Archive

On December 20, 2022, the Consumer Financial Protection Bureau (CFPB) ordered Wells Fargo Bank to pay more than $2 billion in redress to consumers and a $1.7 billion civil penalty for legal violations across several of its largest product lines. The bank’s illegal conduct led to billions of dollars in financial harm to its customers and, for thousands of customers, the loss of their vehicles and homes. Consumers were illegally assessed fees and interest charges […]

Before you head out of the office for the weekend, here are two quick newsworthy updates about the National Flood Insurance Program and the CFPB’s Home Equity Lines of Credit booklet. Status of the National Flood Insurance Program Jack Holzknecht blogged early on December 15th about the funding for the National Flood Insurance Program expiring at midnight December 16, 2022. On the evening of December 14, the House voted to continue funding for one week. […]

Yesterday, the CFPB issued a Notice rescinding its 2020, Home Mortgage Disclosure Act (HMDA) Final Rule changing the loan volume reporting threshold for closed-end mortgage loans.  This comes on the heels of a ruling by the United States District Court for the District of Columbia, in September of this year.  The ruling stated the CFPB did not have the authority to change the original reporting threshold from 25 to 100. The April 2020, the CFPB’s […]

On November 16, 2022, the Consumer Financial Protection Bureau (CFPB) released the Fall 2022 Supervisory Highlights report on legal violations identified during the CFPB’s supervisory examinations in the first half of 2022. The key findings of the Report are elaborated upon below. Inaccurate Credit Reports CFPB examiners found that one or more of the nationwide consumer reporting companies failed to report to the CFPB the outcome of their reviews of complaints about inaccuracies on consumers’ […]

Fee income practices have been making headlines for months, and in some cases years. Financial institutions that have had the unfortunate experience of being cited or accused of having potentially unfair, deceptive, or abusive policies can attest to the damage certain unchecked fee income practices can have on the organization.  Reputation, income, and company morale are all negatively affected when fee income policies are determined to be unfair or deceptive. We here at COMPLIANCE RESOURCE […]