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Tag Archives: CFPB

CFPB sends debt collection questionnaire

Posted in Debt Collection

The CFPB has sent a questionnaire which, according to the CFPB’s accompanying cover letter, is intended to help the CFPB “better understand operational costs and other factors associated with debt collection.”  The cover letter indicates that the questionnaire was sent to “a variety of debt collection firms, creditors, and service providers” and that responses “will inform… More >

Texas Bankers Association files FOIA request with CFPB

Posted in Overdrafts

The Texas Bankers Association (TBA) announced on its website that it has filed a Freedom of Information Act (FOIA) Request with the CFPB to obtain all documentation the CFPB requested from bank software processors on the overdraft activity of their bank customers. The FOIA request relates to orders issued by the CFPB in November 2014… More >

House Financial Services Committee passes CFPB-related bills including bill creating TRID Rule hold harmless period

Posted in Auto Finance, CFPB Exams, Mortgages

Yesterday, the following four CFPB-related bills were passed by the House Financial Services Committee: H.R. 3192, the “Homebuyers Assistance Act”: The bill would provide a hold harmless period for the TILA/RESPA Integrated Disclosure (TRID) rule that is scheduled to go into effect on October 3, 2015.  Although the CFPB recently delayed the effective date of… 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 >

Auto finance company agrees to change dealer compensation policy to settle CFPB and DOJ fair lending claims

Posted in Auto Finance, CFPB Enforcement, Fair Credit

Earlier this month, American Honda Finance Corporation (AHFC) entered into a settlement with the CFPB and the Department of Justice to resolve charges that it engaged in unlawful discrimination in violation of the Equal Credit Opportunity Act (ECOA).  The settlement includes AHFC’s agreement to change its auto dealer compensation policy, pay $24 million in restitution,… More >

Defense Department dramatically expands scope of Military Lending Act

Posted in Military Issues

The Department of Defense (DoD) dramatically expanded the scope of the Military Lending Act (MLA) on July 22, 2015, publishing its Final Rule amending the MLA’s implementing regulation.  The DoD consulted with the CFPB in developing the Final Rule, and the CFPB actively supported the DoD’s plans to expand MLA coverage. MLA coverage was previously… 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 >

CFPB settles action against provider of student financial aid assistance

Posted in CFPB Enforcement

The CFPB has announced a proposed settlement with Student Financial Aid Services, Inc. (SFAS) to resolve charges that the company engaged in unlawful sales and billing practices in connection with offering fee-based financial aid assistance and preparation services to consumers.  The proposed Stipulated Final Judgment and Order provides for a judgment to be entered against SFAS… 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 sends warning letters on military allotment practices

Posted in Military Issues

The CFPB announced that it sent warning letters this month to several companies that sell retail goods to military servicemembers regarding their acceptance of payments made through military allotments.  The military discretionary allotment system allows servicemembers to automatically direct a portion of their paychecks to financial institutions or others of their choosing.  Effective January 1, 2015,… More >

Ballard Spahr partner Dee Spagnuolo to be faculty member at ABA diversity and inclusion webinar

Posted in Diversity and Inclusion

On August 12, 2015, Dee Spagnuolo, a Ballard Spahr partner, will be a faculty member at an American Bar Association webinar: “Dodd-Frank: Implications for Your Diversity and Inclusion Program.”  The program will focus on how Dodd-Frank Section 342 impacts regulated entities, including financial institutions and publicly traded companies, and include a discussion of best practices for compliance…. More >

FOIA Lawsuit Filed Challenging CFPB Research Methodology

Posted in Credit Reports, Research

The law firm Covington & Burling LLP has filed a Freedom of Information Act (FOIA) lawsuit against the CFPB in Washington, D.C. federal district court seeking  information relating to the CFPB’s report on, “Consumer Voices on Credit Reports and Scores.”  Covington argues that the information requested, “is necessary for the public to verify the quality… More >

Lead generator files petition to set aside CFPB CID

Posted in CFPB Enforcement

A lead generation company and its employee recently filed a petition with the CFPB to modify or set aside a civil investigative demand (CID). Among the arguments made in the petition for why the CID should be set aside is that the company is neither a “service provider” nor “covered person.”  The company argues that it… More >

CFPB seeks to hire administrative law judge

Posted in CFPB Enforcement

The CFPB recently posted a job opening for an administrative law judge (ALJ).  According to the government jobs website, the position is closed which suggests that it has been filled.  A recent Politico article indicated that the CFPB posted the opening because it has ended its arrangement with the SEC to borrow ALJs.  (The Politico article… 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 >

Deputy Director Antonakes to leave CFPB

Posted in CFPB People

According to the American Banker and Politico, Deputy Director Steven Antonakes is leaving the CFPB to pursue opportunities in Massachusetts, his home state.  Mr. Antonakes, the CFPB’s second-in-command, has been with the agency since 2010 and has also been serving as the CFPB’s Associate Director for Supervision, Enforcement, and Fair Lending.

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 issues financial guides for new immigrants

Posted in Financial Literacy

The CFPB recently announced that it has developed “the Newcomer’s Guides to Managing Money to provide recent immigrants with straightforward information about basic money decisions.” According to the CFPB, each guide features tips to help new immigrants, and people who may be new to the U.S. banking system, avoid financial pitfalls.  They also include information… More >

Trade groups comment on CFPB final arbitration study results

Posted in Arbitration

The American Bankers Association, the Consumer Bankers Association and The Financial Services Roundtable (Associations) have filed a joint letter commenting on the final results of the CFPB’s arbitration study released in March 2015.  Ballard Spahr served as counsel to the Associations in preparing the comment letter. Section 1028 of the Dodd-Frank Act requires the CFPB… More >