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Tag Archives: CFPB

CFPB updates home buying information booklet

Posted in Mortgages

The CFPB has issued an updated version of the home buying information booklet (also known as the special information or settlement cost booklet) required under RESPA and TILA.  The new booklet is entitled “Your home loan toolkit: A step-by-step guide.”  (The booklet it replaces is entitled “Shopping for Your Home Loan: Settlement Cost Booklet.”)  The new booklet… More >

The CFPB’s contemplated payday/title/high-cost lending proposals: our initial reactions

Posted in Payday Lending, Vehicle Loans

Last Friday, we posted a summary of the contemplated CFPB proposals taking aim at payday (and other small-dollar, high-rate) loans (“Covered Loans”).  In this blog post, we share our thoughts on the CFPB’s grounds for the proposals.  Over the next few days, we will be publishing several additional blog posts to share our reactions to… More >

CFPB issues FDCPA 2015 report

Posted in Debt Collection

The CFPB has issued its fourth annual FDCPA report covering the CFPB’s activities in 2014.  The section of the report that reviews consumer complaints about debt collection received by the CFPB in 2014 recycles information contained in the CFPB’s latest Consumer Response Annual Report. In the section of the report about the CFPB’s supervision of… More >

CFPB 2014 complaints report shows large increase in debt collection and credit reporting complaints

Posted in CFPB General

The CFPB’s Consumer Response Annual Report analyzing complaints handled in 2014 indicates that volume rose 53% from 163,700 complaints in 2013 to 250,200 in 2014. The report provides data on the most common types of complaints for each product, the handling of complaints, and median monetary relief.  Of the 250,200 complaints received in 2014, approximately… More >

CFPB shows its hand on payday (and title and longer-term high-rate) lending

Posted in Deposit Advance Loans, Payday Lending, Vehicle Loans

The CFPB has moved a step closer to issuing payday loan rules by releasing a press release, factsheet and outline of the proposals it is considering in preparation for convening a small business review panel required by the Small Business Regulatory Enforcement Fairness Act and Dodd-Frank.  The CFPB’s proposals are sweeping in terms of the… More >

Condominium unit ILSA sales exemption now effective

Posted in CFPB General

Effective March 25, 2015, the sale of condominium units are no longer subject to the registration requirements of the Interstate Land Sales Full Disclosure Act (ILSA) under a new exemption.  This new exemption applies only to the sale of condominium units on and after March 25, 2015, but also will include condominium units within projects… More >

ABA comments on CFPB prepaid card proposal

Posted in Prepaid Cards

The American Bankers Association has submitted a 46-page comment letter on the CFPB’s proposed prepaid card rule. In the letter, the ABA makes the following key comments: Additional clarity is needed in the definition of the term “prepaid account” to avoid banks being subject to second-guessing by examiners and plaintiffs’ attorneys.  The ABA recommends that the… More >

OIG adds new audit item to work plan

Posted in CFPB General

The Office of Inspector General (OIG) has added a new ongoing CFPB project to its work plan updated as of March 13, 2015.  The OIG is auditing the CFPB’s compliance with the Improper Payments Information Act of 2002, as amended by the Improper Payments Elimination and Recovery Act of 2010 and the Improper Payments Elimination… More >

Budget amendment introduced to change CFPB appropriations

Posted in CFPB General

Another Republican CFPB effort to subject the CFPB to the congressional appropriations policy took the form of an amendment to the Senate’s 2015 Budget Resolution introduced last week by Senator David Perdue.  Earlier in March, Republican Congressman Sean Duffy introduced the Bureau of Consumer Financial Protection Accountability Act of 2015 (H.R. 1261) which is also directed… More >

Another payday loan study finds affordability and rollover limits do not benefit borrowers

Posted in Payday Lending

We recently wrote about three studies that cast serious doubt on the benefit to payday loan borrowers of an ability-to-repay requirement, a payment-to-income (PTI) ratio ceiling, and rollover limits, three potential payday loan restrictions thought to be under consideration by the CFPB. The findings of these studies find support in another study released this week… More >

CFPB seeks comments on new information collection plans

Posted in CFPB General

The CFPB has published two Federal Register notices seeking comments on its plans to request approval from the Office of Management and Budget for two new generic information collection plans.  Comments on both plans are due on or before May 22, 2015. One notice requests comments on a “Generic Information Collection Plan for Surveys Using… More >

Sovern v. Kaplinsky

Posted in Arbitration

In its study of consumer arbitration dated March 10th, the CFPB concluded that relatively few consumer arbitrations have been filed.  In a recent Consumer Law & Policy blog, Professor Jeff Sovern states that he is “skeptical” of my position that the CFPB’s conclusion can be explained, in part, by the fact that most consumers use… More >

CFPB adopts plan to publicly disclose consumer complaint narratives

Posted in CFPB General

The CFPB has adopted its controversial proposal to publicly disclose consumer complaint narratives in its Consumer Complaint Database.  Its plans for disclosing the narratives are set forth in a final policy statement.   According to the Federal Register document announcing the policy statement, the CFPB will not disclose any narratives for at least 90 days after the statement’s… More >

CFPB’s claims under CFPA survive challenge by for-profit education company but TILA claim held to be time-barred

Posted in CFPB General

An Indiana federal court recently granted in part and denied in part the motion of ITT Educational Services, Inc. to dismiss the CFPB’s complaint.  As we previously reported, the CFPB’s complaint alleged that ITT engaged in misrepresentations and other unlawful conduct to lead ITT students to obtain financing with onerous terms to pay tuition.  The… More >

CFPB launches another credit card review

Posted in Credit Cards

The CFPB has issued another request for information about the credit card market.  The request is intended to inform the CFPB’s biennial review of the credit card market mandated by the CARD Act.  In October 2013, the CFPB issued its first report to Congress on the results of its first review.  In that report, the CFPB… More >

Enhance Diversity & Inclusion Efforts in Four Areas CFPB, Audit Recommends

Posted in Diversity and Inclusion

Last week, the Office of Inspector General published its findings following an audit assessing the CFPB’s human resources-related operations and other efforts for equal employment.  The audit, which was conducted in response to a congressional request for information on the CFPB’s activities related to diversity and inclusion (D&I), analyzed the CFPB’s efforts to ensure equal… More >

CFPB supervisory report highlights violations in debt collection, consumer reporting, overdraft practices, mortgage origination, and fair lending

Posted in CFPB General

In its Winter 2015 Supervisory Highlights, which covers supervision work generally completed between July and December 2014, the CFPB highlights legal violations resolved using non-public supervisory actions involving debt collection, consumer reporting, overdraft practices, mortgage origination, and fair lending. The report indicates that recent supervisory resolutions in the areas of payday lending, mortgage servicing, and… More >

CFPB Holds Field Hearing On Arbitration Report

Posted in Arbitration, CFPB General

On March 10th, the CFPB held a public field hearing in Newark, New Jersey to address the release of its arbitration report to Congress. The event featured opening remarks from Director Richard Cordray, as well as commentary from consumer groups, industry representatives and members of the public. According to Director Cordray, the report was based… More >

CFPB to hold March 26 payday lending field hearing

Posted in Payday Lending

The CFPB has announced that it will hold a field hearing on payday lending on March 26, 2015 in Richmond, Virginia.  Like other CFPB field hearings, the event will feature remarks from Director Richard Cordray, as well as testimony from consumer groups, industry representatives, and members of the public. At his appearance last week before… More >

The CFPB’s final arbitration study: what’s the real story?

Posted in Arbitration

Yesterday, the CFPB delivered to Congress the final results of its empirical study of consumer arbitration as mandated by Section 1028 of the Dodd-Frank Act.  It has been widely reported that the final results show that arbitration agreements are detrimental to consumers.  However, after a careful reading of the 728-page study, we found that it… More >

More CFPB reform bills introduced in House

Posted in CFPB General

In addition to the bill introduced last week by Republican Congressman Randy Neugebauer that would replace the CFPB’s director with a five-member commission, four other CFPB reform bills have been introduced by Republican Congressman Sean Duffy.  A series of similar bills were approved by the House Financial Services Committee in November 2013 and incorporated into… More >

CFPB releases final arbitration study results

Posted in Arbitration

As expected, the CFPB today released final results of its consumer arbitration study as mandated by Section 1028 of the Dodd-Frank Act.  Section 1028 provides that the CFPB, “by regulation, may prohibit or impose conditions or limitations on the use of” pre-dispute arbitration agreements concerning consumer financial products or services if it finds doing so “is… More >