The CFPB has issued a new report, “Complaint snapshot: Debt collection,” which provides complaint data as of April 1, 2018. The report represents the CFPB’s first complaint report since Mick Mulvaney was appointed Acting...more
Thursday afternoon, President Trump signed the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act) into law. The Act was passed by the House on Tuesday by a vote of 258 to 159 and by the Senate on March...more
A group of 35 Democratic Senators have sent a letter to Mick Mulvaney and Leandra English urging the CFPB to continue to publicly disclose consumer complaint information....more
In addition to the CFPB’s Spring 2018 rulemaking agenda that we have already blogged about, the Spring 2018 rulemaking agendas of several other federal agencies contain some items of interest to consumer financial services...more
5/18/2018
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Arbitration Agreements ,
Borrower Defense Rule ,
Community Reinvestment Act ,
Consumer Financial Products ,
Consumer Lenders ,
Financial Services Industry ,
NCUA ,
OCC ,
Regulatory Oversight ,
Regulatory Standards ,
Rulemaking Process
The CFPB’s Spring 2018 rulemaking agenda has been published by the Office of Information and Regulatory Affairs (OIRA) as part of its Spring 2018 Unified Agenda of Federal Regulatory and Deregulatory Actions. ...more
A group of 16 Democratic state attorneys general have sent a letter to the CFPB in response to its Request for Information Regarding Bureau Civil Investigative Demands and Associated Processes. ...more
The CFPB has published a notice in the Federal Register announcing two public subcommittee meetings of its Consumer Advisory Board that will take place by conference call. ...more
In remarks earlier this week at an American Bankers Association conference, CFPB Acting Director Mick Mulvaney is reported to have strongly criticized the CFPB’s policy of publicly disclosing consumer complaint information...more
4/26/2018
/ Comment Period ,
Consumer Complaint System ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Policy Statement ,
Public Disclosure ,
Regulatory Oversight ,
Regulatory Standards ,
Request For Information
The U.S. Court of Appeals for the Fifth Circuit has agreed to hear an interlocutory appeal challenging the CFPB’s constitutionality requested by the defendants in a lawsuit filed by the CFPB in 2016 that alleges the...more
4/26/2018
/ Appeals ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Services Industry ,
Interlocutory Appeals ,
Payday Loans ,
Removal For-Cause ,
Single Director ,
UDAAP ,
Unfair or Deceptive Trade Practices
The CFPB has issued a request for information that seeks comment on its handling of consumer complaints and inquiries. ...more
The CFPB has issued its Consumer Response Annual Report that provides an analysis of the approximately 320,200 complaints received by the CFPB between January 1 and December 31, 2017. (In 2016, the CFPB received...more
The U.S. Department of the Treasury has issued a memorandum in which it makes recommendations to modernize the Community Reinvestment Act (CRA). ...more
The CFPB has issued a request for information that seeks comment on its guidance and implementation support. Comments on the RFI must be received on or before 90 days after the date the RFI is published in the Federal...more
3/29/2018
/ Banking Sector ,
Civil Investigation Demand ,
Comment Period ,
Consumer Complaint Management ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Regulatory Oversight ,
Request For Information ,
Rulemaking Process
The CFPB has apparently decided to put its monthly complaint reports on hold.
The CFPB’s last monthly complaint report was its October 2017 report, a “special edition” report that provided data on servicemember complaints...more
The American Banker has reported that last week, Senator Lindsey Graham introduced a joint resolution under the Congressional Review Act (CRA) to override the CFPB’s final payday/auto title/high-rate installment loan rule...more
3/27/2018
/ Ability-to-Repay ,
Administrative Procedure Act ,
Automotive Loans ,
Banking Sector ,
Congressional Review Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Joint Resolutions ,
Legislative Agendas ,
Legislative Committees ,
Online Marketplace Lending ,
Payday Loans ,
Regulatory Oversight ,
Title Loans
Politico has reported that Republican Senator Jerry Moran has introduced a resolution under the Congressional Review Act (CRA) to overturn the CFPB’s 2013 auto finance guidance....more
The New York City Department of Consumer Affairs (DCA) has proposed new rules for used car dealers that would require dealers to provide the following disclosures to buyers...more
The CFPB has published a notice in the Federal Register announcing two public subcommittee meetings of its Consumer Advisory Board (CAB) that will take place by conference call....more
A group of Democratic Senators and House members have sent a letter to Mick Mulvaney and Leandra English expressing concern about Mr. Mulvaney’s announcement that he plans to reorganize the CFPB’s Office of Fair Lending...more
The following bills were passed by the House earlier this week:
The “Making Online Banking Initiation Legal and Easy (MOBILE) Act, H.R. 1457. Passed by a vote of 397-8, the MOBILE Act would allow a bank to scan and retain...more
2/1/2018
/ Banking Sector ,
Consumer Financial Products ,
Consumer Lenders ,
Federal Savings Associations ,
Financial Regulatory Reform ,
National Bank Charters ,
Online Marketplace Lending ,
Payday Loans ,
Preemption ,
Proposed Legislation ,
Self-Identification
Mick Mulvaney, President Trump’s appointee as CFPB Acting Director, plans to make the CFPB’s practices of “pushing the envelope” and “rulemaking by enforcement” things of the past. ...more
1/25/2018
/ Automotive Loans ,
Banking Sector ,
CFPB Bulletins ,
Civil Investigation Demand ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Deregulation ,
Dodd-Frank ,
ECOA ,
Enforcement Actions ,
Financial Regulatory Reform ,
Regulatory Agenda ,
Regulatory Burden ,
Regulatory Oversight ,
Rulemaking Process
The CFPB has submitted its Fall 2017 rulemaking agenda to the Fall 2017 Unified Agenda of Federal Regulatory and Deregulatory Actions issued by the Office of Information and Regulatory Affairs, a part of the Office of...more
The CFPB’s Ombudsman’s Office has issued its sixth annual report covering the Office’s activities during fiscal year 2017 (October 1, 2016 through September 30, 2017). The role of the Ombudsman’s Office is to assist in the...more
The CFPB has filed a brief opposing the petition for certiorari filed by two tribally-affiliated lenders seeking U.S. Supreme Court review of the Ninth Circuit’s decision in CFPB v. Great Plains Lending, LLC, et al. In that...more
11/16/2017
/ Banking Sector ,
Certiorari ,
Civil Investigation Demand ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Enforcement Actions ,
Internet Lenders ,
Native American Issues ,
Online Marketplace Lending ,
Payday Loans ,
SCOTUS ,
Tribal Loans
The CFPB, Fed, and OCC have published notices in the Federal Register announcing that they are increasing three exemption thresholds that are subject to annual inflation adjustments. Effective January 1, 2018 through...more
11/10/2017
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Exemptions ,
Federal Reserve ,
Inflation Adjustments ,
Mortgages ,
OCC ,
Regulation M ,
Regulation Z ,
Threshold Requirements ,
Truth in Lending Act (TILA)