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Category Archives: CFPB General

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Condominium unit ILSA sales exemption now effective

Posted in CFPB General

Effective March 25, 2015, the sale of condominium units are no longer subject to the registration requirements of the Interstate Land Sales Full Disclosure Act (ILSA) under a new exemption.  This new exemption applies only to the sale of condominium units on and after March 25, 2015, but also will include condominium units within projects… More >

OIG adds new audit item to work plan

Posted in CFPB General

The Office of Inspector General (OIG) has added a new ongoing CFPB project to its work plan updated as of March 13, 2015.  The OIG is auditing the CFPB’s compliance with the Improper Payments Information Act of 2002, as amended by the Improper Payments Elimination and Recovery Act of 2010 and the Improper Payments Elimination… More >

Budget amendment introduced to change CFPB appropriations

Posted in CFPB General

Another Republican CFPB effort to subject the CFPB to the congressional appropriations policy took the form of an amendment to the Senate’s 2015 Budget Resolution introduced last week by Senator David Perdue.  Earlier in March, Republican Congressman Sean Duffy introduced the Bureau of Consumer Financial Protection Accountability Act of 2015 (H.R. 1261) which is also directed… More >

CFPB seeks comments on new information collection plans

Posted in CFPB General

The CFPB has published two Federal Register notices seeking comments on its plans to request approval from the Office of Management and Budget for two new generic information collection plans.  Comments on both plans are due on or before May 22, 2015. One notice requests comments on a “Generic Information Collection Plan for Surveys Using… More >

CFPB adopts plan to publicly disclose consumer complaint narratives

Posted in CFPB General

The CFPB has adopted its controversial proposal to publicly disclose consumer complaint narratives in its Consumer Complaint Database.  Its plans for disclosing the narratives are set forth in a final policy statement.   According to the Federal Register document announcing the policy statement, the CFPB will not disclose any narratives for at least 90 days after the statement’s… More >

CFPB’s claims under CFPA survive challenge by for-profit education company but TILA claim held to be time-barred

Posted in CFPB General

An Indiana federal court recently granted in part and denied in part the motion of ITT Educational Services, Inc. to dismiss the CFPB’s complaint.  As we previously reported, the CFPB’s complaint alleged that ITT engaged in misrepresentations and other unlawful conduct to lead ITT students to obtain financing with onerous terms to pay tuition.  The… More >

CFPB supervisory report highlights violations in debt collection, consumer reporting, overdraft practices, mortgage origination, and fair lending

Posted in CFPB General

In its Winter 2015 Supervisory Highlights, which covers supervision work generally completed between July and December 2014, the CFPB highlights legal violations resolved using non-public supervisory actions involving debt collection, consumer reporting, overdraft practices, mortgage origination, and fair lending. The report indicates that recent supervisory resolutions in the areas of payday lending, mortgage servicing, and… More >

CFPB Holds Field Hearing On Arbitration Report

Posted in Arbitration, CFPB General

On March 10th, the CFPB held a public field hearing in Newark, New Jersey to address the release of its arbitration report to Congress. The event featured opening remarks from Director Richard Cordray, as well as commentary from consumer groups, industry representatives and members of the public. According to Director Cordray, the report was based… More >

More CFPB reform bills introduced in House

Posted in CFPB General

In addition to the bill introduced last week by Republican Congressman Randy Neugebauer that would replace the CFPB’s director with a five-member commission, four other CFPB reform bills have been introduced by Republican Congressman Sean Duffy.  A series of similar bills were approved by the House Financial Services Committee in November 2013 and incorporated into… More >

House Republicans introduce another bill to create commission to run CFPB

Posted in CFPB General

House Republicans are making another attempt to replace the CFPB’s director with a five-member commission.  A similar attempt passed the House early last year but did not reach a vote in the Senate. H.R. 1266, introduced earlier this week by Republican Congressman Randy Neugebauer, is entitled the “Financial Product Safety Commission Act of 2015.”  It… More >

Hensarling establishes new policy for issuing subpoenas and gives CFPB deadline for responding to document requests

Posted in CFPB General

Republican Congressman Jeb Hensarling, who chairs the House Financial Services Committee, has established a new policy for using his authority to issue subpoenas to the CFPB and other agency’s subject to the Committee’s oversight.  According to a letter from Mr. Hensarling to Democratic Congresswoman Maxine Waters, the Committee’s ranking member, an agency will have “two… More >

Director Cordray to testify on March 3 before House Financial Services Committee

Posted in CFPB General

The House Financial Services Committee will hold a hearing tomorrow, March 3, entitled “The Semi-Annual Report of the Bureau of Consumer Financial Protection” at which Director Cordray is expected to testify.  The most recent report was issued in December 2014 and covered the period from April 1 through September 30, 2014.  The report itself typically serves… More >

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 >