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Tag Archives: CFPB

CFPB soliciting suggestions for its amicus brief program

Posted in CFPB General

The Consumer Law & Policy Blog has reproduced a copy of a letter sent yesterday by the CFPB seeking suggested cases for the CFPB’s amicus brief program.  The letter indicates that the amicus program has so far filed 14 amicus briefs in the federal courts of appeals and has worked closely with the Solicitor General’s Office… More >

CFPB report highlights inadequate disclosure of campus financial products

Posted in Campus Financial Products

In its fifth annual report on college credit card agreements, the CFPB takes financial institutions as well as colleges and universities to task for failing to adequately disclose their marketing agreements for campus financial products.  The annual report is required by the CARD Act. The CARD Act requires institutions of higher education to disclose publicly… More >

Banking trade groups comment on CFPB’s proposed no-action letter policy

Posted in CFPB General, Technology

The American Bankers Association, American Bankers Insurance Association and Consumers Banking Association have submitted a joint comment letter on the CFPB’s proposed policy on issuing “no-action” letters for innovative financial products or services. The trade groups expressed the overall concern that the proposal will not “serve as a viable approach to alleviating regulatory uncertainty” because… More >

CFPB sues company for alleged credit card sham

Posted in CFPB Enforcement

A new lawsuit filed by the CFPB alleges that a Texas-based company, Union Workers Credit Services, deceived consumers into paying fees to sign up for a “platinum card” that purported to be a general-use credit card but, in actuality, could only be used to buy products from the company.  The CFPB’s complaint, filed in a Texas… More >

CFPB announces pilot to promote consumer savings

Posted in Financial Literacy, Prepaid Cards

As part of its Project Catalyst, the CFPB’s initiative for facilitating innovation in consumer-friendly financial products and services, the CFPB has announced a new research pilot using insights from behavioral economics and an American Express trial program to evaluate the effectiveness of certain practices to encourage prepaid card users to develop regular saving behavior.  The CFPB hopes… More >

CFPB announces lawsuits against student loan debt relief companies

Posted in CFPB Enforcement, Student Loans

On December 11, the CFPB announced lawsuits against two student loan debt relief companies alleged to have deceived borrowers into paying upfront fees for federal student loan repayment benefits that are available for free. The action against College Education Services LLC and its individual owners, which was filed jointly by the CFPB and the Florida… More >

CFPB’s proposed boarding form for online consumer complaint company portal now available

Posted in CFPB General

Last week, the CFPB published a Federal Register notice stating that it was developing a form to allow companies to “proactively participate” in its online company portal for viewing and responding to consumer complaints.  Although the CFPB’s proposed form, the “Company Portal Boarding Form,” was not available when the notice was published, the proposed form… More >

CFPB requires credit bureaus to identify furnishers and industries with highest dispute rates and issues study of collections tradelines

Posted in Credit Reports, Debt Collection

In conjunction with its field hearing today on medical debt collection, the CFPB released a study that “describes characteristics of the medical and non-medical collections tradelines on consumers’ credit reports and the processes by which they appear and disappear.”  However, what deserves to be the headline grabber is the CFPB’s accompanying announcement that “the major… More >

Director Cordray provides update on CFPB’s public library partnerships

Posted in Financial Literacy

In his remarks last week at the Columbus Metropolitan Library, Director Cordray spoke about the partnerships that the CFPB is building with public libraries around the country to promote accessible financial education information for consumers. Director Cordray noted that the Columbus Metropolitan Library system was one of the first nine public libraries from across the country… More >

CFPB issues sixth Semi-Annual Report

Posted in CFPB General

The CFPB has issued its sixth Semi-Annual Report to the President and Congress covering the period from April 1 through September 30, 2014. As we have found with previous CFPB semi-annual reports, despite its 188-page length, the latest report provides no noteworthy new information about CFPB activities.  Instead it recycles information in various previously-issued CFPB reports and… More >

CBO issues cost estimate for Bureau Advisory Opinion Act

Posted in CFPB General

The Congressional Budget Office (CBO) recently released a cost estimate for H.R. 4662, entitled the “Bureau Advisory Opinion Act.”  This was part of series of bills reported in June 2014 by the House Committee on Financial Services that were intended to promote greater transparency and accountability at the CFPB. H.R. 4662 would require the CFPB to establish procedures… More >

CFPB creating boarding form for online consumer complaint company portal

Posted in CFPB General

The CFPB has published a notice in today’s Federal Register stating that the CFPB is developing a form to allow companies to “proactively participate” in its online company portal for viewing and responding to consumer complaints. According to the notice, the CFPB’s proposed form, the “Company Portal Boarding Form,” will “serve to streamline information collection” from… More >

CFPB’s Ombudsman’s Office issues third annual report

Posted in CFPB General

Last week, the CFPB’s Ombudsman’s Office issued its third annual report covering the Office’s activities during fiscal year 2014 (October 1, 2013 through September 30, 2014).  The role of the Ombudsman’s Office is to assist in the resolution of individual and systemic issues that a depository entity, non-depository entity or consumer has with the CFPB. A… More >

CFPB to host research conference on consumer finance

Posted in CFPB General

The CFPB has announced that it plans to host its first “Research on Consumer Finance” conference in Washington, D.C. on May 7-8, 2015. The announcement includes a call for research papers to be submitted by January 16, 2015.  The CFPB seeks complete papers or detailed abstracts that include preliminary results dealing with “the ways consumers… More >

CFPB’s first criminal referral ends in 9-year sentence

Posted in CFPB Enforcement

The CFPB’s first publicly announced criminal referral has resulted in a nine-year sentence for the principal of a debt settlement company, who pled guilty to several of the charges.  The referral, which was made to the U.S. Attorney for the Southern District of New York, arose out of the CFPB’s investigation of two debt-relief service… More >

CFPB praises change in military discretionary allotment system

Posted in Military Issues

CFPB Assistant Director for Servicemember Affairs Holly Petraeus has issued a statement applauding changes to the military discretionary allotment system announced last week by the Department of Defense (DoD). The military discretionary allotment system allows servicemembers to automatically direct a portion of their paycheck to financial institutions or others of their choosing.  Effective January 1, 2015,… More >

AFSA vehicle sales finance study finds significant flaws in CFPB disparate impact methodology and approach

Posted in Auto Finance, Fair Credit

A study of indirect auto financing commissioned by the American Financial Services Association found that the CFPB’s proxy methodology for measuring disparities in auto dealer reserve is “conceptually flawed in its application and subject to significant bias and estimation error.”  Among the study’s other key findings was that the CFPB’s preferred alternative dealer “compensation” methods, namely… More >

CFPB Fall 2014 rulemaking agenda indicates further delay in proposed debt collection and other rules

Posted in CFPB Rulemaking

Based on the CFPB’s Fall 2014 rulemaking agenda, proposed rules dealing with payday loans/deposit advance products, overdrafts, and debt collection are still months away. The CFPB’s timetables for “prerule activities” are February 2015 for payday loans/deposit advance products, July 2015 for overdrafts, and April 2015 for debt collection.  The CFPB’s Spring 2014 agenda had given… More >

CFPB gives guidance and answers FAQ on the new Closing Disclosure

Posted in CFPB General, CFPB Rulemaking, TILA / RESPA

On November 18, 2014, the CFPB staff and Federal Reserve Board co-hosted a webinar that addressed questions about the Final TILA-RESPA Integrated Disclosure Rule that will be effective for applications received by creditors or mortgage brokers on or after August 1, 2015.  The webinar focused on the Closing Disclosure and addressed specific questions regarding the… More >