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Tag Archives: CFPB

Briefing completed in Ninth Circuit tribal lending case challenging CFPB authority

Posted in Payday Lending

Briefing has now been completed in CFPB v. Great Plains Lending, LLC, et al., the case before the U.S. Court of Appeals for the Ninth Circuit in which three tribally-affiliated payday lenders are challenging the CFPB’s authority to issue civil investigative demands (CIDs) to entities that are arms of sovereign tribes. Last July, a California… More >

OIG seeks improved CFPB approach for notifying prudential regulators of violations by smaller financial institutions

Posted in CFPB Enforcement

The Office of Inspector General for the Fed/CFPB has sent a memorandum to the CFPB, the subject of which is “The CFPB Can Enhance Its Process for Notifying Prudential Regulators of Potential Material Violations.”  The memo follows up on a report issued last month by the Offices of Inspector General for the Fed/CFPB, FDIC, Treasury and… More >

Pew urges CFPB to finalize prepaid card rule

Posted in Prepaid Cards

In its new report containing its findings from a survey of prepaid card users, The Pew Charitable Trusts urges the CFPB’s “speedy adoption” of its proposed prepaid card rule.  The CFPB’s proposal, which would mandate new disclosures, error resolution procedures, consumer liability limits for unauthorized transactions, fee limits, and added requirements for cards with overdraft… More >

Community groups want CFPB action on small business lending data collection rules

Posted in Fair Lending

A recent American Banker article written by officials of three community groups urges President Obama to publicly denounce Director Cordray for failing to issue regulations implementing 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… More >

Senator seeks GAO investigation of CFPB payday loan rulemaking

Posted in Payday Lending

In a letter to the Government Accountability Office (GAO), Senator David Vitter questioned “the adequacy and thoroughness of the CFPB’s analysis of small entity impacts” in connection with its payday lending rulemaking process and asked the GAO to conduct an investigation and issue a report on its findings.  Senator Vitter chairs the Senate Committee on Small Business… More >

CFPB seeks comments on new information collections

Posted in CFPB General

The CFPB published notices in today’s Federal Register seeking comments on the following information collections: “Consumer Response Government and Congressional Boarding Forms.”  The notice states that the CFPB has developed portals  for state and federal agencies and congressional offices to view and search consumer complaint data.  While not expressly stated in the notice, based on the… More >

CFPB begins public disclosure of consumer complaint narratives

Posted in CFPB General

As of today, consumer narratives are publicly available on the CFPB’s consumer complaint database.  In its press release, the CFPB stated that the database now includes “for the first time over 7,700 consumer accounts of problems they are facing with financial companies concerning mortgages, bank accounts, credit cards, debt collection, and more.” In March 2015,… More >

Dodd-Frank diversity standards: just out of the gate and already under fire

Posted in Diversity and Inclusion

Just days after the release of the final diversity standards under Section 342 of the Dodd-Frank Act, several prominent lawmakers and business leaders have criticized the new standards for not going far enough to promote diversity and inclusion within the financial services industry.  The standards were issued jointly on June 9 by six federal agencies—the… More >

Chopra joins Center for American Progress

Posted in Student Loans

Despite a reported endorsement from Senator Elizabeth Warren, it appears that, at least for now, Rohit Chopra, the CFPB’s  former student loan ombudsman, will not be moving into the job of Superintendent of the New York Department of Financial Services. According to Politico, Mr. Chopra has joined the Center for American Progress, where he will… More >

CFPB supervisory report highlights violations in consumer reporting, debt collection, student loan servicing, mortgage origination and servicing, fair lending

Posted in CFPB Exams

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

CFPB seeks comments on new information collections

Posted in CFPB General

The CFPB published notices in yesterday’s Federal Register seeking comments on the following information collections: “Consumer Response Government and Congressional Boarding Forms.”  The notice states that the CFPB has developed portals  for state and federal agencies and congressional offices to view and search consumer complaint data.  While not expressly stated in the notice, based on the… More >

FTC follows in CFPB footsteps with GLBA privacy notices

Posted in Privacy

The FTC recently proposed amendments to its Gramm-Leach-Bliley Act (GLBA) rules requiring motor vehicle dealers to send their customers an annual privacy notice.  The amendments would allow motor vehicle dealers to notify their customers that a privacy policy is available on their website, subject to certain conditions.  Comments on the proposal are due on or… More >

CFPB update on student loan complaints continues to highlight co-signer release issues

Posted in Student Loans

The CFPB has issued a “Mid-year update on student loan complaints” that analyzes the approximately 3,100 private student loan complaints received by the CFPB between October 1, 2014 and March 31, 2015.  The update also analyzes the approximately 1,100 debt collection complaints related to student loans during the same period.  There is no indication as… More >

CFPB alerts Google to student loan debt relief scammers

Posted in Student Loans

Rohit Chopra, the CFPB’s outgoing Student Loan Ombudsman, has sent a letter to Google to alert the company that “student loan debt relief scammers may be targeting student loan borrowers through the company’s search products.” In his letter, Mr. Chopra describes some of the efforts of federal and state law enforcement agencies to stop such… More >

New report shows negative effect of CFPB’s contemplated payday loan proposals on credit availability

Posted in Payday Lending

A new report prepared by Charles River Associates for the Community Financial Services Association of America (CFSA) found that the CFPB’s contemplated proposals for payday (and other small-dollar, high-rate) loans would cut small payday lenders’ revenues by 82 percent on average, potentially forcing these lenders to close many existing stores. The report also found that… More >

Lawmakers urge CFPB to reopen arbitration study

Posted in Arbitration

A group of more than 80 House and Senate Republicans have sent a letter to Director Cordray asking the CFPB to reopen its arbitration study.  The CFPB released the final results of its empirical study of consumer arbitration as mandated by Section 1028 of the Dodd-Frank Act in March 2015. In their letter, the lawmakers… More >

House appropriations amendment would create new requirements for CFPB arbitration rule

Posted in Arbitration

According to a Politico report, the House Appropriations Committee has approved an amendment to the FY 2016 Financial Services Appropriations bill that would impose new requirements on the CFPB before it can issue a rule governing arbitration agreements.  The amendment, which was introduced by Republican Representatives Steve Womack and Tom Graves, reportedly would require the… More >

Rohit Chopra to leave CFPB

Posted in CFPB People, Student Loans

The Wall Street Journal and Politico have reported that Rohit Chopra, the CFPB’s student loan ombudsman, will be leaving the CFPB next week.  According to the reports, Mr. Chopra did not indicate in his resignation letter to Treasury Secretary Jacob Lew what his next position would be. Seth Frotman, the CFPB’s Deputy Assistant Director for… More >

CFPB blinks on TRID rule effective date

Posted in Mortgages

CFPB Director Cordray issued a statement yesterday afternoon indicating that the CFPB will propose to delay the effective date of the TILA/RESPA Integrated Disclosure (TRID) rule until October 1, 2015.  The CFPB has previously resisted calls from industry and lawmakers for a delay in the TRID rule’s scheduled August 1 effective date.  Earlier this month,… More >

CFPB issues seventh Semi-Annual Report

Posted in CFPB General

The CFPB has issued its seventh Semi-Annual Report to the President and Congress covering the period from October 1, 2014 through March 31, 2015. The 190-page report recycles information from previously-issued CFPB reports and reviews ongoing and past developments, all of which we have already covered in previous blog posts. By way of aggregate statistics, the… More >

CFPB FY 2014 service contract inventory available

Posted in CFPB General

The CFPB has announced that its FY 2014 service contract inventory is available for public viewing.  The inventory provides information on service contracts over $25,000 funded by the CFPB in FY 2014. In addition to the inventory, the CFPB issued a summary listing its ten largest contract obligations.  The two largest obligations were for “Support-Professional: Program… More >

CFPB finalizes rule to supervise nonbank auto finance companies and releases auto finance examination procedures for banks and nonbanks

Posted in Auto Finance

The CFPB issued a final rule on June 10, 2015 allowing it to supervise nonbank companies that qualify as “larger participants of a market for automobile financing.”  Relatedly, it adopted simultaneously a separate rule defining certain automobile leases as a “financial product or service.”  These rules will be effective 60 days after their publication in… More >