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Category Archives: CFPB General

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CFPB Student Loan Ombudsman Files Third Annual Report Highlighting Bureau’s Hot Button Issues in Student Lending

Posted in CFPB Enforcement, CFPB Exams, CFPB General, Student Loans

The CFPB released its third Annual Report of the Student Loan Ombudsman, Rohit Chopra, discussing complaints received by the CFPB about private student loans and the lessons drawn by the Ombudsman from those complaints.  Before turning to the substance of those complaints, and the conclusions drawn by the Ombudsman, we think it important to put… More >

CFPB Proposes No-Action Letter Policy for Innovators

Posted in CFPB General, Technology

The CFPB published for comment in today’s Federal Register a proposed policy on issuing “no-action” letters for innovative financial products or services.  Like those issued by the SEC and CFTC, the no-action letters would communicate that, subject to specific facts and circumstances, CFPB staff has no present intention to recommend initiation of an enforcement or supervisory… More >

CFPB Continues Focus on Latino Community

Posted in CFPB General, Credit Reports, Debt Collection, Diversity and Inclusion, FTC, Uncategorized

The CFPB and the FTC have announced that the agencies will host a joint roundtable entitled, “Debt Collection and the Latino Community,” on October 23, 2014. The roundtable will examine how debt collection and credit reporting issues affect Latino consumers, especially those who have limited English proficiency (LEP). Consumer advocates, industry representatives, state and federal… More >

CFPB Updates Mortgage Rules Readiness Guide to Cover TILA-RESPA Integrated Mortgage Disclosure Rule

Posted in CFPB General

The CFPB has released Version 3.0 of its “2014 CFPB Dodd-Frank Mortgage Rules Readiness Guide.”  The Guide, originally issued in July 2013, now contains changes to the final rules issued through August 1, 2014.  The updated Guide includes the TILA-RESPA Integrated Mortgage Disclosures Rule that takes effect in August 2015. According to the CFPB, the… More >

FDIC to Host Teleconference on ATR/QM and Loan Originator Compensation Final Rules

Posted in CFPB General, CFPB Rulemaking

On October 22 from 2:00 to 3:30 p.m., the FDIC’s Division of Depositor and Consumer Protection will host a teleconference as part of its periodic series of events for bankers on important banking regulatory issues in the compliance and consumer protection area.  According to the announcement, the upcoming teleconference will focus on common questions and… More >

CFPB Provides Guidance on the New Loan Estimate

Posted in CFPB General, CFPB Rulemaking

On October 1, 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 Loan Estimate and addressed specific questions regarding the… More >

U.S. Supreme Court Invites Solicitor General’s Views On Whether Certiorari Should Be Granted In Case Involving Standing To Recover Statutory Damages Absent Any Actual Damages

Posted in CFPB General

Yesterday, the U.S. Supreme Court invited the Solicitor General to file a brief to express the Obama administration’s views on whether certiorari should be granted in a consumer case involving an important issue of statutory standing. In the case – Spokeo v. Robins – the issue is whether a plaintiff asserting a private cause of… More >

CFPB Issues First Enforcement Action for Servicing Rules Violations

Posted in CFPB Enforcement, CFPB General

The Consumer Financial Protection Bureau recently announced a consent order with Flagstar Bank, F.S.B., alleging unfair acts and practices under the Consumer Financial Protection Act (CFPA) and violations of the CFPB’s Mortgage Servicing Rules. The penalties include $27.5 million in damages for harmed borrowers, a $10 million civil money penalty, a temporary restriction on the… More >

CFPB announces research pilot on ways to encourage consumers to save at tax time

Posted in CFPB General

On October 2, 2014, the CFPB announced a research pilot to explore ways to encourage saving among consumers at tax time, with particular focus on tax-time saving practices among low-income consumers. The pilot is part of the CFPB’s “Project Catalyst,” which is designed to encourage consumer-friendly developments in markets for consumer financial products and services…. More >

CFPB Community Bank Advisory Council meeting scheduled

Posted in CFPB General

On October 15 from 3:30 to 5:30 p.m., a meeting of the CFPB’s Community Bank Advisory Council will take place at the CFPB’s offices in Washington, DC. According to the agenda Brian Webster, Program Manager for the Office of Mortgage Markets, will discuss mortgages, and Gary Stein, Deposit Markets Program Manager and Jesse Leary, Section… More >

Industry trade groups provide recommendations to CFPB on TILA-RESPA implementation

Posted in CFPB General, CFPB Rulemaking

Sixteen industry trade groups, including the American Bankers Association, the Mortgage Bankers Association, and Financial Services Roundtable, have sent a letter to Director Cordray in which they requested that the CFPB provide additional guidance to help the mortgage industry implement the new TILA-RESPA Integrated Disclosures Rule that will become effective on August 1, 2015. In… More >

News groups oppose opt in for CFPB’s proposed disclosure of complaint narratives

Posted in CFPB General

While industry continues to voice its opposition to the CFPB’s proposal to publicly disclose consumer complaint narratives, some news groups think the CFPB’s proposal doesn’t go far enough.  The Reporters Committee and eight news organizations have submitted a comment letter asking the CFPB to remove from its proposal the requirement for a consumer to consent… More >

GAO report finds CFPB needs to improve privacy and security procedures for data collections

Posted in CFPB General

A new report from the Government Accountability Office on the CFPB’s data collection efforts finds that the CFPB needs to do more to reduce the risk of improper collection, use or release of such data.  The CFPB’s data collection efforts have been the focus of criticism from lawmakers during several hearings at which Director Cordray… More >

CFPB to hold Oct. 1 Credit Union Advisory Council meeting

Posted in CFPB General

The CFPB has announced that it will hold a meeting of its Credit Union Advisory Council on October 1, 2014.  The meeting will be take place in Washington, D.C. and Director Cordray is scheduled to attend.  According to the agenda, the meeting topics will be overdrafts and consumer complaints.  Attendance requires an RSVP.  

The ABA Responds on Mobile Financial Services (Plus, Apple Inc.’s “Response”)

Posted in CFPB General, Electronic Payments, Mobile Payments, Richard Cordray, Technology

In an interesting coincidence, the comment period for the CFPB’s Request for Information (“RFI”) on mobile financial services closed the same day, September 10th, that Apple announced “Apple Pay”—a new mobile wallet included with the iPhone 6 that could shake up the mobile payments landscape.  The RFI, which we reported on earlier, speaks optimistically of… More >

CFPB issues updated guides on the TILA-RESPA Integrated Disclosure Rule

Posted in CFPB General, CFPB Rulemaking

CFPB Issues Updated Guides on the TILA-RESPA Integrated Disclosure Rule The CFPB has released its updated Small Entity Compliance Guide for the TILA-RESPA Integrated Disclosure Rule and Guide to the Loan Estimate and Closing Disclosure.  These resources replace the editions that were published in the spring of 2014. The CFPB also issued a disclosure timeline… More >

CBO issues cost estimates for three House bills to promote greater CFPB transparency and accountability

Posted in CFPB General

This past June, the House Committee on Financial Services reported a series of bills intended to promote greater transparency and accountability at the CFPB.  The Congressional Budget Office (CBO) recently released cost estimates for three of the bills as follows: The CFPB Advisory Commission Transparency Act (H.R. 4262) would require all CFPB advisory committees established… More >

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 >