As the CFPB continues work on its Dodd Frank Act Section 1071 rulemaking—which relates to the collection of small business lending data—the bureau will hold two events in the coming weeks to discuss technical implementation of the rule’s reporting requirements.
Crypto-assets and markets must be subject to effective regulation and oversight equal to the risks they pose domestically and internationally.
The federal regulatory agencies this week announced updates to their spring rulemaking agendas for 2022. Among the CFPB’s priorities are the Dodd-Frank Section 1071 final rule, which is projected for March 2023 and addresses the collection of small business lending data.
Lawrence “L. Ray” Jackson, former FDIC deputy regional director for the division of depositor and consumer protection in the Chicago regional office, received the Distinguished Service Award for compliance during ABA’s Regulatory Compliance Conference in Orlando today. T
As part of a pilot supervision effort, the CFPB has requested information on overdraft and non-sufficient funds practices from “over 20 institutions” that it has identified as having a higher share of frequent overdraft users or higher average fees.
In a new circular, the CFPB said that under the Equal Credit Opportunity Act and Regulation B, creditors are not permitted to use complex algorithms in credit decision-making if doing so means they are unable to provide “the specific and accurate reasons for adverse actions.”
In a new blog post, the CFPB highlighted its resources available to help financial institutions serve their Spanish-speaking customers.
The banking agencies issued a set of reorganized, revised and expanded interagency questions and answers on flood insurance compliance.
In an advisory opinion, the CFPB affirmed that the Equal Credit Opportunity Act and its implementing regulation, Regulation B, protect consumers who are actively seeking credit as well as those who have sought and received credit.
In a letter to FDIC-insured banks, the agency requested that any institution considering engaging in crypto-related activities provide notification to the appropriate FDIC regional director.