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Category Archives: CFPB General

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CFPB to Participate in FTC Workshop on Consumer Disclosures

Posted in CFPB General, Financial Literacy, FTC, Privacy, Research, UDAAP

On September 15th, the FTC will hold a workshop to examine the testing and evaluation of disclosures that companies make to consumers about advertising claims, privacy practices, and other information.  The FTC’s workshop will explore how to test the effectiveness of these disclosures to ensure consumers notice them, understand them, and can use them in… More >

CFPB announces new appointments to advisory groups

Posted in CFPB General

The CFPB has announced the appointment of new members to its Consumer Advisory Board, Community Bank Advisory Council, Credit Union Advisory Council, and Academic Research Council.  In January 2016, the CFPB published a notice in the Federal Register soliciting applications from individuals interested in becoming members. According to the CFPB, the new members “include experts… More >

CFPB solicits information on registration system for nonbanks

Posted in CFPB General

In a Request for Information (RFI) posted on the Federal Business Opportunity website last month, the CFPB solicited information from vendors so the CFPB can “better understand current, state-of-the-art capabilities and strategies to aid its consideration on whether to propose a registration system for nonbank financial institutions.”  Pursuant to Dodd-Frank Section 1022, the CFPB is… More >

CFPB issues final rule amending mortgage servicing regulations

Posted in CFPB General, CFPB Rulemaking

The CFPB issued its final rule amending the mortgage servicing rules under Regulations X and Z.  The proposal for these amendments was issued in November 2014.  The amended provisions cover a wide range of topics, including the following: Tailored periodic statements and early intervention notices for borrowers in bankruptcy; Additional procedures for communicating with, and… More >

CFPB proposes changes to higher-priced mortgage loan exemption threshold

Posted in CFPB General, CFPB Rulemaking, Mortgages

On August 4, 2016, the CFPB published for comment proposed substantive and organizational changes to the Regulation Z Commentary regarding the calculation of the annual exemption threshold  amount for the special appraisal requirements for higher-priced mortgage loans under section 129H of the Truth in Lending Act (TILA).  Both the Office of Comptroller of Currency and… More >

CFPB issues 2016 Plain Writing Act Compliance Report

Posted in CFPB General

The CFPB has issued its 2016 Plain Writing Act Compliance Report.  Under the PWA, federal “executive agencies,” including the CFPB, are required to use plain language in documents that: are necessary for obtaining information about a federal government benefit or service or filing taxes; provide information about a federal government benefit or service; or explain… More >

CFPB looks to expand consumer complaint feedback

Posted in CFPB General

In a notice published in today’s Federal Register, the CFPB is seeking comments on a proposed addition to the current complaint intake form.  The new field would include a survey that consumers may choose to respond to, providing their feedback on the company’s response to their complaint.  The consumer would be able to opt-in and provide… More >

CFPB Releases Amendments to TRID Rule

Posted in CFPB General, CFPB Rulemaking, Mortgages

The CFPB has issued a proposed rule with request for public comment containing both substantive amendments and technical corrections (collectively, Proposed Amendments) to the final TILA-RESPA Integrated Disclosure (TRID) rule that became effective on October 3, 2015.  In a press release the CFPB advised that the Proposed Amendments are “intended to formalize guidance in the… More >

CFPB Updates Webinar Question Index

Posted in CFPB General, Mortgages, TILA / RESPA

The CFPB has posted on its website an updated index to include the various questions regarding the TILA/RESPA Integrated Disclosure (TRID) rule that were addressed during the March 1, 2016 and April 12, 2016 webinars on the rule conducted by CFPB staff. The updated index identifies the questions addressed in all seven of the TRID… More >

ABA and CBA seek revisions to generic clearance process

Posted in CFPB General

The American Bankers Association and the Consumer Bankers Association (the Associations) have sent a letter to the Office of Information and Regulatory Affairs (OIRA) (part of the Office of Management and Budget (OMB)) urging OIRA to update its existing guidance on information collections to ensure that the CFPB or other agencies do not improperly use… More >

CFPB touts initiatives in “fact sheets”

Posted in CFPB General

To commemorate its fifth anniversary, the CFPB released a series of “fact sheets” touting its initiatives.   The “fact sheets” consist of the following: CFPB: By the numbers.  The CFPB lists various statistics, such as $11.7 billion in consumer relief, $440 million in civil penalties, 27 million consumers to receive relief as a result of CFPB… More >

HMDA resources for data collected in 2017 and 2018

Posted in CFPB General

As we have reported, the Consumer Financial Protection Bureau (CFPB) released a final rule amending Regulation C, which implements the Home Mortgage Disclosure Act (HMDA), requiring “Covered Institutions” to report certain information about mortgage applications and loans in efforts to create transparency in the mortgage lending process. In connection with the revisions, beginning with data… More >

Happy Anniversary to CFPB Monitor!

Posted in CFPB General

While the media is giving lots of coverage to the fifth anniversary of the CFPB, I thought it appropriate to commemorate the fifth anniversary of our blog, which was launched on July 21, 2011, the same day the Bureau was stood up.   When the Dodd-Frank Act was signed into law one year earlier, it had… More >

A fifth anniversary for the CFPB

Posted in CFPB General

Today, July 21, 2016, marks the fifth anniversary of the date on which the CFPB officially opened its doors for business.  Since then, the CFPB has embarked on unprecedented initiatives that have dramatically changed the face of the consumer financial services industry.  Despite the continuing legislative and judicial challenges to its structure, we expect no slowdown… More >

CFPB to hold second research conference

Posted in CFPB General

The CFPB has announced that it plans to host its second research conference on consumer finance on December 15-16, 2016.  (The first such conference was held in May 2015.) The announcement contains a call for complete papers or detailed abstracts that include preliminary results to be submitted by August 26, 2016.  The CFPB is encouraging the submission… More >

Key Takeaways from the OCC Forum on Supporting Financial Innovation

Posted in CFPB General

While the CFPB has not yet held a public event devoted to FinTech or financial innovation, the Office of the Comptroller of the Currency (OCC) recently held a Forum On Supporting Financial Innovation in the Federal Banking System to discuss the agency’s approach to FinTech and other innovative products. The forum follows up on the… More >

GAO report shows continuing CFPB employee concerns related to fair treatment

Posted in CFPB General

A report last month issued by the Government Accountability Office (GAO)  found that a survey of nonexecutive CFPB employees revealed “heightened concerns related to fair treatment, trust that employees can raise concerns related to fair treatment, trust that employees can raise concerns without fear of reprisal, confidence in complaint processes, and other matters.”  The report,… More >

CFPB issues ninth Semi-Annual Report

Posted in CFPB General

The CFPB has issued its ninth Semi-Annual Report to the President and Congress covering the period from October 1, 2015 through March 31, 2016. The 188-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 >

CFPB Highlights Mortgage Servicing Examination Findings and Technology Issues

Posted in CFPB General, Mortgages

In an unmistakable warning shot to mortgage servicers, the CFPB recently issued a “Mortgage Servicing Special Edition” of its Supervisory Highlights. The CFPB also updated portions of its Mortgage Servicing Examination Procedures. In the Bureau’s accompanying press release, and throughout the Supervisory Highlights, there is a particular focus on perceived technological failures. In the words… More >

CFPB June 2016 complaint report highlights consumer loan complaints, complaints from Arkansas consumers

Posted in CFPB General

The CFPB has issued its June 2016 complaint report which highlights complaints about consumer loans and complaints from consumers in Arkansas and the Little Rock metro area.  The CFPB began taking consumer loan complaints in March 2012.  The consumer loan category in the CFPB’s consumer complaint database includes complaints about auto loans and leases, installment… More >

Text of Dodd-Frank replacement bill released

Posted in CFPB General

Last month, Republican Congressman Jeb Hensarling, who chairs the House Financial Services Committee, released a summary of “The Financial CHOICE Act,” a bill to replace the Dodd-Frank Act.  The summary indicated that the bill would include a series of CFPB reforms, including a change in the CFPB’s name to the “Consumer Financial Opportunity Commission,” replacement of… More >

High Court’s Encino Decision Means No Deference for CFPB View on RESPA, PHH Argues

Posted in CFPB Enforcement, CFPB General, Hot Issues, Mortgages, TILA / RESPA

On June 23, PHH filed a letter in the D.C. Circuit supplementing its appeal briefing in PHH Corp v. CFPB, No. 15-1177. For those of you who may have missed our prior posts on this, PHH is appealing a decision made by CFPB Director Richard Cordray while sitting as the CFPB’s administrative appellate judge. In that capacity,… More >

House bill introduced to impose consumer complaints requirements on CFPB

Posted in CFPB General

Republican Congressman Matt Salmon has introduced a bill, the “CFPB Data Accountability Act ” (H.R. 5413), that would impose requirements on how the CFPB handles consumer complaints. The requirements include the following: (1) consumer complaint information could only be presented on the CFPB’s website in an aggregated format, (2) complaint information included in such aggregated information… More >