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Category Archives: CFPB General

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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 >

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 >

CFPB to host June 22 eRegulations webinar

Posted in CFPB General

On June 22, 2016, the CFPB will host a webinar on recent updates to its eRegulations tool.  Acting Deputy Director David Silberman will be a webinar speaker. eRegulations is a tool available on the CFPB’s website that can be used to search regulations and view the official commentary with the corresponding rule text.  The CFPB… More >

CFPB adds to eRegulations platform

Posted in CFPB General

The CFPB announced that it has added Regulations C, X, and DD to its eRegulations platform and has updated Regulation Z on the platform so that it includes all of the amendments made to the regulation through March 2016. eRegulations is a tool available on the CFPB’s website that can be used to search regulations… More >

No federal court challenge to constitutionality of SEC’s use of administrative law judges before final SEC order, Second Circuit rules

Posted in CFPB General

A recent decision by the U. S. Court of Appeals for the Second Circuit suggests that an attempt by a company or individual that is the target of a CFPB administrative enforcement action to bring a separate action in federal court challenging the constitutionality of the CFPB’s use of an administrative law judge (ALJ) is… More >

Congressman Hensarling’s Dodd-Frank replacement bill to include CFPB reforms

Posted in CFPB General

Republican Congressman Jeb Hensarling, who chairs the House Financial Services Committee, released a summary of a bill to replace the Dodd-Frank Act.  The bill is entitled “The Financial CHOICE Act,” with “CHOICE” standing for “Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs.”  The accompanying press release indicated that the bill would be introduced later this… More >

CFPB issues request for information and report in conjunction with release of proposed payday/auto title/high-rate installment loan rule

Posted in CFPB General, Payday Lending

In addition to the proposed payday loan rule released yesterday, the CFPB has issued (1) a “Request for Information on Payday Loans, Vehicle Title Loans, Installment Loans, and Open-End Lines of Credit,” and (2) a report titled “Supplemental findings on payday, payday installment, and vehicle title loans, and deposit advance products.” The Request for Information… More >

CFPB urged to adopt strong protections for LEP consumers

Posted in CFPB General

Americans for Financial Reform (AFR) has issued a brief in which it urges the CFPB and other federal agencies to adopt strong language access protections to improve the mortgage marketplace for limited English proficiency (LEP) consumers.  Although the CFPB has indicated that serving LEP consumers should be a priority for financial instititutions, AFR wants the CFPB to… More >

House FY 2017 appropriations bill would curb CFPB authority, require another arbitration study

Posted in Arbitration, CFPB General

The fiscal year 2017 appropriations bill approved last week by the House Financial Services and General Government Appropriations Subcommittee of the House Appropriations Committee includes the following provisions intended to curb the CFPB’s authority: A provision under which, effective October 1, 2017,  the CFPB would be funded pursuant to the annual congressional appropriations process rather… More >

CFPB Consumer Advisory Board to meet on June 9

Posted in CFPB General

The CFPB has published a notice in the Federal Register indicating that it will hold a meeting of its Consumer Advisory Board on June 9, 2016 in Little Rock, Arkansas.  The topics to be discussed at the meeting are “an auto lending education initiative, trends and themes, and payday lending.”  Since the CFPB is expected… More >

CFPB launches Spanish-language Twitter and Facebook accounts

Posted in CFPB General

The CFPB recently announced that it has launched official Spanish-language Twitter and Facebook accounts.  The CFPB previously launched a Spanish-language website and recently updated the translations on the “Ask CFPB” feature on its website. In its blog post about the Twitter and Facebook launch, the CFPB notes that it is “working to ensure that consumers… More >