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Category Archives: CFPB General

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CFPB publishes guidance regarding RESPA-TILA integrated disclosure forms

Posted in CFPB General, Mortgages

The CFPB recently published guidance (the Guide) to assist mortgage originators and settlement service providers in completing the Loan Estimate and Closing Disclosure forms required under the RESPA-TILA Integrated Disclosure Rule (the Rule). The Guide provides step-by-step instructions that industry participants can follow when completing each page of the required forms. The Rule becomes effective August… More >

CFPB general counsel gives glimpse into CFPB’s upcoming agenda

Posted in CFPB General, Debt Collection

On Monday, April 7, CFPB General Counsel Meredith Fuchs warned that debt collection, payday lending, prepaid cards and privacy notices are priorities for the Bureau in the coming months. Appearing before the Practicing Law Institute’s 19th Annual Consumer Financial Services Institute in New York City, Ms. Fuchs noted that the CFPB has already received in… More >

Bill to create CFPB small business advisory board introduced

Posted in CFPB General

A bill to require the CFPB to establish a small business advisory board was recently introduced by Republican Congressman Robert Pittenger and Democratic Congressman Denny Heck.  H.R. 4383, entitled the “Bureau of Consumer Financial Protection Small Business Advisory Board Act,” would establish a board comprised of at least 12 members who are “representatives of small business… More >

CFPB and FTC Representatives Speak at Symposium on Fine Print

Posted in CFPB General, CFPB People, FTC

CFPB General Counsel Meredith Fuchs and CFPB Assistant General Counsel for Law and Policy Anne Zorc spoke last week at the Georgetown Consumer Law Society and Citizen Works’ symposium entitled “Making the Fine Print Fair.” The CFPB’s representatives focused on the Bureau’s updates to the RESPA-TILA integrated disclosures rule, about which we previously reported. According… More >

CFPB payday loan proposal for rulemaking is coming, but timing of its publication remains unclear

Posted in CFPB General, CFPB Rulemaking, Payday Lending

At the Practicing Law Institute’s 19th Annual Consumer Financial Services Institute held on Monday in New York City, Meredith Fuchs, Associate Director & General Counsel for the CFPB delivered the opening keynote address, which touched on a number of topics regarding current areas of interest of the CFPB and provided updates on where several of… More >

House to hold hearing on economic consequences of actions taken by CFPB and other federal regulators

Posted in CFPB General

This Tuesday, April 8, the House Financial Services Committee will hold a hearing entitled “Who’s in Your Wallet: Examining How Washington Red Tape Impairs Economic Freedom.”  According to the Committee memo, the hearing will examine the economic consequences of recent rulemaking, supervisory, and enforcement actions of the CFPB, FDIC, Fed, NCUA and OCC.  Issues to… More >

CFPB employee testifies at House hearing on alleged CFPB employee discrimination

Posted in CFPB General

At yesterday’s hearing on alleged CFPB employee discrimination conducted by the House Financial Services Committee’s Subcommittee on Oversight and Investigations, a CFPB employee is reported to have testified that the agency has “a pervasive culture of retaliation and intimidation that silences employees and chills the workforce from exposing wrongdoing.”    Angela Martin, a CFPB enforcement attorney, claimed that… More >

CFPB issues second annual complaints report

Posted in CFPB General

In issuing its Consumer Response Annual Report analyzing complaints handled in 2013, the CFPB’s headline was that volume nearly doubled from 91,000 complaints received in 2012 to 163,700 complaints received in 2013.  The report provides data on the most common types of complaints for each product, the handling of complaints and median monetary relief.  Of… More >

Report says CFPB representatives will not appear at House hearing on alleged CFPB employee discrimination

Posted in CFPB General

According to a Politico report, a CFPB spokesman has said that the two invited CFPB representatives will not be participating in the hearing scheduled for this Wednesday, April 2 by the House Financial Services Committee’s Subcommittee on Oversight and Investigations. Entitled “Allegations of Discrimination and Retaliation within the Consumer Financial Protection Bureau,” the hearing is… More >

FTC Holds Seminar on Alternative Scoring Products

Posted in CFPB General, FTC

On March 19, 2014, the Federal Trade Commission hosted a seminar on Alternative Scoring Products, the second in its Spring Privacy Series. The speakers discussed the privacy concerns associated with predictive analytics products and scores that are offered by many data brokers. Alternative scores are used by companies to predict risks such as the likelihood… More >

House Financial Services Committee to hold hearing on alleged CFPB employee discrimination

Posted in CFPB General

The House Financial Services Committee’s Subcommittee on Oversight and Investigations has scheduled a hearing for April 2, 2014 entitled “Allegations of Discrimination and Retaliation within the Consumer Financial Protection Bureau.”  The hearing follows the American Banker’s recent article revealing that CFPB staff evaluations showed a pattern of racial disparities.   According to the Committee memorandum, Committee staff… More >

CFPB representatives invited to speak at symposium on fine print

Posted in CFPB General

On April 4, the Georgetown Consumer Law Society and Citizen Works will be hosting a symposium at Georgetown Law Center titled “Making the Fine Print Fair.”  Two CFPB representatives have been invited to speak: Meredith Fuchs, CFPB General Counsel, and Anne Zorc, CFPB Assistant General Counsel for Law and Policy.  Accepted speakers include a number of… More >

CFPB releases report on employee reviews

Posted in CFPB General

The CFPB appears to have reacted to the American Banker’s recent article revealing that CFPB staff evaluations showed a pattern of racial disparities by releasing the internal report that was the basis for the article.  According to an article by Wall Street Journal reporter Alan Zibel, the CFPB’s release of the report last week “represents an… More >

CFPB service contract inventory available

Posted in CFPB General

A notice was published by the CFPB in today’s Federal Register that an inventory and summary of the service contracts over $25,000 it awarded in FY 2013 are available for public viewing.  (The inventory and a summary are posted on the CFPB’s website.)  The inventory shows 215 contracts for a total amount of $84,948,018.39. While… More >

More on the CFPB’s closed-door meeting policy

Posted in CFPB General

Last week, we reported that Republican Congressman Jeb Hensarling, who chairs the House Financial Services Committee, has called on the CFPB to end its closed-door meeting policy for its four advisory groups.  Those groups consist of the Community Bank Advisory Council, the Credit Union Advisory Council, the Academic Research Council, and the Consumer Advisory Board…. More >

Newspaper publisher sues CFPB for documents on headquarters renovation

Posted in CFPB General

We recently reported that the CFPB had issued its first Annual Freedom of Information Act (FOIA) Report which provided statistical information for FOIA requests the CFPB received in FY 2013.  It turns out that one of those FOIA requests was made by the Washington Newspaper Publishing Co, which publishes the Washington Examiner.  The company’s FOIA… More >

The CFPB’s Debt Collection Complaint Report: Lots of Fury Signifying Nothing

Posted in CFPB General, Debt Collection

Yesterday, the CFPB released its annual report on debt collection, along with a press release. The headline, according to the Bureau, is that “Consumers Report Being Hounded About Debts Not Owed,” and the Bureau reported that more than one-third of the complaints it received were about collection efforts with respect to debts the consumer did… More >

Hensarling calls on CFPB to open advisory group meetings

Posted in CFPB General

Republican Congressman Jeb Hensarling, who chairs the House Financial Services Committee, called on the CFPB this week to end its closed-door meeting policy for its four advisory groups.  Those groups consist of the Community Bank Advisory Council, the Credit Union Advisory Council, the Academic Research Council, and the Consumer Advisory Board.  The Committee’s press release… More >

CFPB issues FOIA reports

Posted in CFPB General

Last week, the CFPB issued its first Annual Freedom of Information Act (FOIA) Report, which was accompanied by the report of its Chief FOIA Officer.  The Chief FOIA Officer’s report contains narrative answers to a series of questions and the FOIA report contains statistical information about the FOIA requests received by the CFPB.  The statistical… More >

Looking for a video of a CFPB event: check YouTube

Posted in CFPB General

In trying to find a video of the meeting last month of the CFPB’s Consumer Advisory Board, we recently discovered that the CFPB’s website contains a YouTube link where the CFPB posts videos of field hearings and other events.  Videos of CFPB officials speaking about various issues can also be found at the link. Curiously, although… More >