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Tag Archives: CFPB

CFPB approves FHLMC/FNMA revised uniform residential loan application; collection of HMDA ethnicity and race information in 2017

Posted in Mortgages

In a notice published in today’s Federal Register, the CFPB announced that it has given its “official approval” to a revised and redesigned Uniform Residential Loan Application (2016 URLA) and to the collection of expanded Home Mortgage Disclosure Act information on ethnicity and race in 2017. 2016 URLA.  The 2016 URLA approved by the CFPB… More >

SEC to hold fintech innovation public forum

Posted in Technology

The Securities and Exchange Commission has announced that it will host a public forum in Washington, D.C. on November 14, 2016 to discuss financial technology innovation in the financial services industry.  The forum is designed to foster greater collaboration and understanding among regulators, entrepreneurs and industry experts about fintech innovation and evaluate how the current… More >

CFPB September 2016 complaint report highlights money transfer complaints, complaints from Pennsylvania consumers

Posted in Remittance Transfers

The CFPB has issued its September 2016 complaint report which highlights complaints about money transfers and complaints from consumers in Pennsylvania and the Philadelphia metro area.  The CFPB began taking money transfer complaints in April 2013. General findings include the following: As of September 1, 2016, the CFPB handled approximately 982,400 complaints nationally, including approximately… More >

Congressman introduces fintech bill

Posted in Technology

Republican Congressman Patrick McHenry, Vice Chair of the House Financial Services Committee, has introduced the “Financial Services Innovation Act of 2016,” which is intended to provide a streamlined regulatory process for innovative fintech products and greater certainty about compliance requirements. The federal agencies covered by the bill include the CFPB, Federal Reserve, FDIC, NCUA, OCC, FTC,… More >

CFPB participates in FTC workshop on disclosure

Posted in CFPB General

The FTC recently held a workshop, “Putting Disclosures to the Test,” to explore the question of what should be done to make disclosures effective.  The workshop included reports on numerous studies related to consumer understanding of disclosures, and the efficacy of different methods and timing of consumer disclosures. Among the panelists at the workshop was… More >

CFPB sues credit repair company

Posted in CFPB Enforcement

The CFPB announced that it has filed a lawsuit in a California federal district court against a credit repair company for alleged violations of the Consumer Financial Protection Act (CFPA) and Telemarketing Sales Rule (TSR).  The CFPB has previously brought enforcement actions against debt settlement companies, including its first criminal referral.  The announcement was accompanied… More >

CFPB announces enforcement actions against auto title lenders

Posted in Auto Title Loans, CFPB Enforcement

The CFPB announced that it has filed administrative enforcement actions against five Arizona auto title lenders for alleged violations of Truth in Lending Act advertising requirements.  According to the CFPB, the lenders violated TILA by advertising a periodic interest rate for their loans on their websites without advertising a corresponding annual percentage rate.  As examples,… More >

CFPB builds case for ECOA protection for gender identity and sexual orientation; Ballard to conduct Nov. 3 webinar

Posted in Fair Lending

While CFPB officials have suggested in public remarks that the Equal Credit Opportunity Act’s prohibition against discrimination on the basis of “sex” includes discrimination based on gender identity and sexual orientation, a letter dated August 30, 2016 from Director Cordray goes further by describing how, in the CFPB’s view, current law provides strong support for… More >

CFPB highlights impact of student debt on communities of color

Posted in Fair Lending, Student Loans

In a new blog post, the CFPB states that recent research “underscores the disproportionate impact of student debt on communities of color.”  According to the CFPB, federal government data shows that over 90 percent of African-American and 72 percent of Latino students leave college with student loan debt, compared to 66 percent of white students… More >

Bi-partisan Congressmen seek arbitration safe harbor allowing class action waivers

Posted in Arbitration

Republican Congressman Randy Neugebauer, who chairs the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit, and Democratic Congressman W. Lacy Clay, the Subcommittee’s Ranking Member, have sent a letter to Director Cordray asking the CFPB “to consider providing a safe harbor in any final rule that will preserve the use of arbitration… More >

House Committee approves Dodd-Frank replacement bill

Posted in CFPB General

By a vote of 30-26 earlier this week, the House Financial Services Committee approved the “The Financial CHOICE Act of 2016” (H.R. 5983), the bill released in July 2016 by Committee Chairman Jeb Hensarling to replace the Dodd-Frank Act.  All Democrats on the Committee voted against the bill as did one Republican member.  No amendments… More >

CFPB Community Bank Advisory Council to meet Sept. 29

Posted in CFPB General

The CFPB has published a notice in the Federal Register announcing that a meeting of its Community Bank Advisory Council (CBAC) will be held on September 29, 2016. The notice indicates that the CBAC will discuss youth financial capability and debt collection.  Presumably, the CFPB will discuss the report it issued last week on achieving… More >

CFPB enters into consent order with for-profit college owner

Posted in CFPB Enforcement, Student Loans

The CFPB announced that it has entered into a consent order with Bridgepoint Education, Inc., the owner of two for-profit colleges, to settle charges that the company’s representatives engaged in deceptive acts or practices by misrepresenting the potential costs of loans offered directly by the company to students.  The consent order requires the company to… More >

CBA President lists “Five Things the CFPB Should Do To Be More Widely Respected”

Posted in CFPB General

Richard Hunt, the President and CEO of the Consumer Bankers Association, recently published on his blog a list of “Five Things the CFPB Should Do To Be More Widely Respected.”   Mr. Hunt’s list consists of the following: Appoint a Permanent Deputy Director – The CFPB has still not permanently filled the position of Deputy Director… More >

CFSA FOIA request to CFPB yields positive comments from payday loan customers

Posted in Payday Lending

The Consumer Financial Services Association of America (CFSA) issued a statement in which it reported that documents it received from the CFPB in response to a Freedom of Information (FOIA) request filed on December 31, 2015 “reveal for the first time more than 12,000 positive testimonials that payday loan customers submitted to the [CFPB] as… More >

DoD issues MLA interpretive rule; Ballard to hold Sept. 20 webinar

Posted in Military Issues

The Department of Defense (DoD) has issued an interpretive rule to assist the industry in complying with its July 2015 final rule amending the Military Lending Act’s implementing regulation.  The much-anticipated guidance was published in the Federal Register on August 26, 2016, just over one month before the final rule’s October 3 compliance deadline for… More >

CFPB issues report on achieving youth financial capability

Posted in Financial Literacy

The CFPB has issued a report that describes a new “developmentally informed, skills-based model” for helping youth achieve financial capability.  Entitled “Building blocks to help youth achieve financial capability,” the report highlights key milestones from early childhood through young adulthood that support the development of adult financial capability, and makes recommendations “for delivering evidence-based, age-appropriate,… More >

Trade groups seek de facto extension of compliance date for Military Lending Act final rule

Posted in Military Issues

The American Bankers Association, joined by six other prominent industry trade groups, is seeking to postpone by six months the date on which examiners will begin transactional testing of depository institutions for compliance with the Military Lending Act (MLA) final rule adopted by the Department of Defense (DoD) in July 2015 that dramatically expanded the scope… More >

Holly Petraeus to retire from CFPB

Posted in Military Issues

According to Politico, Holly Petraeus, Assistant Director of the CFPB’s Office of Servicemember Affairs, will be retiring from the CFPB. During her tenure at the CFPB, the protection of military servicemembers and their families has been a focus of CFPB supervisory and enforcement activity.  Among other things, Ms. Petraeus was a vociferous advocate for the… More >

SBA Office of Advocacy to host Sept. 14 roundtable on CFPB payday loan proposal

Posted in Payday Lending

The Small Business Administration’s Office of Advocacy will host a roundtable in London, Kentucky on September 14, 2016 on the CFPB’s proposed payday loan rule.  As the Office of Advocacy is an independent office within the U.S. Small Business Administration, the views expressed by the Office of Advocacy do not necessarily reflect the views of… More >