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Category Archives: CFPB General

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CFPB issues second monthly complaint report

Posted in CFPB General, Credit Reports

The CFPB has issued its August 2015 complaint report, the second in its new series of monthly complaint reports.  When it announced the launch of the new reports last month, the CFPB stated that each report would spotlight a particular product and geographic location.  The August 2015 spotlights credit reporting complaints and complaints from consumers… More >

OIG adds four new projects to work plan

Posted in CFPB General

Since our last blog post about the OIG’s work plan, the work plan has been updated as of August 7, 2015 to add four new projects.  A newly added ongoing project is a “Security Control Review of the CFPB’s SQL Environment.”  (An SQL environment is a database management system.)  The OIG’s specific audit objective is… More >

CFPB Issues Compliance Bulletin on PMI Cancellation and Termination

Posted in CFPB General, CFPB Rulemaking, Mortgages

The CFPB recently issued Compliance Bulletin 2015-03, addressing the cancellation and termination requirements for private mortgage insurance (PMI) under the Homeowners Protection Act of 1998 (HPA). We note that this Bulletin does not provide much in the way of novel interpretation or expected best practices. Instead, the Bulletin outlines the basics of these requirements, and… More >

OIG finds CFPB headquarters renovation costs reasonable

Posted in CFPB General

The Office of Inspector General for the Fed and CFPB (OIG) has issued a report on the results of its audit of the construction costs for the CFPB’s Washington, D.C. headquarters renovation.  The renovation costs have been the subject of criticism by some lawmakers. The OIG found that the costs “appear reasonable based on comparisons… More >

CFPB issues 2015 Plain Writing Act Compliance Report

Posted in CFPB General

The CFPB has issued its 2015 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 >

OIG identifies information security deficiencies in CFPB’s DT Complaint Database

Posted in CFPB General

The Office of Inspector General (OIG) for the Fed and CFPB recently completed its review of the information system security controls for the CFPB’s Data Team (DT) Complaint Database.  The DT Complaint Database supports the CFPB’s Consumer Response System through which the CFPB collects and responds to consumer complaints and is the source of consumer complaint… More >

CFPB issues Spanish edition of “Your Home Loan Toolkit”

Posted in CFPB General, TILA / RESPA

The CFPB has issued a Spanish version of “Your Home Loan Toolkit” (“Toolkit”), that is designed to be used with disclosures provided under the TILA/RESPA Integrated Disclosure (“TRID”) rule.  The Toolkit will replace the current “Settlement Cost Booklet” (also known as the “Special Information Booklet”) when the TRID rule goes into effect on October 3,… More >

Challenge to CFPB’s constitutionality reemerges

Posted in CFPB General

The issue of the CFPB’s constitutionality reemerged last week in court and Congress. On the judicial front, the U.S. Court of Appeals for the D.C. Circuit, in State National Bank of Big Spring, Texas, et al. v. Lew, et al., reversed the district court and ruled that the bank had standing to challenge the  constitutionality… More >

Senate Judiciary Committee holds hearing on Dodd-Frank constitutional issues

Posted in CFPB General

The Senate Judiciary Committee held a hearing yesterday entitled “The Administrative State v. The Constitution: Dodd-Frank at Five Years.”  The hearing was focused on constitutional issues relating to the Dodd-Frank Act, including the constitutionality of the CFPB. The witnesses were: The Honorable C. Boyden Gray of Boyden Gray & Associates, PLLC: Deepak Gupta of Gupta… More >

CFPB officially moves TRID effective date to October 3

Posted in CFPB General, CFPB Rulemaking, Federal Agencies, Richard Cordray, TILA / RESPA

The CFPB has issued a final rule postponing the effective date for all provisions of the TILA-RESPA Final Rule and Amendments to October 3, 2015.  The final rule also includes certain technical amendments to reflect the new effective date.  The provisions of the final rule related to the delay in the effective date, are effective… More >

CFPB launches monthly complaint report

Posted in CFPB General

The CFPB has issued a complaint report which it describes as “the first in a new series of monthly reports to highlight key trends from consumer complaints submitted to the Bureau.”  In addition to providing overall data on complaint volume, each monthly report will spotlight a particular product and geographic location.  The July 2015 report… More >

CFPB to host forum on eClosing

Posted in CFPB General

On Wednesday, August 5 at 1p.m. EDT, the CFPB will be hosting a forum on the “Know Before You Owe Initiative” on eClosing. The forum will feature remarks from Director Richard Cordray, and include a panel discussion with consumer groups, industry representatives, and members of the public. The event is open to the public and… More >

Director Cordray appears before Senate Banking Committee

Posted in Arbitration, CFPB General, Military Issues, Mortgages, Payday Lending

On Wednesday, July 15, CFPB Director Richard Cordray appeared before the Senate Committee on Banking, Housing, & Urban Affairs to answer questions regarding the Bureau’s Semi-Annual Report to Congress and the President, which it published on June 15, 2015. Dir. Cordray observed that during the six month period covered by the report, from October 2014 through… More >

CFPB Monitor singled out for praise by Above the Law

Posted in CFPB General

Writing frequently with language that’s easy to understand, they cover the CFPB the way a newspaper reporter would cover a beat — thus offering a go-to outlet for everyone who needs to know the latest happenings with the Bureau.  That’s how Above the Law’s new article on law firm blogs describes Ballard Spahr’s CFPB Monitor. … More >

OIG updated work plan includes new projects

Posted in CFPB General

Since we last blogged about the Office of Inspector General’s work plan, the OIG has updated its work plan to add several new projects and move back the estimated completion dates of several ongoing projects. The OIG’s work plan updated as of June 26, 2015 includes the following new projects: Ongoing projects: Security Control Review of the CFPB’s… More >

CFPB releases video of “final” webinar on TILA-RESPA Integrated Disclosure rule

Posted in CFPB General, CFPB Rulemaking, TILA / RESPA

The CFPB has posted a video of its May 26th webinar that addressed questions about the final TILA-RESPA Integrated Disclosure Rule. The webinar was the fifth in a series to address specific questions related to rule interpretation and implementation challenges that have been raised by creditors, mortgage brokers, settlement agents software developers, and other industry… More >

CFPB seeks comments on new information collections

Posted in CFPB General

The CFPB published notices in today’s Federal Register seeking comments on the following information collections: “Consumer Response Government and Congressional Boarding Forms.”  The notice states that the CFPB has developed portals  for state and federal agencies and congressional offices to view and search consumer complaint data.  While not expressly stated in the notice, based on the… More >

CFPB begins public disclosure of consumer complaint narratives

Posted in CFPB General

As of today, consumer narratives are publicly available on the CFPB’s consumer complaint database.  In its press release, the CFPB stated that the database now includes “for the first time over 7,700 consumer accounts of problems they are facing with financial companies concerning mortgages, bank accounts, credit cards, debt collection, and more.” In March 2015,… More >

CFPB seeks comments on new information collections

Posted in CFPB General

The CFPB published notices in yesterday’s Federal Register seeking comments on the following information collections: “Consumer Response Government and Congressional Boarding Forms.”  The notice states that the CFPB has developed portals  for state and federal agencies and congressional offices to view and search consumer complaint data.  While not expressly stated in the notice, based on the… More >

CFPB issues seventh Semi-Annual Report

Posted in CFPB General

The CFPB has issued its seventh Semi-Annual Report to the President and Congress covering the period from October 1, 2014 through March 31, 2015. The 190-page report recycles information from previously-issued CFPB reports and reviews ongoing and past developments, all of which we have already covered in previous blog posts. By way of aggregate statistics, the… More >

CFPB FY 2014 service contract inventory available

Posted in CFPB General

The CFPB has announced that its FY 2014 service contract inventory is available for public viewing.  The inventory provides information on service contracts over $25,000 funded by the CFPB in FY 2014. In addition to the inventory, the CFPB issued a summary listing its ten largest contract obligations.  The two largest obligations were for “Support-Professional: Program… More >