June 2014

In a report issued last week on virtual currencies, the Government Accountability Office recommended increased CFPB participation in interagency efforts related to such currencies.

The report, entitled “Virtual Currencies: Emerging Regulatory, Law Enforcement, and Consumer Protections Challenges,” reviews various actions that federal financial regulators and law enforcement agencies have taken related to the emergence of virtual currencies. … Continue Reading

It should be no surprise that the CFPB and Republican Congressman Jeb Hensarling, who chairs the House Financial Services Committee, have different perspectives on the U.S. Supreme Court’s ruling last week that President Obama exceeded his Constitutional recess appointment authority when he filled three vacancies on the National Labor Relations Board in January 2012 . … Continue Reading

On June 26, 2014, I participated in a panel presentation at the MBA Strategic Markets and Diversity Summit, in Washington, D.C. Stuart Ishimaru, Director of the Consumer Financial Protection Bureau’s Office of Minority and Women Inclusion, also sat on the panel.

The presentation focused on Section 342 of the Dodd-Frank Act and the proposed Interagency Policy Statement Establishing Joint Standards for Assessing the Diversity Policies and Practices (the Proposed Standards).… Continue Reading

The U.S. Supreme Court today issued a decision in NLRB v. Noel Canning in which it held that President Obama’s January 2012 recess appointments to the National Labor Relations Board were invalid.

The NLRB recess appointments were made on January 4, the day after a new session of Congress had begun with a pro forma January 3 session and two days before another pro forma session was held on January 6. … Continue Reading

The charge that student loan debt is causing young adults to postpone home ownership has come from various quarters, including the CFPB.   However, two new studies, one the subject of an article released earlier this year and the other the subject of a Brookings Institution report released this week, suggest those charges are overblown. … Continue Reading

The CFPB has announced that it is now accepting applications for the next round of its Technology & Innovation fellowship program.  The CFPB describes the fellowship as “a two year program for software developers, graphic and user experience (UX) designers, data specialists, and cybersecurity professionals interested in leveraging technology to help further our mission of making financial products and services work for consumers.” … Continue Reading

Last October, the CFPB announced the launch of its “eRegulations” feature on its website.  At the time, the CFPB described eRegulations as “a web-based, open source tool that aims to make regulations easier to find, read, and understand.”  Currently, only Regulations E and Z are included in eRegulations.  

The CFPB is now seeking feedback on eRegulations, indicating that it “is eager to hear from you about what functionality works best, and how this tool is valuable to you, and how it might be improved to serve your needs.” … Continue Reading

We recently commented that financial institutions offering financial products to college students, including debit or prepaid cards, under agreements with colleges should be planning now for the possible advent of new restrictions from the Department of Education (ED) on their practices and agreement terms, including the distinct possibility of public disclosure of the agreements themselves. … Continue Reading

On June 17, 2014, the CFPB staff and Federal Reserve co-hosted a webinar on the final TILA-RESPA Integrated Disclosures Rule that will be effective for applications received by creditors or mortgage brokers on or after August 1, 2015.  The webinar is the first in a planned series intended to help creditors, mortgage brokers, settlement agents, software developers, and other stakeholders familiarize themselves with the rule’s architecture and its substantive and procedural disclosure requirements.  … Continue Reading

The CFPB has issued a new guide designed to help operators and staff of nursing facilities and assisted living residences protect residents from financial abuse.  The guide indicates that it is for administrators as well as business office staff, social service personnel, and any staff members involved in the admissions process. … Continue Reading