointly by the Federal Reserve Board […]

Bureau releases 2018 financial education report

December 7, 2018 0

Providing financial education directly to the public, and expanding local delivery of financial information, are two goals of the federal consumer financial protection agency that are outlined in its report on financial literacy, made public […]

No fines for State Farm over FCRA credit report violations

December 7, 2018 0

The federal consumer protection bureau imposed no civil money penalties against the $17 billion-asset State Farm Bank in a consent order filed to resolve previous violations of the Fair Credit Reporting Act (FCRA, Regulation V), […]

NV firm that misled veterans would pay $268K in redress, $260K CMP under proposed bureau order

December 7, 2018 0

A federal court has been asked to impose monetary penalties – $268,869 in redress to consumers plus a civil money penalty (CMP) of $260,000 – against a Nevada-based nonbank mortgage company that reportedly misled veterans […]

Kraninger, by Senate’s 50-49 vote, confirmed as BCFP director

December 6, 2018 0

The Senate on Thursday confirmed the nomination of Kathleen (“Kathy”) Kraninger to be the director of the Bureau of Consumer Financial Protection (BCFP, formerly known as CFPB), paving the way for Kraninger’s installment at the […]

Mulvaney: ‘Not involved’ in Kraninger’s selection as successor in leading BCFP

December 6, 2018 0

The outgoing, acting director of the federal consumer financial protection agency said Thursday he was not involved in the selection of his successor as permanent director, who was confirmed by the Senate the same day. […]

Agency lists first ‘no action’ letter as highlight in last year’s fair lending enforcement

December 6, 2018 0

The first “no-action” letter issued by the federal consumer financial protection agency last year is listed as one of the highlights of the agency’s efforts in fair lending enforcement, according to a report dated Tuesday. […]

Report: Rearranging words in agency’s name could cost firms it regulates up to $300 million

December 4, 2018 0

Changing the name of the federal consumer financial protection agency could impose costs of up to $300 million on the businesses that the agency regulates, according to a report published Monday. The Hill, a newspaper […]

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Competing proposals to change rules on Bank Control Act withdrawn after neither can win majority of FDIC Board votes

April 25, 2024 0

Neither of two competing proposals for changes to the federal bank deposit insurer’s rules implementing the Bank Control Act (BCA) were adopted Thursday by the agency’s board after sponsors of the two proposals withdrew them, largely after it became apparent [...]
FDIC: Deposit Insurance Fund on track to reach statutory minimum before deadline

April 25, 2024 0

The federal bank deposit insurer’s Deposit Insurance Fund (DIF) reserve ratio grew from 1.11% June 2023 to 1.15% in December and remains on track to return to its statutory minimum of 1.35% before its statutory deadline of Sept. 30, 2028, [...]
CFPB’s consumer panel to meet May 15

April 25, 2024 0

A public meeting of the Consumer Advisory Board (CAB) of the federal consumer financial protection agency is slated for May 15 from 10:30 a.m. to 1 p.m. Eastern. CAB is charged with advising and consulting with the Consumer Financial Protection [...]
Bureau asserts scrutiny of mortgage servicing fees having impact; declines in overdraft, NSF fees leveling off

April 24, 2024 0

More than $120 million in junk fee refunds since August from bank account deposits has resulted in the federal consumer financial protection agency’s supervision work on the charges, the agency said in a release Wednesday. Meanwhile, the agency said, fees [...]
4 named to FDIC MDI subcommittee; panel to meet May 1

April 24, 2024 0

Four bankers have been named to the minority depository institutions (MDI) panel that provides feedback to the Federal Deposit Insurance Corp. (FDIC) on how the agency fulfills its statutory goals to support MDIs, the FDIC announced Wednesday. The new members [...]
Agencies give extension to comment period for Capitol One’s proposed purchase of Discover

April 24, 2024 0

The acquisition of Discover Financial Services by a large, Virginia-based banking firm will be subject to public comment through May 31, federal banking regulators said separately Wednesday. The Federal Reserve Board and the Office of the Comptroller of the Currency [...]