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House committee audits CFPB financial reporting, transparencyFriday, April 19, 2024 Persistent concerns over the Consumer Financial Protection Bureau’s (CFPB) transparency and accountability expressed by congressional Republicans recently spurred the House Financial Services Committee to hold a hearing entitled, “Agency Audit: Reviewing CFPB Financial Reporting & Transparency.” |
Court rules on trade industry’s challenge to FDIC guidance on NSF feesFriday, April 19, 2024 A judge in the U.S. District Court of the District of Minnesota ruled on the Federal Deposit Insurance Co.’s motion to dismiss a complaint brought by the Minnesota Bankers Association and Lake Central Bank, a Minnesota-chartered commercial bank, claiming one of the agency’s financial institutions letters amounted to a legislative rule promulgated improperly under the Administrative Procedures Act. |
CFPB rule seeks to streamline nonbank supervisory designationsFriday, April 19, 2024 The Consumer Financial Protection Bureau is aiming to streamline its nonbank designation protocols with a new procedural rule that builds on its previous actions toward implementing a long “dormant” statutory authority. The procedural updates include the reallocation of certain duties to the director that previously fell to specific assistant and associate director roles. |
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Community banks push Congress to adopt ‘farm bill’ recommendationsFriday, April 19, 2024 Community banks are urging Congress to consider specific revisions to the Farm Credit Adjustment Act, which is intended to aid rural credit institutions in providing critical financial support to farmers and producers throughout the country. The financial industry generally supports many of the bill’s provisions but has concerns regarding aspects applying to non-farm financing authorities within the Farm Credit System.
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Trades support resolution to nullify CFPB credit card ruleFriday, April 19, 2024 The Consumer Financial Protection Bureau’s final rule restricting credit card late fees faces a resolution of disapproval which has substantial industry support. The House Financial Services Committee voted 28-22 along party lines to advance the measure to the full House for consideration.
Banking advocate calls for crypto policies to address ‘pig butchering’ scamsFriday, April 19, 2024 Financial industry advocates are calling for federal policies to address the “skyrocketing” numbers of “pig butchering” scams. The Treasury Department’s Financial Crimes Enforcement Network and the Department of Justice have issued warnings to financial institutions and the broader public about the dangers of these types of crimes, which are often perpetrated through online channels using virtual currencies.
Former CFPB attorney reacts to possible ban on lender title insurance feesTuesday, April 16, 2024 The Consumer Financial Protection Bureau (CFPB) has not confirmed nor denied reports that it is considering prohibiting mortgage providers from charging homebuyers for lenders’ title insurance policies. Former CFPB attorney Richard Horn, co-managing partner at Garris Horn PLLC, offered his take and urged lenders to pay close attention to the agency’s request for information on closing costs.
CFPB supports Illinois state CRA proposalTuesday, April 16, 2024 The Consumer Financial Protection Bureau issued a statement expressing support for state-level Community Reinvestment Act rules proposed by the Illinois Department of Financial and Professional Regulation. The bureau commended the state’s efforts to tailor reinvestment obligations to its needs and urged it to adopt the proposal.
Regulators approve Provident-Lakeland merger, address fair lending concernsTuesday, April 16, 2024 Provident Financial Services, Inc., received regulatory approval to acquire all assets of Lakeland Bancorp, Inc., in a merger between the two New Jersey-based bank holding companies and their subsidiaries. Federal regulators conducted extensive analyses assessing the merger’s potential impact on the financial marketplace, the results of which were included in a Federal Reserve order approving the transaction.
OCC extends comment period for proposed bank merger rulesTuesday, April 16, 2024 The Office of the Comptroller of the Currency has extended the comment period for its proposed rules and policy statement on bank mergers and acquisitions. The agency announced commenters will have until June 15 to weigh in.
CFPB considers FCRA rulemaking to protect Americans’ dataFriday, April 12, 2024 Shortly after divulging its plans to undertake new rulemaking under the Fair Credit Reporting Act, the Consumer Financial Protection Bureau cited instances in which credit reporting agencies failed to exclude inaccurate data affecting victims of human trafficking and identity theft in its Spring 2024 Supervisory Highlights.
CFPB, European Commission issue joint statement on consumer protection prioritiesFriday, April 12, 2024 After three meetings between staff at the Consumer Financial Protection Bureau (CFPB) and the European Commission (EC), the two agencies’ top regulators issued a joint statement describing their discussions on priority topics, including artificial intelligence, digital payments access and fraud, and “Buy Now, Pay Later” products and services.
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