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Category Archives: CFPB General

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An Opportunity to Collaborate? The CFPB’s credit report study

Posted in CFPB General, Credit Reports, Financial Literacy, Hot Issues, Research

On February 19, 2015, the CFPB released its credit report study, entitled “Consumer voices on credit reports and scores.”  After conducting focus groups with 308 consumers in four major metropolitan areas, the study concludes that while many consumers do access their credit scores and credit reports in various ways, confusion about both still persists. In… More >

CFPB representatives to be featured at 20th Annual PLI Consumer Financial Services Institute

Posted in CFPB General

The 20th Annual Consumer Financial Services Institute, sponsored by the Practising Law Institute, will take place on April 6-7, 2015 in New York City (and by live webcast and groupcast in Cleveland, Philadelphia, Pittsburgh, Mechanicsburg, PA and New Brunswick, NJ) and on April 27-28, 2015 in Chicago. As I have done for the past 19… More >

House Financial Services Committee approves oversight plan; Committee chair gets new subpoena authority

Posted in CFPB General

The House Financial Services Committee voted unanimously today to approve the Committee’s oversight plan for the 114th Congress. The plan provides that the Committee intends to continue its close examination of the implementation of Dodd-Frank by the financial regulators.  With regard to the CFPB in particular, the Committee intends to oversee the CFPB’s regulatory, supervisory,… More >

CFPB seeking new members for advisory groups

Posted in CFPB General

The CFPB has published a notice in the Federal Register announcing that it is seeking applications from persons interested in becoming members of its Consumer Advisory Board, Community Bank Advisory Council, or Credit Union Advisory Council.  Appointments to the Board are typically for three years and appointments to the Councils are typically for two years. Membership… More >

CFPB report explores consumers’ mortgage shopping experience

Posted in CFPB General, Mortgages, Research, TILA / RESPA

In a report released on January 13, 2015, the CFPB announced that nearly half of consumers do not shop among multiple lenders before applying for a mortgage loan.  Even fewer—about one of every four—submit multiple applications to gauge the best deal, the Bureau says. The report is the first to harness data gathered by the… More >

CFPB issues second appropriations report

Posted in CFPB General

The CFPB has issued its second report entitled “Report of the Consumer Financial Protection Bureau Pursuant to Section 1017(e)(4) of the Dodd-Frank Act.”  That Dodd-Frank section requires the CFPB’s Director to submit an annual report to the House and Senate Committees on Appropriations “regarding the financial operating plans and forecasts of the Director, the financial… More >

CFPB issues fourth annual report on its workforce

Posted in CFPB General

The CFPB has issued its fourth annual report to Congress on its workforce.  The Dodd-Frank Act requires the CFPB to submit an annual report that includes a Recruitment and Retention Plan, Training and Workforce Development Plan, and Workplace Flexibilities Plan. Titled “Growing our Human Capital,” the report states that the CFPB had 1,419 employees as… More >

CFPB soliciting suggestions for its amicus brief program

Posted in CFPB General

The Consumer Law & Policy Blog has reproduced a copy of a letter sent yesterday by the CFPB seeking suggested cases for the CFPB’s amicus brief program.  The letter indicates that the amicus program has so far filed 14 amicus briefs in the federal courts of appeals and has worked closely with the Solicitor General’s Office… More >

Banking trade groups comment on CFPB’s proposed no-action letter policy

Posted in CFPB General, Technology

The American Bankers Association, American Bankers Insurance Association and Consumers Banking Association have submitted a joint comment letter on the CFPB’s proposed policy on issuing “no-action” letters for innovative financial products or services. The trade groups expressed the overall concern that the proposal will not “serve as a viable approach to alleviating regulatory uncertainty” because… More >

CFPB’s proposed boarding form for online consumer complaint company portal now available

Posted in CFPB General

Last week, the CFPB published a Federal Register notice stating that it was developing a form to allow companies to “proactively participate” in its online company portal for viewing and responding to consumer complaints.  Although the CFPB’s proposed form, the “Company Portal Boarding Form,” was not available when the notice was published, the proposed form… More >

CFPB issues sixth Semi-Annual Report

Posted in CFPB General

The CFPB has issued its sixth Semi-Annual Report to the President and Congress covering the period from April 1 through September 30, 2014. As we have found with previous CFPB semi-annual reports, despite its 188-page length, the latest report provides no noteworthy new information about CFPB activities.  Instead it recycles information in various previously-issued CFPB reports and… More >

CBO issues cost estimate for Bureau Advisory Opinion Act

Posted in CFPB General

The Congressional Budget Office (CBO) recently released a cost estimate for H.R. 4662, entitled the “Bureau Advisory Opinion Act.”  This was part of series of bills reported in June 2014 by the House Committee on Financial Services that were intended to promote greater transparency and accountability at the CFPB. H.R. 4662 would require the CFPB to establish procedures… More >

High Praise from Above the Law

Posted in CFPB General

“There’s blogging, and then there’s blogging well. And really, an argument can be made that anything but the latter really isn’t blogging at all.” So begins Above the Law’s commentary on Law Blogs and I’m happy to report that our CFPB Monitor fared exceptionally well. We started the blog in 2011 to coincide with the… More >

CFPB creating boarding form for online consumer complaint company portal

Posted in CFPB General

The CFPB has published a notice in today’s Federal Register stating that the CFPB is developing a form to allow companies to “proactively participate” in its online company portal for viewing and responding to consumer complaints. According to the notice, the CFPB’s proposed form, the “Company Portal Boarding Form,” will “serve to streamline information collection” from… More >

CFPB’s Ombudsman’s Office issues third annual report

Posted in CFPB General

Last week, the CFPB’s Ombudsman’s Office issued its third annual report covering the Office’s activities during fiscal year 2014 (October 1, 2013 through September 30, 2014).  The role of the Ombudsman’s Office is to assist in the resolution of individual and systemic issues that a depository entity, non-depository entity or consumer has with the CFPB. A… More >

CFPB to host research conference on consumer finance

Posted in CFPB General

The CFPB has announced that it plans to host its first “Research on Consumer Finance” conference in Washington, D.C. on May 7-8, 2015. The announcement includes a call for research papers to be submitted by January 16, 2015.  The CFPB seeks complete papers or detailed abstracts that include preliminary results dealing with “the ways consumers… More >

CFPB Proposes Additional Servicing Rule Amendments

Posted in CFPB General, CFPB Rulemaking, Mortgages, TILA / RESPA

The CFPB issued a proposed rulemaking last week to amend various provisions of the mortgage servicing rules under Regulation X and Regulation Z. Comments are due 90 days from the date of publication in the Federal Register. Ballard Spahr’s Mortgage Banking Group will continue to analyze the proposal and work with our clients and industry… More >

CFPB Director Cordray Issues Warning to Bankers

Posted in CFPB General, Richard Cordray

Director Cordray’s remarks to the Clearing House yesterday should unsettle bankers and payday lenders alike. In his talk, Director Cordray challenged bankers to bow to the inevitable. He suggested that sooner, rather than later, the industry should invest the billions of dollars required to build a payment system with “faster and even real-time payments” where… More >

CFPB gives guidance and answers FAQ on the new Closing Disclosure

Posted in CFPB General, CFPB Rulemaking, TILA / RESPA

On November 18, 2014, the CFPB staff and Federal Reserve Board co-hosted a webinar that addressed questions about the Final TILA-RESPA Integrated Disclosure Rule that will be effective for applications received by creditors or mortgage brokers on or after August 1, 2015.  The webinar focused on the Closing Disclosure and addressed specific questions regarding the… More >

OIG updated work plan includes evaluations of CFPB enforcement-related processes and procedures

Posted in CFPB General

The Office of Inspector General’s (OIG) work plan, updated as of November 7, 2014, indicates that the OIG’s ongoing projects include audits of the CFPB’s information security program, pay and compensation program, distribution of civil penalty funds, public consumer complaint database and headquarters renovation costs.  Such projects also include an evaluation of the CFPB’s hiring… More >

CFPB’s constitutionality again before D.C. Circuit in Morgan Drexen appeal

Posted in CFPB General

The CFPB’s constitutionality is again before the D.C. Circuit, with the D.C Circuit now being asked to consider the impact of the U.S. Supreme Court’s decision in NLRB v. Canning on actions taken by the CFPB while Director Cordray was serving as a recess appointee.  In that decision, the Supreme Court ruled that President Obama exceeded his… More >