youth financial research – Regulatory Report

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[ November 20, 2020 ] Settlement calls for $9.3 million in redress – but bureau shrinks that amount by 90%, adds $1 CFPB
[ November 20, 2020 ] Agencies offer banks with $10B or less relief from rules triggered by pandemic-related asset bloat FDIC
[ November 20, 2020 ] Proposal would block banks from denying credit to firms for reasons other than risk OCC
[ November 20, 2020 ] Report urges firms to get on with it – faster – in transitioning away from LIBOR Federal financial regulation
[ November 20, 2020 ] NCUA extends virtual-meeting bylaws option through 2021 for federal credit unions COVID-19 actions

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. […]

Settlement calls for $9.3 million in redress – but bureau shrinks that amount by 90%, adds $1

November 20, 2020 0

Misleading statements about what customers in an auto payment program would pay have earned the Florida company that ran the program and its owner a settlement with the consumer financial protection agency over charges of deceptive sales practices, the agency [...]
Agencies offer banks with $10B or less relief from rules triggered by pandemic-related asset bloat

November 20, 2020 0

Community banks that saw a surge of deposits during the coronavirus crisis – spurred in some cases by customers who received stimulus checks or funding through the Paycheck Protection Program – will receive some regulatory relief through the rest of [...]
Proposal would block banks from denying credit to firms for reasons other than risk

November 20, 2020 0

Banks should provide access to services, capital, and credit based on the risk assessment of individual customers – including oil and other energy companies — rather than broad-based decisions affecting whole categories or classes of customers, according to a rule [...]
Report urges firms to get on with it – faster – in transitioning away from LIBOR

November 20, 2020 0

Work needs to accelerate early next year to move away from an obsolete reference rate used as a benchmark in some loans, a report issued Friday by an international group of financial regulators said, noting that discarding the rate in [...]
NCUA extends virtual-meeting bylaws option through 2021 for federal credit unions

November 20, 2020 0

Federally chartered credit unions may adopt or continue following a special bylaw authorized by their regulatory agency to facilitate remote annual membership, board, or special membership meetings in 2021, the agency said in a letter Friday. The National Credit Union [...]
FDIC keeping insurance fund’s designated reserve ratio at 2% in 2021

November 20, 2020 0

The designated reserve ratio (DRR), or target reserve ratio, for the federal fund that insures deposits in banks in 2021 will remain where it’s been since 2010 – at 2%, the Federal Deposit Insurance Corp. (FDIC) said in a notice [...]
Two charged with deceptive acts, telemarketing in connection with student loans, credit repair

November 20, 2020 0

Two owners of a now-dissolved Illinois firm that promised to provide student-loan relief and credit repair services were sued Friday by the federal consumer financial protection bureau, which charged them with violating federal consumer law and telemarketing rules. According to [...]
Although still weak in response, diversity survey shows strong growth among credit unions

November 20, 2020 0

Although only about 2.3% of federally insured credit unions responded to its voluntary diversity self-assessment survey in 2019, the federal credit union regulator heralded Friday the fact that participation in the survey has grown 46% in participation from the year [...]