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Tag Archives: CFPB

ABA comments on normalization of CFPB consumer complaint data

Posted in CFPB General

In response to the CFPB’s Request for Information seeking “best practices for normalizing relevant data” in the CFPB’s Consumer Complaint Database, the American Bankers Association has submitted a comment letter in which it asserts that normalization will not remedy the significant flaws inherent in the CFPB’s public disclosure of consumer complaint data.  The ABA takes the… More >

Interagency task force issues recommendations on federal student loan servicing contracts

Posted in Student Loans

Pursuant to a March 2015 Presidential directive, an interagency task force consisting of the Department of the Treasury, Department of Education, Office of Management and Budget, and Domestic Policy Council has issued recommendations on best practices in performance-based contracting intended to ensure that federal student loan servicers “help borrowers responsibly make monthly payments on their… More >

OIG report finds deficiencies in CFPB hiring processes

Posted in CFPB General

In a new report on the CFPB’s hiring processes, the Office of Inspector General (OIG) for the Fed and CFPB found that the CFPB’s Office of Human Capital (OHC) did not always follow established hiring controls.  For example, the OIG found that not all job analysis forms had evidence of managerial  approval.  According to the… More >

Federal appeals court confirms FTC authority to regulate cybersecurity policies and procedures

Posted in Cybersecurity

Banks and other companies subject to the CFPB’s jurisdiction face the possibility that the CFPB could begin using its authority under Sections 1031 and 1036 of the Dodd-Frank Act (which proscribe unfair, deceptive or abusive acts or practices) to regulate cybersecurity policies and procedures.  For companies also subject to the FTC’s jurisdiction, however, the threat… More >

84 House members urge expedited CFPB action on small business lending data collection rules

Posted in Fair Lending

84 House members recently wrote to the CFPB to urge it to expedite rulemaking to implement the small business lending data requirements of Dodd-Frank Section 1071.  Section 1071 amended the ECOA 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. … More >

No deference for CFPB amicus brief from Ninth Circuit

Posted in Mortgages

Many readers probably remember Edwards v. First American Financial Corp. for its ill-fated journey to the U.S. Supreme Court.  The Supreme Court had granted certiorari to decide the issue of whether a plaintiff who brings a RESPA claim has Article III standing to recover statutory damages in the absence of any actual damages caused by the… More >

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 >

Noted Scholars Critique the CFPB’s Arbitration Study and Find It Lacking

Posted in Arbitration

We have previously blogged about the comment letter concerning the CFPB’s March 10, 2015 Study on consumer arbitration that we submitted to the CFPB on behalf of the American Bankers Association, the Consumer Bankers Association and The Financial Services Roundtable. That comment letter was highly critical of the conclusions drawn by the CFPB from its own… More >

CFPB lawsuit against pension advance companies could have broader implications

Posted in CFPB Enforcement

A new lawsuit, filed by the CFPB and the New York Department of Financial Services (NY DFS) in a California federal court against two pension advance companies and three of the companies’ individual managers, again demonstrates the aggressive approach taken by both agencies.  The lawsuit follows a consumer advisory issued by the CFPB in March 2015… More >

CFPB enters into consent order with company charged with deceptive health care credit enrollment practices

Posted in CFPB Enforcement, UDAAP

The CFPB has entered into a consent order with Springstone Financial, LLC to settle charges that the company was responsible for alleged deceptive and misleading acts and practices in connection with enrolling consumers in a financing program to pay for dental work.  The consent order requires the company to provide $700,000 in redress to consumers who paid deferred… More >

CFPB issues state-specific guides for financial caregivers

Posted in Elder Financial Abuse

In October 2013, the CFPB released four “Managing Someone Else’s Money” guides for financial caregivers, particularly those who handle the finances of older Americans.  The booklets were designed for four different categories of financial caregivers: agents under powers of attorney, court-appointed guardians, trustees, and government fiduciaries, such as someone serving as a Social Security representative… More >

CFPB seeks information on income-driven student loan repayment plans

Posted in Student Loans

In a new blog post, the CFPB tells borrowers, that in response to its solicitation of borrower “stories” about problems with student loans, it has heard “about problems related to enrolling in income-driven repayment plans that ended up costing you hundreds of dollars in unexpected payments.”  The blog post includes “some helpful advice and information”… 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 files amicus brief in FDCPA case applying “meaningful attorney involvement” standard to debt collection litigation

Posted in Debt Collection

The CFPB, jointly with the FTC, has filed an amicus brief with the U.S. Court of Appeals for the Third Circuit in Bock v. Pressler & Pressler, LLP, the case in which the district court ruled that a debt collection law firm violated the FDCPA by filing a complaint without “meaningful attorney involvement.”  In the… More >

Professor Sovern’s comments about CFPB arbitration study numbers don’t add up

Posted in Arbitration

In a recent blog post, Professor Jeff Sovern responded to our blog post indicating that the CFPB’s March 10, 2014 Arbitration Study strongly supports the industry’s view that consumers fare better in arbitration than litigation in general and class actions in particular.  Among other things, we showed that consumers who prevailed in arbitration recovered an average of $5,389, compared… More >

CFPB publishes TRID rule questions index

Posted in Mortgages

The CFPB has posted on its website an index to the various questions regarding the TILA/RESPA Integrated Disclosure (TRID) rule that were addressed during the five webinars on the rule conducted by CFPB staff. The index includes a link to the CFPB webpage that has links to the recordings of the five webinars.  Also, the… More >

Former CFPB Deputy Director joins Eastern Bank

Posted in CFPB People

The American Banker reported earlier this week that Steven Antonakes, the former CFPB Deputy Director, has joined Eastern Bank in Boston as a senior vice president and chief compliance officer.  According to the article, the bank has $9.6 billion in assets.  As a result, the bank does not currently meet the asset threshold for CFPB supervision, which… More >

ABA seeks supervisory and enforcement standards consistent with Inclusive Communities

Posted in Fair Credit

The American Bankers Association has sent a letter to the DOJ, Fed, OCC, FDIC, HUD and CFPB requesting confirmation “in interagency guidance, updated exam procedures, and where appropriate amended regulations that the Agencies’ consideration of disparate impact claims in both the supervisory and enforcement context will be governed by standards consistent with the [Supreme] Court’s… More >

CFPB to participate in Dallas FTC debt collection program

Posted in Debt Collection, FTC

The CFPB will be participating in the FTC’s second “Debt Collection Dialogue” to be held in Dallas, Texas on September 29, 2015.  Gregory Nodler, CFPB Senior Counsel for Enforcement Policy and Strategy, is scheduled to be a panelist.  The program will include a discussion of enforcement actions, consumer complaints, compliance issues, industry best practices, and… More >

CFPB eClosing project update

Posted in Mortgages

On August 5, 2015, the CFPB issued a report on its study of the CFPB’s mortgage loan eClosing project and held a public forum addressing the study results.  As we reported, the CFPB launched the eClosing project to determine if the mortgage closing process could be improved for consumers through the use of technology. The… 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 >