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Category Archives: CFPB General

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CFPB, AG’s, secure $92M in debt relief for servicemembers victimized by predatory lending

Posted in CFPB Enforcement, CFPB General, Military Issues

NOTE: We intended to post this blog entry on the Monitor on July 30 but it was inadvertently omitted. The CFPB, after an investigation in cooperation with 13 state attorneys general, has entered into a consent order with Colfax Capital Corporation, a California consumer lending company (Colfax), and its wholly-owned subsidiary, Culver Capital, LLC, a… More >

CFPB Answers FAQ on the TILA-RESPA Integrated Disclosures Rule

Posted in CFPB General, CFPB Rulemaking

On August 26, 2014, the CFPB staff and Federal Reserve Board co-hosted a webinar and addressed questions about 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 second in a planned series intended to address the… More >

House Passes Bill to Fix Privilege Waiver Problem for Nonbanks

Posted in CFPB General

A bill (H.R. 5062) recently passed by the House of Representatives would amend the Consumer Financial Protection Act (the CFPA), which is Title X of the Dodd-Frank legislation, to provide protection against waiver of state and federal law privileges for nondepository institutions supervised by the CFPB. Entitled the “Examination and Supervisory Privilege Parity Act of… More >

Furnishers Beware – CFPB Signals That Civil Penalties May Be Appropriate Even Without Any Actual Consumer Injury

Posted in Auto Finance, CFPB Enforcement, CFPB General, Vehicle Loans

Yesterday, the CFPB announced a consent order with First Investors Financial Services Group, Inc., an auto finance company that both makes loans to consumers and purchases retail installment sale contracts from auto dealers. Under the terms of the consent order, First Investors agreed to pay a $2.75 million civil penalty relating to allegations that it… More >

Industry trade group launches campaign targeting CFPB plan to disclose complaint narratives

Posted in CFPB General

The Financial Services Roundtable has launched as multimedia campaign to challenge the CFPB’s proposal to expand the consumer complaint data that it publicly discloses to include complaint narratives. In its announcement of the campaign, the Roundtable called the proposal a “plan that may misinform consumers by posting unverified, anonymous and potentially inaccurate complaints about financial services… More >

OCC consumer protection standards in new Bulletin may influence CFPB Debt Sales Examinations of Banks

Posted in CFPB General

As noted in our recent Alert, the Office of the Comptroller of the Currency (OCC) has issued Bulletin 2014-37 on Consumer Debt Sales (the “Bulletin”). The Bulletin addresses the application of consumer protection requirements and safe and sound banking practices to debt sales by OCC-supervised institutions (national banks and federal thrifts) of all sizes, including… More >

CFPB issues third annual Plain Writing Act compliance report

Posted in CFPB General

The CFPB has issued its third annual Plain Writing Act compliance report.  Under the PWA, federal “executive agencies,” including the CFPB, are required to use plain language in documents that: are necessary for obtaining information about a federal government benefit or service or filing taxes; provide information about a federal government benefit or service; or explain… More >

GAO issues report on CFPB civil penalty fund

Posted in CFPB General

The Government Accountability Office (GAO) has issued a report on the results of its review the CFPB’s Civil Penalty Fund (CPF).  The review was requested by Representative Shelley Moore Capito, who chairs the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit. Section 1017 of the Dodd-Frank Act established in the Federal Reserve… More >

CFPB extends comment period on proposal to publicly disclose consumer complaint narratives

Posted in CFPB General, CFPB Rulemaking, Hot Issues

The CFPB is extending the comment period on its proposed policy statement that would expand the complaint data that it publicly discloses in its Consumer Complaint Database to include “unstructured” complaint narratives.  In a statement released on July 29, 2014, the CFPB states that it is extending the deadline for comments to be filed from… More >

Director Cordray to testify at July 30 House hearing on alleged CFPB employee discrimination

Posted in CFPB General

On July 30, 2014, the House Financial Services Committee’s Subcommittee on Oversight and Investigations will hold a hearing titled “Allegations of Discrimination and Retaliation and the CFPB Management Culture.”  Director Cordray is the sole witness scheduled to appear.  The hearing will represent the Subcommittee’s fourth hearing on alleged employee discrimination at the CFPB and the… More >

Consumer stories: CFPB birthday presents?

Posted in CFPB General

To mark the CFPB’s “third birthday,” Director Cordray sent an e-mail inviting consumers to share their “stories with the CFPB.”  In addition, the CFPB has posted several videos on its website that Director Cordray described in his e-mail as “a collection of stories from people all over the country about their personal experiences in the financial marketplace.”… More >

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 >

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 >