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Tag Archives: CFPB

FTC sends 2015 ECOA report to CFPB

Posted in Fair Lending, FTC

The FTC has sent its annual letter to the CFPB reporting on the FTC’s activities related to compliance with the Equal Credit Opportunity Act and Regulation B. The FTC has authority to enforce the ECOA and Reg B as to nonbank providers within its jurisdiction.  However, like last year’s letter on the FTC’s 2014 ECOA… More >

CFPB Consumer Advisory Board to meet on Feb. 25

Posted in CFPB General

The CFPB will hold a meeting of its Consumer Advisory Board in Washington, D.C. on February 25, 2016.  According to the meeting agenda, there will be morning session on the CFPB’s strategic outlook, with the speaker to be Chris D’Angelo, Chief of Staff, Office of the Director. The topic for the afternoon session is measuring… More >

TRID rule technical correction?

Posted in Mortgages

In today’s Federal Register the CFPB published a correction to the TILA/RESPA Integrated Disclosure (TRID) rule supplementary information as published on December 31, 2013 with regard to property taxes and certain similar charges.  The move apparently is intended to address an apparent oversight in the TRID rule regarding the treatment for tolerance purposes of property… More >

Democratic Senators introduce bill to limit use of arbitration agreements

Posted in Arbitration

Democratic Senators Patrick Leahy and several other Democratic Senators have cosponsored a bill that would place new limits on the use of arbitration agreements.  According to Senator Leahy’s press release, the “Restoring Statutory Rights and Interests of the States Act of 2016,” responds to the New York Times’ publication last November of a series of… More >

Another auto finance company agrees to change dealer compensation policy to settle ECOA claims alleged by CFPB and DOJ

Posted in Auto Finance, Fair Credit

The CFPB and Department of Justice (the “Agencies”) announced recently that they have entered into a settlement with Toyota Motor Credit Corporation (TMCC) to resolve charges that TMCC engaged in unlawful discrimination in violation of the Equal Credit Opportunity Act (ECOA).  The settlement includes TMCC’s agreement to change its so-called “dealer compensation policy” and pay… More >

CFPB provides insight on treatment of big data

Posted in Fair Lending

This will follow up on Barbara Mishkin’s January 14, 2016 blog “FTC warns use of big data may violate federal consumer protection laws.”  At the American Bar Association’s Consumer Financial Services Committee meeting last month in Park City, Utah, Bryce Stephens and Jeffrey Langer from the CFPB provided insight as to how the CFPB treats the use… More >

CFPB Jan. 2016 complaint report highlights “other financial service” complaints, complaints from NY State/NY metro area consumers

Posted in CFPB General

The CFPB has issued its January 2016 complaint report which highlights “other financial service” complaints and complaints from consumers in New York State and the New York metro area.  In addition to the major complaint categories consumers can use when submitting online complaints to the CFPB, there is a miscellaneous category labeled “other financial service.” … More >

Senator Warren to address student loan activists

Posted in Student Loans

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… More >

CFPB announces consent order with buy-here pay-here used car dealer

Posted in Auto Finance, CFPB Enforcement

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.  The consent order requires the dealer… More >

CFPB engaged in process to allow public input on privacy questions under new HMDA rule

Posted in Mortgages

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… More >

CFPB construction loan “fact sheet” falls far short of necessary guidance

Posted in Mortgages

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. A construction-to-permanent loan is a… More >

FTC warns use of big data may violate federal consumer protection laws

Posted in Credit Reports, Fair Lending, FTC, UDAAP

A new FTC report, “Big Data: A Tool for Inclusion or Exclusion? Understanding the Issues,” warns that certain uses of big data consisting of consumer information may implicate various federal consumer protection laws.  In the report, the FTC puts companies on notice that it intends “to monitor areas where big data practices could violate existing… More >

CFPB issues guide on pension payouts

Posted in Financial Literacy

The CFPB has issued a guide that is intended to assist near-retirees with private sector payment plans in deciding whether to choose monthly payments or a lump-sum payout.  The guide includes a series of questions for consumers to consider before accepting a lump sum.  For consumers who plan to take a lump-sum payout, the guide also… More >

Former CFPB student loan ombudsman joins Education Dept.

Posted in Student Loans

Politico has reported that Rohit Chopra, the CFPB’s former student loan ombudsman, has joined the Education Department in a senior leadership position focused on protecting student borrowers.  Politico also reported that in his new position Mr. Chopra will look at how to judge the financial solvency of colleges, examine state level consumer protections for borrowers,… More >

CFPB using Google ads to solicit consumer complaints

Posted in CFPB General

In an effort to publicize its online complaint system and bring in more complaints, the CFPB is now soliciting complaints through Internet advertising.  When browsing the Internet recently, we came across the following which appeared to be a Google ad placed by the CFPB: The ad links to the “Submit a complaint” page on the CFPB’s… More >

CFPB seeks input on HMDA resubmissions

Posted in Mortgages

The CFPB has issued a request for information (RFI) seeking information on what changes to the CFPB’s HMDA Resubmissions Guidelines may be appropriate.  The RFI responds to comments received by the CFPB in connection with its final HMDA rule issued in October 2015 that it consider changes to the Resubmission Guidelines to reflect the expanded… More >

David Silberman to serve as CFPB Acting Deputy Director

Posted in CFPB People

The CFPB has announced that David Silberman will replace Meredith Fuchs as the CFPB’s Acting Deputy Director beginning next week.  Mr. Silberman has been serving as the CFPB’s Associate Director for Research, Markets, and Regulations since 2011 and will retain that position. In its announcement, the CFPB stated that Mr. Silberman will serve as Acting Deputy Director… More >

CFPB issues third appropriations report

Posted in CFPB General

The CFPB has issued its third 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 >