News stories tagged CFPB

Bureau takes new aim at overdraft fees, vowing to restore ‘meaningful competition’

(Dec. 3, 2021) Action to “restore meaningful competition” to the overdraft fee market was vowed this week by the CFPB, which noted that both small and large financial institutions “heavily...

BRIEFLY: Earl announces retirement as leader of three-state league; Inflation raises interest-rate risk concern; New debt collections rules now in force; NASCUS 101 next week; Welcome new member Michigan State U. FCU

(Dec. 3, 2021) Mountain West Credit Union Association President and CEO Scott Earl announced his retirement this week, saying he will step down at the end of June next year....

Fed, CFPB set new fee schedules for 2022

(Dec. 3, 2021) Fees – both mandatory and maximum allowable — are on the increase for 2022 under actions taken this week by the CFPB and the Federal Reserve. A...

Summary looks at ‘big tech’ inquiry by CFPB

(Dec. 3, 2021) CFPB’s inquiry into “big tech” payment platforms is the topic of the latest summary to be published by NASCUS, just this week. Like all summaries, it is...

Bureau starts voluntary assessment of HMDA

(Nov. 24, 2021) Covering everything from the 2015 rule through last year’s revisions, a voluntary assessment of the CFPB’s Home Mortgage Disclosure Act (HMDA) rule is underway, according to the...

CFPB reminds: mortgage disclosure data reporting adjusts

(Nov. 19, 2021) The threshold adjusts to 200 open-end lines of credit for reporting mortgage disclosure data at the start of the new year, CFPB reminded late last week. In...

Bureau asserts ‘name-only’ matching falls outside of FCRA

(Nov. 5, 2021) A consumer reporting agency that uses “name-only” matching procedures is not using reasonable procedures mandated under federal consumer protection laws, the CFPB said this week. In an...

New leader cites triad of key goals for CFPB

(Oct. 29, 2021) Stimulating greater competition in consumer financial markets, sharpening focus on repeat offenders, and restoring “relationship banking” make up the “path forward” for CFPB, its director told a...

Reminder: Use 2020 Census data for 2022 HMDA reporting

(Oct. 29, 2021) Credit unions, banks and other lenders should use census tract information provided in the 2020 Census for mortgage-related data collected beginning next year, CFPB said this week....

BRIEFLY: FedNow on track; Treasury scales back balance reporting proposal; Tech giants providing payment services ordered to give up info

(Oct. 22, 2021) “FedNow” – the Federal Reserve’s much-anticipated (and delayed) round the clock payment system – will be ready “sooner rather than later,” Federal Reserve Bank President Esther George...

Regulators ramp up guidance on LIBOR transition

(Oct. 22, 2021) Actions credit unions, banks and nonbanks alike should consider taking to ensure safe-and-sound practices during the transition away from the LIBOR reference rate were outlined in joint...

Chopra takes CFPB reins; taps senior staff

(Oct. 15, 2021) The CFPB has a new, permanent director (for a five-year term, at least – or until the president decides to make a change), who this week also...