The Government Accountability Office has issued a report on the CFPB’s use of Small Business Regulatory Enforcement Fairness Act (SBREFA) panels in its rulemaking process. The report, “Observations from Small Business Review...more
8/17/2016
/ Arbitration ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt Collection ,
GAO ,
HMDA ,
Loan Originator Compensation Rule ,
Mortgage Loan Originators ,
Mortgage Servicers ,
Mortgages ,
Online Marketplace Lending ,
Payday Loans ,
SBREFA ,
Small Business ,
TILA-RESPA Integrated Disclosure Rule (TRID)
While the CFPB has indicated it will be monitoring FinTech innovations, it has not yet held a public event devoted to FinTech or financial innovation. Both the FTC and OCC have already held such events this year and now the...more
CFPB has issued its July 2016 complaint report which highlights complaints about credit cards and complaints from consumers in Washington and the Seattle metro area. The CFPB began taking credit card complaints on July 21,...more
7/28/2016
/ Banking Sector ,
Consumer Complaint Management ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Debt Collection ,
Mortgages ,
Online Marketplace Lending ,
Payday Loans ,
Student Loans
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...more
The CFPB is publishing a notice in tomorrow’s Federal Register to correct the comment deadline for its payday loan Request for Information (RFI). The corrected deadline will be November 7, 2016.
The RFI seeks feedback...more
The CFPB and Federal Reserve Board have proposed amendments to their official Regulations Z and M staff commentaries to memorialize the calculation method used by the agencies each year to adjust the thresholds for exempt...more
7/26/2016
/ Banking Sector ,
Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Exemptions ,
Federal Reserve ,
Leases ,
Proposed Amendments ,
Regulation M ,
Regulation Z ,
Threshold Requirements ,
Truth in Lending Act (TILA)
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...more
7/26/2016
/ Automotive Loans ,
Banking Sector ,
Banks ,
Civil Monetary Penalty ,
Consumer Complaint Management ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Debt Relief ,
Discriminatory Lending Practices ,
Enforcement Actions ,
Mortgages ,
Popular ,
RESPA ,
Student Loans
The Consumer Financial Protection Bureau (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.)...more
The CFPB’s proposed payday loan rule and related Request for Information (RFI) were published in this past Friday’s Federal Register. The RFI seeks feedback regarding consumer protection concerns pertaining to (1) loan...more
A group of 27 Democratic Senators joined by Independent Senator Bernie Sanders have sent a letter to Director Cordray urging the CFPB to “strengthen” its proposed payday loan rule.
The Senators take aim at the proposal’s...more
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...more
The CFPB has announced the following senior leadership changes:
- Chris D’Angelo will serve as the CFPB’s Associate Director for Supervision, Enforcement and Fair Lending. He will replace David Bleicken. Mr. D’Angelo...more
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...more
The D.C. federal district court has rejected the plaintiffs’ attempt in State National Bank of Big Spring, Texas, et al. v. Lew, et al. to invalidate the actions taken by Director Cordray while he was a recess appointee. The...more
7/14/2016
/ Administrative Appointments ,
Appointments Clause ,
Article II ,
Banking Sector ,
Canning v NLRB ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Enforcement Actions ,
Recess Appointments ,
Richard Cordray
Today, July 11, the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit will hold a hearing titled: “Examining the Opportunities and Challenges with Financial Technology...more
By a vote of 239-185, the House of Representatives has approved a fiscal year 2017 appropriations bill that contains various provisions intended to curb the CFPB’s authority. Those provisions would fund the CFPB through the...more
7/11/2016
/ Administrative Authority ,
Appropriations Bill ,
Arbitration ,
Banking Sector ,
Class Action ,
Class Action Arbitration Waivers ,
Consumer Financial Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
U.S. House
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...more
In its Summer 2016 Supervisory Highlights, which covers supervision work generally completed between January and April 2016, the CFPB highlights violations found by its examiners involving automobile origination, debt...more
7/6/2016
/ Automotive Loans ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
ECOA ,
EFTs ,
Fair Credit Reporting Act (FCRA) ,
Fair Lending ,
Financial Institutions ,
HMDA ,
Mortgage Loan Originators ,
Mortgages ,
Regulation B ,
Regulation V ,
Regulation X ,
Regulation Z ,
RESPA
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...more
7/1/2016
/ Automotive Loans ,
Banking Sector ,
Consumer Complaint System ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt Collection ,
Mortgage Servicers ,
Online Marketplace Lending ,
Payday Loans ,
Student Loans ,
Title Loans
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...more
The Independent Community Bankers of America and the Credit Union National Association have sent a letter to Director Cordray “to express serious concerns” about the CFPB’s proposed rule covering single-payment payday and...more
6/30/2016
/ Ability-to-Repay ,
Automotive Loans ,
Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Unions ,
Independent Community Bankers of America (ICBA) ,
Online Marketplace Lending ,
Payday Loans ,
Title Loans
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...more
The CFPB has unveiled its latest “Know Before You Owe” initiative aimed at consumers shopping for an auto loan. The new initiative was accompanied by the CFPB’s release of a report entitled “Consumer Voices on Automobile...more
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...more
The Federal Trade Commission (FTC) has provided its annual report to the Consumer Financial Protection Bureau (CFPB) covering the FTC’s enforcement activities in 2015 related to compliance with Regulation Z (Truth in...more
6/10/2016
/ Automotive Industry ,
Automotive Loans ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
EFTA ,
Federal Trade Commission (FTC) ,
Payday Loans ,
Popular ,
Real Estate Market ,
Regulation E ,
Regulation M ,
Regulation Z ,
Truth in Lending Act (TILA)