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Category Archives: CFPB General

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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 >

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 >