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Tag Archives: CFPB

Defense Department proposes expansion of Military Lending Act regulations

Posted in Military Issues, Payday Lending

As anticipated, the Department of Defense’s proposed regulations to implement provisions of the Military Loan Act added by the 2013 Defense Authorization Bill would significantly expand MLA coverage.  The proposed revisions would limit interest charged to servicemembers and their dependents on all payday loans, vehicle title loans, refund anticipation loans, deposit advance loans, installment loans,… More >

CFPB announces new Project Catalyst project

Posted in Credit Cards

The CFPB has announced a new project as part of its Project Catalyst initiative, which the CFPB describes as ” designed to encourage consumer-friendly developments in markets for consumer financial products and services.”  The new project is a research pilot to examine the effectiveness of early intervention credit counseling for consumers who are at risk… 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 releases report on fair credit exams and white paper on proxy methodology

Posted in Auto Finance, CFPB Exams, Fair Credit

Along with its proposed larger participant rule for the auto financing market, the CFPB recently issued a special edition of Supervisory Highlights (“report”) describing its fair credit supervisory activity in what it characterizes as “the indirect automobile lending market.” The report indicates that CFPB supervisory examination teams have been conducting targeted Equal Credit Opportunity Act… 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.  

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 >