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Category Archives: CFPB General

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Lawmakers take sides on Director Cordray’s future; Senator Warren urges consumer advocates to defend CFPB

Posted in CFPB General

Battle lines over Director Cordray’s future at the CFPB are predictably forming along party lines.  Earlier this week, two Republican senators sent a letter to Vice President-elect Pence urging Director Cordray’s removal by President-elect Trump.  Also earlier this week, a group of 21 Democratic members of the House Financial Services Committee, including ranking member Maxine… More >

Updated HMDA resources for data collected in 2017 and 2018

Posted in CFPB General, CFPB Rulemaking

As we have previously discussed, on October 15, 2015, the Consumer Financial Protection Bureau (CFPB) released a final rule amending Regulation C, which implements the Home Mortgage Disclosure Act (HMDA), requiring certain data on mortgage applications and loans to be collected in 2017 by “Covered Institutions.” The 2017 HMDA institutional chart  provides guidance on how… More >

Trump transition team releases names of additional CFPB landing team members

Posted in CFPB General

The Trump transition team has released the names of three more individuals who will be members of the CFPB landing team.  “Landing teams” are members of the incoming president’s transition team tasked with gathering information about their assigned agency. We previously reported that Paul Atkins would be on the landing team for the CFPB as… More >

CFPB issues fourth report to appropriations committees

Posted in CFPB General

The CFPB has issued its fourth report entitled “Report of the Consumer Financial Protection Bureau Pursuant to Section 1017(e)(4) of the Dodd-Frank Act.”  That Dodd-Frank section requires the CFPB’s Director to submit an annual report to the House and Senate Committees on Appropriations “regarding the financial operating plans and forecasts of the Director, the financial… More >

CFPB seeks new members for Academic Research Council

Posted in CFPB General

The CFPB has published a notice in the Federal Register announcing that it is seeking applications from persons interested in becoming members of its Academic Research Council (ARC). Appointments to the ARC are typically for four years. The CFPB seeks “tenured academics with a world class research and publishing background, and a record of public… More >

CFPB seeking new members for advisory groups

Posted in CFPB General

The CFPB has published a notice in the Federal Register announcing that it is seeking applications from persons interested in becoming members of its Consumer Advisory Board (Board), Community Bank Advisory Council (CBAC), or Credit Union Advisory Council (CUAC).  Appointments to the Board are typically for three years and appointments to the CBAC and CUAC… More >

CFPB issues tenth Semi-Annual Report

Posted in CFPB General

The CFPB has issued its tenth Semi-Annual Report to the President and Congress covering the period April 1, 2016 through September 30, 2016. The 178-page report recycles information from previously-issued CFPB reports and reviews ongoing and past developments, which we have covered in previous blog posts. By way of aggregate statistics, the report indicates that… More >

Director Cordray reported to have no departure plans

Posted in CFPB General

Politico has reported that CFPB Communications Director Jen Howard has indicated in an e-mail that Director Cordray has no current plans to leave the CFPB.  According to Politico, Ms. Howard stated “Director Cordray was confirmed by a bipartisan group of 66 senators to serve a term until July 2018 and has no plans to step… More >

CFPB unveils Consumer Credit Trends web-based tool

Posted in CFPB General

The CFPB has unveiled “Consumer Credit Trends,” which it describes as “a web-based tool to help the public monitor developments in consumer lending and forecast potential future risks.” The tool, which was released in beta version, tracks originations for mortgages, credit cards, auto loans, and student loans.  For each category, the tool shows loan volume… More >

Banking trade groups urge creation of commission to run CFPB

Posted in CFPB General

In a letter sent to Majority Leader McConnell and Minority Leader-elect Schumer, the Consumer Bankers Association, the Credit Union National Association, the Independent Community Bankers of America, and the National Association of Federal Credit Unions urge Congress to pass legislation to create a five-member commission to run the CFPB. In their letter, the trade groups… More >

CFPB’s Ombudsman’s Office issues fifth annual report

Posted in CFPB General

The CFPB’s Ombudsman’s Office has issued its fifth annual report covering the Office’s activities during fiscal year 2016 (October 1, 2015 through September 30, 2016).  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. The… More >

Central District of California Subjects CFPB Telemarketing Sales Rule Claims to Rule 9(b)’s Heightened Pleading Standards

Posted in CFPB General

In a recent case, the Central District of California held that the CFPB’s claims against a credit repair service under the Telemarketing Sales Rule (“TSR”) must meet Federal Rule of Civil Procedure 9(b)’s heightened pleading requirement. CFPB v. Prime Marketing Holdings, LLC, CV 16-07111-BRO, Dkt. No. 32 (C.D. Cal. Nov. 15, 2016). Applicable to cases… More >

How does the PHH case impact presidential authority to remove Director Cordray?

Posted in CFPB General

A blog post entitled “The President’s Removal Power and the PHH Litigation” by Aditya Bamzai, an Associate Professor of Law at the University of Virginia School of Law, challenges the assumption of many observers that the new President would have to let the PHH litigation run its course before acting to remove Director Cordray. As we… More >

CFPB November 2016 complaint report highlights other financial services complaints, complaints from Oklahoma consumers

Posted in CFPB General

The CFPB has issued its November 2016 complaint report which highlights complaints about “other financial services,” a category that includes debt settlement, credit repair, check cashing, and money orders.  The report also highlights complaints from consumers in Oklahoma and the Oklahoma City metro area. General findings include the following: As of November 1, 2016, the CFPB… More >

Petition for writ of certiorari filed in case asserting recess appointment defense to CFPB enforcement action

Posted in CFPB General

Since it was filed in a California federal court in July 2012, we have been following CFPB v. Chance Edward Gordon, a case in which the CFPB alleged that an attorney duped consumers by falsely promising loan modifications in exchange for advance fees and, in reality, did little or nothing to help consumers.  The CFPB… More >

The CFPB’s Latest LEP Guidance: A Step in the Right Direction

Posted in CFPB General

Serving consumers with limited English proficiency (“LEP Consumers”) is one of the most challenging issues facing financial institutions today. The logistical challenges of ensuring accurate translations, dealing with dialects, and having non-English compliance and monitoring resources have been coupled with a great deal of uncertainty about regulatory risks from serving LEP consumers. In the past,… More >

CFPB Consumer Advisory Board to meet on Oct. 27

Posted in CFPB General

The CFPB has published a notice in the Federal Register announcing that a meeting of its Consumer Advisory Board (CAB) will be held on October 27, 2016. The notice indicates that the CAB will discuss “student loan servicing issues and trends and themes in debt collection.”  Presumably, the student loan servicing issues will include servicers’… More >

CFPB Publishes Updated Versions of Small Entity Compliance Guide and Guide To Forms

Posted in CFPB General, Mortgages, TILA / RESPA

The CFPB has posted on its TILA-RESPA implementation webpage updated versions of its Small Entity Compliance Guide and Guide to Loan Estimate and Closing Disclosure Forms.  The updates focus on various guidance provided in recent TILA/RESPA Integrated Disclosure (TRID) rule webinars provided by the Bureau.  We have previously addressed the content of the March 1,… More >