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Tag Archives: CFPB

CFPB issues new “snapshot” report on consumer complaints

Posted in CFPB General

The CFPB has issued a report on consumer complaints received from July 21, 2011 through June 30, 2014.  According to the CFPB’s “Snapshot,” it handled approximately 395,300 complaints during this period, with its Consumer Complaint Database listing more than 254,800 complaints as of July 1, 2014.  (The report indicates that the database only lists complaints… More >

CFPB hearing in El Paso on proposal to disclose consumer complaint narratives sheds light on CFPB position, reveals concerns of financial institutions

Posted in CFPB General

The CFPB held a field hearing yesterday in El Paso, Texas, at which it described its proposal to expand the complaint data it publicly discloses in its Consumer Complaint Database to include consumer complaint narratives. We previously reported about the proposal, which was released by the CFPB before the hearing. Director Cordray identified three main… More >

CFPB and FTC to hold roundtable on debt collection and the Latino community

Posted in Debt Collection

On October 23, 2014, the CFPB and FTC will be co-hosting a roundtable titled “Debt Collection & the Latino Community” to examine how debt collection issues affect Latino consumers, especially those who have limited English proficiency.  The event, to be held in Long Beach, California, will bring together consumer advocates, industry representatives, state and federal… More >

CFPB proposes to publicly disclose consumer complaint narratives

Posted in CFPB General

The CFPB  is proposing to expand the complaint data that it publicly discloses in its Consumer Complaint Database to include consumer complaint narratives.   Currently, the CFPB’s Disclosure of Consumer Complaint Policy Statement provides that the complaint data fields the CFPB discloses in the database are limited to non-narrative fields such as the name of the company… More >

CFPB and federal banking regulators increase focus on cybersecurity

Posted in Cybersecurity

As part of their increased focus on cybersecurity, the CFPB and federal banking are taking steps to raise financial institutions’ awareness about the need for preparedness.  On June 24, 2014, the Federal Financial Institutions Examination Council (FFIEC) launched a web page that combines available resources from the federal regulators on cybersecurity.  In addition to heightening… More >

CFPB issues policy guidance on mini-correspondent structure for mortgage lenders

Posted in Mortgages

On July 11, 2014, the CFPB issued supervisory and enforcement guidance entitled “Policy Guidance on Supervisory and Enforcement Considerations Relevant to Mortgage Brokers Transitioning to Mini-Correspondent Lenders.”  The guidance addresses regulatory requirements applicable to mortgage brokers under the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA).  The CFPB notes that… More >

OIG updated work plan adds focus to information security, compensation, and distribution of civil penalty funds

Posted in CFPB General

The most notable items added by the Office of Inspector General (OIG) to its work plan, updated as of July 7, 2014, are audits of the CFPB’s information security program, pay and compensation program, and distribution of civil penalty funds. Information Security Pursuant to the Federal Information Security Management Act of 2002 (“FISMA”), each agency… More >

CFPB obtains $10 million of relief for payday lender’s collection calls

Posted in CFPB Enforcement, Payday Lending

Yesterday, the CFPB and ACE Cash Express issued press releases announcing that ACE has entered into a consent order with the CFPB. The consent order addresses ACE’s collection practices and requires ACE to pay $5 million in restitution and another $5 million in civil monetary penalties. In its consent order, the CFPB criticized ACE for:… More >

CFPB to hold July 17 field hearing on consumer complaints

Posted in CFPB General

The CFPB has announced that on July 17, 2014, it will hold a field hearing in El Paso, Texas on consumer complaints.  Director Cordray will be speaking at the event, which will also feature testimony from consumer groups, industry representatives, and members of the public.  Given the CFPB’s practice of using field hearings as a forum… More >

CFPB Provides Guidance on Ability to Repay Rule Application to Assumptions of Residential Mortgage Loans

Posted in CFPB General, CFPB Rulemaking, Mortgages

On July 8, 2014 the CFPB provided guidance on the application of the Regulation Z ability to repay rule (section 1026.43) to assumptions of residential mortgage loans for purposes of clarifying the application of the rule in cases in which a relative acquires title to a security property upon the death of the borrower and… More >

CFPB Issues Report on the Use of Remittance Histories in Credit Scoring

Posted in Credit Reports, Remittance Transfers

On July 3rd, the CFPB released a Report on the Use of Remittance Histories in Credit Scoring (the “Report”). Section 1073(e) of the Dodd-Frank Wall Street Reform and Consumer Protection Act required the CFPB Director to study the feasibility of and impediments to using remittance transfer information (i.e., information regarding electronic fund transfers made by… More >

OIG finds flaws in approval process used for CFPB headquarters renovation

Posted in CFPB General

The ballooning cost estimates for renovating the CFPB’s Washington, D.C. headquarters was the subject of verbal sparring between Director Cordray and Republican Congressmen during Director Cordray’s most recent appearance before the House Financial Services Committee.  That sparring is likely to become even more heated as a result of a letter issued earlier this week by… More >

Industry trade groups urge OMB not to approve CFPB arbitration telephone survey

Posted in Arbitration

Three prominent industry trade groups are urging the Office of Management and Budget (OMB) not to approve the CFPB’s proposal to conduct a national telephone survey of 1,000 credit card holders as part of its study of the use of mandatory arbitration agreements in connection with the offering of consumer financial products and services.  After… More >

GAO report recommends increased CFPB participation in virtual currency efforts

Posted in Hot Issues

In a report issued last week on virtual currencies, the Government Accountability Office recommended increased CFPB participation in interagency efforts related to such currencies.  The report, entitled “Virtual Currencies: Emerging Regulatory, Law Enforcement, and Consumer Protections Challenges,” reviews various actions that federal financial regulators and law enforcement agencies have taken related to the emergence of virtual… More >

Hensarling and CFPB disagree on impact of Supreme Court’s Canning decision

Posted in CFPB General

It should be no surprise that the CFPB and Republican Congressman Jeb Hensarling, who chairs the House Financial Services Committee, have different perspectives on the U.S. Supreme Court’s ruling last week that President Obama exceeded his Constitutional recess appointment authority when he filled three vacancies on the National Labor Relations Board in January 2012 . … More >

U.S. Supreme Court decides recess appointments case

Posted in CFPB General

The U.S. Supreme Court today issued a decision in NLRB v. Noel Canning in which it held that President Obama’s January 2012 recess appointments to the National Labor Relations Board were invalid. The NLRB recess appointments were made on January 4, the day after a new session of Congress had begun with a pro forma January 3 session… More >

New studies challenge CFPB claims that student loan debt is discouraging homeownership

Posted in Student Loans

The charge that student loan debt is causing young adults to postpone home ownership has come from various quarters, including the CFPB.   However, two new studies, one the subject of an article released earlier this year and the other the subject of a Brookings Institution report released this week, suggest those charges are overblown.  The… More >

CFPB seeking applicants for technology fellowship program

Posted in CFPB General

The CFPB has announced that it is now accepting applications for the next round of its Technology & Innovation fellowship program.  The CFPB describes the fellowship as “a two year program for software developers, graphic and user experience (UX) designers, data specialists, and cybersecurity professionals interested in leveraging technology to help further our mission of… More >

CFPB seeking input on eRegulations

Posted in CFPB General

Last October, the CFPB announced the launch of its “eRegulations” feature on its website.  At the time, the CFPB described eRegulations as “a web-based, open source tool that aims to make regulations easier to find, read, and understand.”  Currently, only Regulations E and Z are included in eRegulations.   The CFPB is now seeking feedback on… More >

Department of Education proposal on campus financial products expected in July

Posted in Campus Financial Products

We recently commented that financial institutions offering financial products to college students, including debit or prepaid cards, under agreements with colleges should be planning now for the possible advent of new restrictions from the Department of Education (ED) on their practices and agreement terms, including the distinct possibility of public disclosure of the agreements themselves. … More >

CFPB Provides Guidance on the TILA-RESPA Integrated Disclosures Rule

Posted in CFPB General, CFPB Rulemaking, Federal Agencies, Hot Issues

On June 17, 2014, the CFPB staff and Federal Reserve co-hosted a webinar on the final TILA-RESPA Integrated Disclosures Rule that will be effective for applications received by creditors or mortgage brokers on or after August 1, 2015.  The webinar is the first in a planned series intended to help creditors, mortgage brokers, settlement agents,… More >

New CFPB initiatives to prevent elder financial abuse and improve financial literacy

Posted in Elder Financial Abuse, Financial Literacy

The CFPB has issued a new guide designed to help operators and staff of nursing facilities and assisted living residences protect residents from financial abuse.  The guide indicates that it is for administrators as well as business office staff, social service personnel, and any staff members involved in the admissions process.  It includes information about warning… More >