CFPB, Federal Agencies, State Agencies, and Attorneys General
The NCUA board on July 18 voted to maintain its interest rate ceiling on most loans at 18% from Sept. 11, 2024 through March 10, 2026.
The only exception to that rate cap is loans modeled after the agency’s Payday Alternative Loan program; the interest rate on those loans will remain capped at 28%.… Continue Reading
A group of federal agencies have finalized reconsideration of value (ROV) guidance for residential real estate valuations. The agencies are the Comptroller of the Currency (OCC), Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Federal Reserve Board (Board) and National Credit Union Administration (NCUA). The guidance will be effective upon publication in the Federal Register.… Continue Reading
On January 14, 2021, the NCUA and CFPB announced the agencies have entered into a memorandum of understanding relating to their joint supervision of federally insured credit unions over $10 billion in assets. The MOU seeks to “improve coordination, cooperation, and efficiency generally, and to reduce the burden to institutions and examination staff” by proactively sharing information and coordinating on examinations.… Continue Reading
The CFPB, OCC, FDIC and NCUA have issued substantially similar final rules on the role of supervisory guidance. The final rules adopt the agencies’ proposals without substantive change.
In September 2018, the agencies issued an “Interagency Statement Clarifying the Role of Supervisory Guidance.” In response to the Statement, the agencies received a petition requesting a formal rulemaking on the subject. … Continue Reading
On November 10, the Senate Banking Committee will hold a hearing, “Oversight of Financial Regulators.”
On November 12, the House Financial Services Committee will hold a hearing, “Oversight of Prudential Regulators: Ensuring the Safety, Soundness, Diversity, and Accountability of Depository Institutions during the Pandemic.”
The scheduled witnesses at both hearings are:
The CFPB, OCC, Federal Reserve, FDIC, and NCUA have issued a proposed rule on the role of supervisory guidance.
In September 2018, the agencies issued an “Interagency Statement Clarifying the Role of Supervisory Guidance.” In response to the Statement, the agencies received a petition requesting a formal rulemaking on the subject. … Continue Reading
The CFPB, OCC, FDIC, Federal Reserve, and NCUA have issued a joint statement “to specifically encourage” banks, savings associations, and credit unions “to offer responsible small-dollar loans to both consumers and small businesses” in response to the COVID-19 outbreak. The statement builds on the March 19 statement issued jointly by the OCC, FDIC, and Federal Reserve on Community Reinvestment Act (CRA) consideration for activities in response to the outbreak. … Continue Reading
The Subcommittee on Consumer Protection and Financial Institutions of the House Financial Services Committee has scheduled a hearing entitled “An Examination of Regulators’ Efforts to Preserve and Promote Minority Depository Institutions” on November 20, 2019. In its first hearing on minority depository institutions, the Subcommittee examined the unique challenges facing MDIs and the communities they serve. … Continue Reading
The National Credit Union Administration has published a final rule in the Federal Register that amend the NCUA’s general lending rule to provide federal credit unions (FCU) with a second option for offering “payday alternative loans” (PALs). The final rule is effective December 2, 2019.
In 2010, the NCUA amended its general lending rule to allow FCUs to offer PALs as an alternative to other payday loans. … Continue Reading
The National Credit Union Administration has published a notice in the Federal Register proposing to amend the NCUA’s general lending rule to provide federal credit unions (FCU) with a second option for offering “payday alternative loans” (PALs). Comments on the proposal are due by August 3, 2018.
In 2010, the NCUA amended its general lending rule to allow FCUs to offer PALs as an alternative to other payday loans. … Continue Reading
