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Tag Archives: CFPB

CFPB announces appointments to Advisory Research Council

Posted in CFPB General

The CFPB has announced the appointment of two new members to its Academic Research Council (ARC).  The ARC is an advisory body that provides the CFPB’s Office of Research with advice and feedback on its research work.  The new members are Raphael Bostic from the University of Southern California and Melvin Stephens from the University of Michigan. … More >

Tribally-affiliated lenders file opposition to CFPB’s petition to enforce CIDs

Posted in CFPB Enforcement, Payday Lending

We recently reported that the CFPB has filed a petition in U.S. District Court for the Central District of California seeking to enforce the civil investigative demands (CIDs) it issued in June 2012 to three tribally-affiliated payday lenders.  A hearing on the petition has been scheduled for April 28. In their joint memorandum of law… More >

CFPB proposes extension of remittance transfer rule depository institution exception and other revisions

Posted in Remittance Transfers

The CFPB has issued a proposal to extend for five years the temporary exception in its remittance transfer rule that allows insured depository institutions to estimate fees and exchange rates in certain circumstances.  The proposal also includes “several clarificatory amendments and technical corrections” to the rule and commentary.  The CFPB’s remittance transfer rule implements Section 1073… More >

Hints of future payday rule-making

Posted in Payday Lending

Laura Udis, the CFPB’s program manager for the payday lending industry, spoke on April 10 in Los Angeles on a panel sponsored by the American Bar Association Consumer Financial Services Committee.  CFPB staff members are generally somewhat constrained in commenting on future CFPB actions.  However, Ms. Udis advised that, in its rule-making, the CFPB may… More >

CFPB amends CashCall complaint

Posted in Payday Lending

The CFPB has filed an amended complaint in its lawsuit against CashCall and several related companies that funded, purchased, serviced and collected online payday loans to identify additional states in which the loans defendants sought to collect were purportedly void in whole or in part as a matter of state law.  The loans in question… More >

CFPB promotes online student financial aid resources

Posted in Student Loans

In a new blog post , the CFPB promotes its online financial aid resources to students who are now in the process of choosing which school to attend this fall.  The blog post directs students to a just-launched “crisp new version of our Paying for College tool kit,” stating that “[m]aking apples-to-apples comparison of your… More >

CFPB files petition in CA federal court to enforce CIDs issued to tribal payday lenders

Posted in Payday Lending

The CFPB recently filed a petition in U.S. District Court for the Central District of California seeking to enforce the civil investigative demands (CIDs) it issued in June 2012 to three tribally-affiliated payday lenders.  A hearing on the petition has been scheduled for April 28. In September 2013, the CFPB issued an order denying the lenders’… 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 >

Guilty pleas entered in CFPB’s first criminal referral

Posted in CFPB Enforcement

The CFPB’s first publicly announced criminal referral has resulted in the entry of guilty pleas by a debt settlement company and its principal, according to a Reuters report.  The referral, which was made to the U.S. Attorney for the Southern District of New York, arose out of the CFPB’s investigation of two debt-relief service providers… More >

CFPB to hold mortgage closing forum on April 23

Posted in Mortgages

The CFPB has announced that it will be holding a forum on the mortgage closing process in Washington, D.C. on April 23, 2014.  The announcement states that the event will feature remarks from Director Cordray, and a discussion with consumer groups, industry representatives, and members of the public. The CFPB has indicated that the next phase… More >

No CFPB regulations in 2014 implementing expanded ECOA small business data collection requirements

Posted in CFPB Rulemaking, Fair Lending

Section 1071 of Dodd-Frank amended the Equal Credit Opportunity Act to require financial institutions to collect and maintain certain data in connection with credit applications made by women- or minority-owned businesses and small businesses.  Such data includes the race, sex, and ethnicity of the principal owners of the business.  In April 2011, the CFPB issued… More >

CFPB General Counsel Meredith Fuchs in the “Disparate Impact” Hot Seat

Posted in Auto Finance, CFPB Enforcement, Vehicle Loans

As we previously reported, the House Financial Services Committee has been interested in the specific methodology and metrics used by the CFPB in its disparate impact analysis under the Equal Credit Opportunity Act and Regulation B. On March 7, Chairman Hensarling sent a letter to Director Cordray seeking a response to the Committee’s questions, and… 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 >

OIG finds CFPB’s supervision program needs improvement

Posted in CFPB Exams

Earlier this week, the results of an evaluation of the CFPB’s supervision program conducted by the Office of Inspector General (OIG) that the CFPB shares with the Fed were released in a report entitled “The CFPB Can Improve the Efficiency and Effectiveness of Its Supervisory Activities.”  The report is based on data in the CFPB’s Supervisory… More >

CFPB launching community financial education project

Posted in Financial Literacy

The CFPB has announced that it plans to launch a new Community Financial Education Project in which it will work with public libraries across the country to help them provide free financial information and referrals.  The launch will be the subject of an event hosted by the CFPB’s Office of Financial Education that is scheduled for… 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 >