The CFPB announced yesterday that it is partnering with the City of Boston to facilitate the ability of consumers to ask questions and submit complaints to the CFPB. Boston consumers will be able to reach the CFPB by calling the Boston Mayor’s Constituent Service non-emergency hotline at (617) 635-4500. Consumers who call the hotline with… More >
Category Archives: CFPB General
Subscribe to CFPB General RSS FeedHouse Financial Services Committee to hold hearing on CFPB budget on June 18
Posted in CFPB GeneralTomorrow, June 18, the House Financial Services Committee will hold a hearing on “CFPB Budget Review.” According to the memo to Committee members from Committee Majority Staff, the hearing “will examine the past and planned obligations and expenditures of the Consumer Financial Protection Bureau (CFPB) for fiscal years 2011-14, the purpose and propriety of such… More >
CFPB and FDIC launch new tool for preventing elder financial exploitation
Posted in CFPB GeneralThe CFPB and Federal Deposit Insurance Corporation have jointly launched a new financial resource tool to assist older adults and their caregivers in avoiding elder financial exploitation. Named “Money Smart for Older Adults,” the tool is a stand-alone training module that provides information on how to prevent, identify and respond to elder financial exploitation, plan… More >
Legal aid group files FOIA appeal with CFPB seeking release of mortgage complaint narratives
Posted in CFPB GeneralMFY Legal Services, an organization whose services include providing free legal assistance to New York City residents, has appealed the CFPB’s decision to withhold mortgage complaint narratives it requested pursuant to the Freedom of Information Act (FOIA). MFY is represented in the appeal by the American Civil Liberties Union. According to MFY’s appeal letter, the… More >
Lost in translation? Ensuring appropriate documentation in the pre-litigation debt collection process
Posted in CFPB General, Debt Collection, Federal Agencies, FTC, Hot IssuesAt yesterday’s joint FTC-CFPB roundtable on the debt collection industry, industry representatives advocated for a uniform, national standard for the documentation to be provided to debtors in the pre-litigation phase of the process. (Local court rules govern required documentation during litigation, making it unlikely that a national standard could be adopted for the litigation phase)…. More >
Debt collection litigation: More documents or more face-to-face?
Posted in CFPB General, Debt Collection, Federal Agencies, FTC, Hot IssuesIndustry representatives and consumer advocates collectively lamented the high non-appearance rate of debtors in court in debt collection cases at yesterday’s joint FTC-CFPB roundtable on the debt collection industry. The non-appearance rate is around 90% according to most observers, as reported in the FTC’s report on debt collection litigation, Repairing A Broken System. To debt… More >
Does the FDCPA need to get with the times?
Posted in CFPB General, Debt Collection, Federal Agencies, FTC, Hot IssuesAt yesterday’s joint FTC-CFPB roundtable on the debt collection industry, the Fair Debt Collection Practices Act (“FDCPA”) was referenced together with the “1970s” a number of times. Commissioner Julie Brill, in an unscripted moment in her opening remarks, smiled at the thought that the FDCPA was enacted the same year she graduated from high school… More >
Briefing on cert petition completed in Noel Canning; case slated for Justices’ June 20 conference
Posted in CFPB GeneralThe briefing on the NLRB’s petition for certiorari in Noel Canning was completed yesterday, with the filing by the NLRB of a brief replying to the respondent’s brief filed on May 23. The entry “DISTRIBUTED for Conference of June 20, 2013″ now appears on the Supreme Court’s docket. (The court’s standard procedure is to announce the results… More >
CFPB uses enforcement powers in attempt to shut down debt relief company in Florida
Posted in CFPB GeneralThis past Thursday, the CFPB announced that it filed a complaint against a Florida debt-relief company that misled consumers across the country. Following an investigation into American Debt Settlement Solutions, Inc. (ADSS) and its owner, Michael DiPanni, the CFPB found that ADSS was charging its consumers upfront fees for debt-relief services without actually settling most… More >
CFPB expands complaint database
Posted in CFPB GeneralOn Friday, the CFPB announced that it had expanded its public Consumer Complaint Database to include complaints about credit reporting and money transfers. Simultaneously, the CFPB announced that complaints in its public database are searchable by state. The CFPB uses complaints its receives to prioritize and prepare for investigations and examinations. The public database now… More >
Update on cases challenging Cordray appointment
Posted in CFPB GeneralWe have been following two federal court cases that involve challenges to Director Cordray’s appointment. The California case, CFPB v. Chance Edward Gordon, was filed in summer 2012 by the CFPB against an attorney and his law firm alleging that the defendants duped consumers by falsely promising loan modifications in exchange for advance fees and, in… More >
Republican Senators file amicus brief supporting certiorari in NLRB v. Noel Canning
Posted in CFPB GeneralSenate Republican Leader Mitch McConnell and his 44 Senate Republican colleagues have filed an amicus brief urging the U.S. Supreme Court to grant certiorari in NLRB v. Noel Canning. Indicating that the Republican Senators have “an unparalleled interest in safeguarding the chamber’s constitutionally prescribed role in the appointments process, which the Executive here sought to… More >
Respondent files brief urging Supreme Court to grant certiorari in NLRB v. Noel Canning
Posted in CFPB GeneralWe recently reported that counsel for the respondent in NLRB v. Noel Canning planned to make a filing advising the U.S. Supreme Court that the respondent did not oppose the NLRB’s petition for certiorari. That filing occurred on May 23, with respondent filing a brief stating that it “does not oppose certiorari because this case presents… More >
OIG to issue report on presence of CFPB enforcement attorneys in exams by October 31
Posted in CFPB GeneralIn its Semiannual Report to Congress for the six month period ending March 31, 2013, the Federal Reserve Board’s Office of the Inspector General (OIG) indicates that, during the next semiannual reporting period (which ends October 31, 2013), the OIG expects to complete its evaluation of the CFPB’s practice of having enforcement attorneys present during examinations… More >
No Senate vote on Cordray nomination until after Memorial Day recess
Posted in CFPB GeneralDespite expectations fueled by statements from Senate Majority Leader Harry Reid’s office that he planned to hold a procedural vote on Richard Cordray’s nomination this week, it now appears the Senate will not vote on the nomination before the Memorial Day recess. According to a report in Politico, Senator Reid would not specify when the vote would… More >
More on CFPB employee vote to unionize
Posted in CFPB GeneralAs we reported last week, the National Treasury Employees Union (NTU) won an election to represent over 800 of the CFPB’s 1,200 employees. The vote was 378 in favor and 86 against. I asked Shannon Farmer, a colleague who is a labor lawyer, whether this move would make it harder for the CFPB to fire… More >
CFPB employees unionize
Posted in CFPB GeneralAccording to a report from Politico, CFPB employees voted last week to join the National Treasury Employees Union, a federal union that also represents employees at other financial regulators, including the FDIC, OCC and SEC. The report states that “according to several people familiar with the situation,” the move to unionize “was driven in large… More >
CFPB launches Spanish language website
Posted in CFPB GeneralThe CFPB has announced the launch of its Spanish language website. According to the CFPB, in response to research showing that two-thirds of Latinos who are online tend to access the Internet from a mobile device, the website is designed so that “it works beautifully on mobile devices as well as on desktops.” The website… More >
NEWS FLASH: Third Circuit agrees with D.C. Circuit reading of Recess Appointments Clause
Posted in CFPB GeneralThe dark cloud that has been hanging over CFPB Director Richard Cordray’s recess appointment just got darker. In a 2-1 decision in NLRB v. New Vista Nursing and Rehabilitation, the U.S. Court of Appeals for the Third Circuit ruled today that, under the U.S. Constitution’s Recess Appointments Clause (RAC), the President may only make recess… More >
Trade group charges CFPB’s closing of Consumer Advisory Board meeting to public violates federal law
Posted in CFPB General, Payday LendingA letter sent today to the CFPB by an attorney for the Community Financial Services Association of America (CFSA), a national trade organization for payday lenders, asserts that the CFPB violated the Federal Advisory Committee Act (FACA) by excluding the public from portions of today’s meeting of the CFPB’s Consumer Advisory Board (CAB). According to the… More >
Second Circuit ILSA decision follows CFPB position
Posted in CFPB GeneralThe decision of the U.S. Court of Appeals for the Second Circuit in Berlin v. Renaissance Rental Partners, LLC issued on May 6 represents a win for the CFPB’s amicus program. At the court’s invitation, the CFPB filed a letter brief supporting the consumer/appellee’s position that a single-floor condominium unit in a multistory building is… More >
CFPB issues report on servicemember complaints
Posted in CFPB GeneralThe CFPB’s Office of Servicemember Affairs has issued a report on complaints submitted by servicemembers, veterans or their spouses and dependents (“servicemember complaints”) over the period from January 1, 2012 through December 31, 2012. In 2012, the CFPB received 3,455 servicemember complaints, with predominately mortgage complaints, followed by credit card and credit reporting complaints. Of… More >
CFPB’s Consumer Advisory Board to meet May 15
Posted in CFPB GeneralThe CFPB’s Consumer Advisory Board will hold a meeting on May 15-16, 2013 in Los Angeles. According to the agenda, there will be a discussion of the CFPB’s white paper on payday and deposit advance loans. Other discussion topics include the CFPB’s remittance transfer rule and its report on designations for senior financial advisors. The… More >
Director Cordray urges financial education for young Americans
Posted in CFPB GeneralIn remarks given earlier this week at the Investing in Our Future Conference in Washington, D.C., Director Cordray spoke about the need to make financial education a part of the school curriculum for the nation’s children and unveiled a white paper titled “Transforming the Financial Lives of a Generation of Young Americans” setting forth the… More >
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