consumer loans – Regulatory Report

What's up

[ October 28, 2020 ] FDIC information security ‘not effective,’ report finds; eight recommendations offered to address FDIC
[ October 28, 2020 ] Credit union regulator catches up by formally signing on to proposal clarifying, codifying role of supervisory guidance NCUA
[ October 28, 2020 ] CFPB reports continued decline in student loan complaints, notes several potential factors CFPB
[ October 28, 2020 ] Washington Federal Bank assessed $200k by CFPB over inaccurate HMDA reporting CFPB
[ October 27, 2020 ] OCC finalizes ‘true lender’ regulation in quick turn-around (just four months after proposing) OCC

Senior loan officers report some tighter credit standards, weakened borrowing

February 4, 2019 0

Demand for loans to businesses weakened in the fourth quarter of 2018, as banks tightened standards for commercial real estate loans and left unchanged terms and standards on commercial and industrial (C&I) loans, a report […]

High-profile settlement winners lied to by loan-marketing firm, CFPB alleges

September 19, 2017 0

Former professional football players suffering from neurological disorders, victims of the Deepwater Horizon oil-rig disaster, 9/11 first responders and others awaiting payment from legal settlements were lied to by a New Jersey company in loan […]

FDIC information security ‘not effective,’ report finds; eight recommendations offered to address

October 28, 2020 0

Information security systems at the federal insurer of bank deposits are operating at a “maturity level” that is not considered to be effective, and the agency’s inspector general has made eight recommendations to address that efficacy, according to a report [...]
Credit union regulator catches up by formally signing on to proposal clarifying, codifying role of supervisory guidance

October 28, 2020 0

A proposed rule aimed at clarifying and codifying the role of supervisory guidance from federal financial institution regulators was adopted by the credit union regulator on Wednesday, as that agency joined federal banking agencies in issuing the proposal for comment. [...]
CFPB reports continued decline in student loan complaints, notes several potential factors

October 28, 2020 0

The decline in complaints it received related to private or federal student loans from Sept. 1, 2019, to Aug. 31, 2020, continued a trend from 2017 but is not likely attributable to just one factor, the Consumer Financial Protection Bureau’s [...]
Washington Federal Bank assessed $200k by CFPB over inaccurate HMDA reporting

October 28, 2020 0

Washington Federal Bank, N.A., already under a 2013 consent order addressing violations of Home Mortgage Disclosure Act (HMDA) reporting requirements, must pay a $200,000 civil money penalty and beef up its compliance management related to later violations under a consent [...]