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Category Archives: CFPB General

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Industry trade groups seek more time to comment on CFPB proposal to disclose consumer complaint narratives

Posted in CFPB General

Five prominent industry trade groups have sent a letter to the CFPB asking for at least 90 days to comment on the CFPB’s proposal to expand the complaint data that it publicly discloses in its Consumer Complaint Database to include consumer complaint narratives.   The letter was sent by the Financial Services Roundtable, the American Bankers Association,… More >

Community banks urge CFPB to expand small creditor exemption

Posted in CFPB General, Mortgages

Recently, the Independent Community Bankers of America (ICBA) and a 45-member coalition of state and regional banking associations submitted a letter to the Consumer Financial Protection Bureau (Bureau) urging the agency to expand the small creditor exemptions under certain Title XIV mortgage rules that went into effect in January 2014. The ICBA argues that changes… More >

House to hold hearing on impact of Dodd-Frank Act

Posted in CFPB General

On Wednesday, July 23, 2014, the House Financial Services Committee will hold a hearing entitled “Assessing the Impact of the Dodd-Frank Act Four Years Later.”  (Today is the fourth anniversary of the date on which the Act was signed into law.)  Most notably, the witness list includes former Congressman Barney Frank, who formerly chaired the… More >

CFPB issues new “snapshot” report on consumer complaints

Posted in CFPB General

The CFPB has issued a report on consumer complaints received from July 21, 2011 through June 30, 2014.  According to the CFPB’s “Snapshot,” it handled approximately 395,300 complaints during this period, with its Consumer Complaint Database listing more than 254,800 complaints as of July 1, 2014.  (The report indicates that the database only lists complaints… More >

CFPB hearing in El Paso on proposal to disclose consumer complaint narratives sheds light on CFPB position, reveals concerns of financial institutions

Posted in CFPB General

The CFPB held a field hearing yesterday in El Paso, Texas, at which it described its proposal to expand the complaint data it publicly discloses in its Consumer Complaint Database to include consumer complaint narratives. We previously reported about the proposal, which was released by the CFPB before the hearing. Director Cordray identified three main… More >

CFPB proposes to publicly disclose consumer complaint narratives

Posted in CFPB General

The CFPB  is proposing to expand the complaint data that it publicly discloses in its Consumer Complaint Database to include consumer complaint narratives.   Currently, the CFPB’s Disclosure of Consumer Complaint Policy Statement provides that the complaint data fields the CFPB discloses in the database are limited to non-narrative fields such as the name of the company… More >

OIG updated work plan adds focus to information security, compensation, and distribution of civil penalty funds

Posted in CFPB General

The most notable items added by the Office of Inspector General (OIG) to its work plan, updated as of July 7, 2014, are audits of the CFPB’s information security program, pay and compensation program, and distribution of civil penalty funds. Information Security Pursuant to the Federal Information Security Management Act of 2002 (“FISMA”), each agency… More >

Like CFPB Monitor? Vote for us!

Posted in CFPB General

Once each year the ABA Journal puts out a suggestion box for its Blawg 100, an annual listing of the 100 best legal blogs. For the past two years, CFPB Monitor has been honored to join this lofty list of top blogs. We would be grateful to continue the trend in 2014. If you value the… More >

CFPB to hold July 17 field hearing on consumer complaints

Posted in CFPB General

The CFPB has announced that on July 17, 2014, it will hold a field hearing in El Paso, Texas on consumer complaints.  Director Cordray will be speaking at the event, which will also feature testimony from consumer groups, industry representatives, and members of the public.  Given the CFPB’s practice of using field hearings as a forum… More >

CFPB Provides Guidance on Ability to Repay Rule Application to Assumptions of Residential Mortgage Loans

Posted in CFPB General, CFPB Rulemaking, Mortgages

On July 8, 2014 the CFPB provided guidance on the application of the Regulation Z ability to repay rule (section 1026.43) to assumptions of residential mortgage loans for purposes of clarifying the application of the rule in cases in which a relative acquires title to a security property upon the death of the borrower and… More >

OIG finds flaws in approval process used for CFPB headquarters renovation

Posted in CFPB General

The ballooning cost estimates for renovating the CFPB’s Washington, D.C. headquarters was the subject of verbal sparring between Director Cordray and Republican Congressmen during Director Cordray’s most recent appearance before the House Financial Services Committee.  That sparring is likely to become even more heated as a result of a letter issued earlier this week by… More >

Hensarling and CFPB disagree on impact of Supreme Court’s Canning decision

Posted in CFPB General

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 . … More >

U.S. Supreme Court decides recess appointments case

Posted in CFPB General

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… More >

CFPB seeking applicants for technology fellowship program

Posted in CFPB General

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… More >

CFPB seeking input on eRegulations

Posted in CFPB General

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… More >

CFPB Provides Guidance on the TILA-RESPA Integrated Disclosures Rule

Posted in CFPB General, CFPB Rulemaking, Federal Agencies, Hot Issues

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,… More >

House Committee holds third hearing on alleged discrimination at the CFPB

Posted in CFPB General

Yesterday, the House Financial Services Committee’s Oversight and Investigations Subcommittee held a third hearing in its series of hearings addressing alleged discrimination at the CFPB. The Subcommittee heard testimony from current and former CFPB employees who described their experiences with discrimination and retaliation at the CFPB. The witnesses testified that Director Cordray’s reluctance to fire… More >

Full House Committee to hold hearing on the CFPB’s fifth semi-annual report

Posted in CFPB General, Richard Cordray

The House Committee on Financial Services will hold a hearing tomorrow to receive the Semi-Annual Report of the CFPB and Director Cordray’s testimony on the report. CFPB Director Cordray is scheduled to be the only witness. Director Cordray testified before the Senate Committee on Banking, Housing and Urban Affairs last week on the CFPB’s semi-annual… More >

House to hold third hearing on CFPB discrimination

Posted in CFPB General

The House Financial Services Committee’s Oversight and Investigations Subcommittee will be holding a hearing tomorrow entitled “Allegations of Discrimination and Retaliation within the Consumer Financial Protection Bureau, Part Three.” We have blogged about the Subcommittee’s two previous hearings on this issue. The Subcommittee subpoenaed two CFPB witnesses to testify before the hearing: Ali Naraghi, Examiner,… More >

Independent Research Could Improve the CFPB Rulemaking Process

Posted in CFPB General, Research

Recently, the Research Integrity Council (RIC) held its first Research Academic Forum, a panel discussion that focused on how independent academic research can help inform the agency rulemaking process, especially at the CFPB.  As previously reported, the RIC’s objective is to ensure that good, quality research forms the basis for the rulemaking process.  RIC Executive… More >

House Committee holds markup of CFPB bills

Posted in CFPB General

On Tuesday, June 10, the House Financial Services Committee held a markup to discuss several bills designed to promote greater transparency and accountability at the CFPB.  In his opening statement, Chairman Hensarling characterized the CFPB as a “uniquely unaccountable agency,” and emphasized that “regardless of how noble a purpose an agency may have, it does… More >

CFPB to seek information on mobile financial services

Posted in CFPB General

Tomorrow, the CFPB will publish in the Federal Register a “Request for Information Regarding the Use of Mobile Financial Services by Consumers and Its Potential for Improving the Financial Lives of Economically Vulnerable Consumers.” The CFPB is looking for information on how consumers use mobile financial services to access products and services, particularly for economically… More >