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Tag Archives: CFPB

CFPB Proposes Rule to Supervise Nonbank Auto Finance Companies

Posted in CFPB Exams

The CFPB has issued a proposal to supervise nonbank companies that qualify as “larger participants of a market for automobile financing.”  Comments on the proposal will be due 60 days after its publication in the Federal Register. The proposal is based on the CFPB’s authority to supervise nonbank entities considered to be “a larger participant… More >

CFPB and FTC file lawsuits against online payday lenders

Posted in CFPB Enforcement, Payday Lending

Earlier this month, the CFPB and FTC filed lawsuits against different groups of interrelated companies and their individual principals for engaging in allegedly unlawful online payday lending schemes. The CFPB’s lawsuit, which the CFPB made public yesterday, was filed under seal on September 8, 2014 in a Missouri federal court contemporaneously with an ex parte… More >

OMB gives go-ahead to CFPB telephone survey of consumers for arbitration study

Posted in Arbitration

Over the vigorous objections of industry trade groups, on September 4, 2014, the Office of Management and Budget (OMB) approved the CFPB’s request to conduct a national telephone survey of 1,000 credit card holders as part of its study of the use of mandatory pre-dispute arbitration agreements in connection with consumer financial products and services…. More >

CFPB finalizes rule to supervise larger participant international money transfer providers

Posted in CFPB Exams, Remittance Transfers

The CFPB has issued a final rule that will allow it to supervise nonbank international money transfer providers that qualify as “larger participants” in the international money transfer market.  Consistent with the proposed rule, the final rule defines larger participants as those providers that engage annually in 1 million or more international money transfers.  The… More >

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 >

Rohit Chopra from CFPB focuses on student loan modifications at ABA Consumer Financial Services Committee program in Chicago

Posted in Student Loans

I attended a program this morning entitled “All I Need to Know I Learned from the Government: A Look at the Regulatory and Enforcement Landscape for Student Lending .” Among the panelists was Rohit Chopra. Rohit serves as an Assistant Director at the CFPB where he leads an office that focuses on issues facing students… More >

CFPB enforcement head underscores CFPB’s limited use of “abusive ” prong of UDAAP

Posted in CFPB Enforcement, UDAAP

Tony Alexis, the head of enforcement at the CFPB, spoke today in Chicago at a program sponsored by the Committee on Consumer Financial Services at the American Bar Association Section of Business Law’s Annual Meeting. The topic was the “Use of UDAP/UDAAP by Federal and State Regulators.” Mr. Alexis emphasized that the Bureau has very… More >

House members propose bill to nullify CFPB indirect auto finance guidance

Posted in Auto Finance

A bipartisan group of fourteen House members have introduced a bill (H.R. 5403) that would nullify the CFPB’s indirect auto finance guidance issued in March 2013 and require the CFPB to provide for a notice and comment period before issuing any new guidance on indirect auto finance.  Entitled the “Reforming CFPB Indirect Auto Financing Guidance… More >

Director Cordray to testify at Sept. 9 Senate hearing

Posted in Auto Finance

The Senate Committee on Banking, Housing, and Urban Affairs will hold a hearing tomorrow on “Wall Street Reform: Assessing and Enhancing the Financial Regulatory System.”  The list of witnesses includes CFPB Director Richard Cordray.  He is likely to be questioned about upcoming CFPB initiatives, including the proposed larger participant rule for auto finance that the… More >

A uniform code for the debt buying industry?

Posted in Debt Collection

Among the topics being examined by the CFPB in connection with its expected debt collection rulemaking are the debt collection practices of debt buyers. Those practices could become the subject of a uniform state debt buying code if the committee authorized to be appointed by the Uniform Law Commission to study the need for and feasibility… More >

CFPB Consumer Advisory Board to meet on Sept. 11

Posted in Technology

The CFPB has announced that its Consumer Advisory Board will hold a public meeting on September 11 in Washington, D.C.   The meeting will focus on trends and themes related to technology and access to financial services.  According to the agenda, in addition to a general discussion of such trends and themes, there will be a… More >

CFPB issues bulletin on UDAAP risks in marketing credit card promotional APR offers

Posted in Credit Cards, UDAAP

The CFPB has issued a bulletin warning credit card issuers that offer certain promotional APRs of the risk that they may be engaging in deceptive and/or abusive acts or practices when making solicitations for such offers even if such solicitations are in compliance with Regulation Z.   The bulletin focuses on promotional offers that allow consumers… 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 issues report on employee financial wellness

Posted in Financial Literacy

Last week, the CFPB published a report entitled “Financial wellness at work” that reviews “promising practices to promote financial wellness in the workplace.”  The CFPB’s research found that particularly since the recession, financial distress is widespread among the American workforce and can result in large associated costs to employers in terms of productivity loss and… More >

CFPB announces higher education memorandum of understanding

Posted in Military Issues, Student Loans

The CFPB announced that it has entered into a “Joint Higher Education Memorandum of Understanding” with the Departments of Veterans Affairs (VA), Defense (DOD), and Education (ED) as part of a joint effort by the agencies “to prevent abusive and deceptive recruiting practices by schools serving servicemembers, veterans, spouses and other family members.”  The MOU… More >

CFPB to hold September 18 auto finance field hearing

Posted in Auto Finance

The CFPB has announced that it will be holding a field hearing on auto finance on September 18 in Indianapolis.  The announcement indicates that the hearing will feature remarks from Director Richard Cordray, as well as “testimony” from consumer groups, industry representatives, and members of the public. Given the CFPB’s history of using field hearings… 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 announces senior leadership change and new hires and new advisory board and council members

Posted in CFPB People

The CFPB has announced a senior leadership change and two new hires.  It also announced new appointments to its Consumer Advisory Board, Community Bank Advisory Council, and Credit Union Advisory Council. The CFPB announced the following senior leadership change and new hires: Will Wade-Gery will serve as the Assistant Director for Card and Payments Markets. … More >

CFPB settles enforcement action against another debt settlement payment processor

Posted in CFPB Enforcement

The latest chapter in the CFPB’s “comprehensive effort to address consumer harm and to root out unlawful practices across the debt settlement industry” is a settlement announced yesterday with Global Client Solutions, “a leading debt-settlement payment processor,” its CEO, and the chairman of its parent company’s board of directors.  In its complaint filed in a… More >