A new report by Human Rights Watch (HRW) titled “Rubber Stamp Justice—US Courts, Debt Buying Corporations, and the Poor” is likely to find readers at the CFPB, which is expected to move closer early this year to proposing debt collection regulations. In its Fall rulemaking agenda, the CFPB estimated that further prerule activities would occur in February 2016. … Continue Reading
January 2016
Senator Warren to address student loan activists
Senator Elizabeth Warren is scheduled to be the keynote speaker today for “National Student Debt Day,” an event in Washington, D.C. for “student loan activists from around the country.” The event is sponsored by Young Invincibles, which describes itself as “a national organization, working to engage young adults on issues, such as higher education, health care, and jobs.”… Continue Reading
Federal court issues mixed ruling on PA AG’s Dodd-Frank UDAAP claim based on alleged “rent-a-bank” and “rent-a-tribe” schemes
An attempt by the Pennsylvania Attorney General to use her Dodd-Frank Section 1042 authority recently met with only partial success in Pennsylvania federal district court. Section 1042 allows state attorneys general and regulators to bring civil actions for violations of Dodd-Frank’s prohibition of unfair, deceptive, or abusive acts or practices (UDAAP). … Continue Reading
CFPB postpones field hearing on checking account access to Feb. 3
The CFPB has announced that due to inclement weather, it has postponed the field hearing about access to checking accounts until February 3, 2016. The hearing, which is to be held in Louisville, Kentucky, was originally scheduled for today.
As we previously reported, we expect the hearing to coincide with an announcement by the CFPB of steps it is taking to address concerns raised by Director Cordray in connection with the CFPB’s October 2014 forum on checking account screening policies and practices.… Continue Reading
OIG issues report on CFPB civil penalty fund victim identification process
The Office of Inspector General for the Fed and CFPB has issued a report on the results of its audit of the CFPB’s process for identifying victims eligible to receive compensation from the Consumer Financial Civil Penalty Fund (CPF).
Section 1017 of the Dodd-Frank Act requires the CFPB to deposit in the CPF the civil penalties it collects in enforcement actions. … Continue Reading
CFPB announces consent order with buy-here pay-here used car dealer
The CFPB has announced that it has entered into a consent order with a Colorado buy-here pay-here used car dealer to settle charges that the dealer’s sales and advertising practices violated the Truth in Lending Act and the Consumer Financial Protection Act prohibition of unfair, deceptive, or abusive acts or practices. … Continue Reading
CFPB seeking new members for advisory groups
The CFPB has published notices in the Federal Register announcing that it is seeking applications from persons interested in becoming members of its Academic Research Council (ARC), Consumer Advisory Board (Board), Community Bank Advisory Council (CBAC), or Credit Union Advisory Council (CUAC). Appointments to the ARC and Board are typically for three years and appointments to the CBAC and CUAC are typically for two years.… Continue Reading
CFPB engaged in process to allow public input on privacy questions under new HMDA rule
On January 11, Elena Babinecz, a CFPB attorney, spoke as part of a panel relating to the revised HMDA rule at the Winter Meeting of the Consumer Financial Services Committee of the Business Law Section of the American Bar Association. Ms. Babinecz confirmed that the CFPB is engaged in a follow-up policymaking process to allow the public to provide input on privacy concerns relating to new data that those subject to HMDA’s reporting requirements are required to collect, record and report.… Continue Reading
Independent audit recommends updates to CFPB privacy policies
The CFPB has released a report for FY 2015 prepared by KPMG LLP of its independent audit of selected CFPB operations and budget. An annual independent audit is required by the Dodd-Frank Act. The report dated December 18, 2015 reflects work performed by KPMG during the period June 15, 2015 to November 24, 2015.… Continue Reading
CFPB construction loan “fact sheet” falls far short of necessary guidance
The CFPB has issued what it calls a “fact sheet” regarding the disclosure of construction-to-permanent loans under the TILA/RESPA Integrated Disclosure (TRID) rule, which the CFPB refers to as the Know Before You Owe rule. The fact sheet falls far short of the detailed guidance sought by the mortgage industry.… Continue Reading