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 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 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
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
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
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
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
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
According to a Politico report, the House Appropriations Committee has advanced a bipartisan amendment to the FY17 Financial Services and General Government Appropriations bill that would block the CFPB from enforcing a rule...more
6/9/2016
/ Ability-to-Repay ,
Automotive Loans ,
Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Legislative Committees ,
Online Marketplace Lending ,
Payday Loans ,
Title Loans
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...more
The CFPB has released its Spring 2016 rulemaking agenda. The agenda sets the following timetables for key rulemaking initiatives:
Arbitration. The Spring 2016 agenda does not reflect the CFPB’s release of its proposed...more
5/23/2016
/ Arbitration ,
Arbitration Agreements ,
CFPB Bulletins ,
Class Action ,
Class Action Arbitration Waivers ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt Collection ,
Dodd-Frank ,
ECOA ,
Financial Institutions ,
Mandatory Arbitration Clauses ,
Mortgages ,
NPRM ,
Overdraft Fees ,
Payday Loans ,
Prepaid Payment Products ,
Service Contracts ,
Small Business ,
Student Loans ,
TILA-RESPA Integrated Disclosure Rule (TRID)
The CFPB has announced that it will hold a field hearing on small dollar lending in Kansas City, Missouri on June 2, 2016. We anticipate the field hearing to coincide with the CFPB’s release of its proposed rule which is...more
Two Republican members of the House Financial Services Committee, Randy Neugebauer and Mick Mulvaney, have sent a letter to Director Cordray asking him to convene a forum or roundtable of state and tribal officials before the...more
Director Cordray is scheduled to appear before the Senate Banking Committee on April 7, 2016 for a hearing entitled “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress.” (The CFPB’s most recent...more
A group of Democratic Senators led by Oregon Senator Jeff Merkley is expected to introduce the “Stopping Abuse and Fraud in Electronic Lending Act of 2016” or “SAFE Lending Act of 2016.” The bill represents the latest version...more
The CFPB has issued its March 2016 complaint report which highlights complaints about debt collection and complaints from Florida consumers. The CFPB began taking complaints about debt collection in July 2013. General...more
To the dismay of many consumer advocates, it has been reported that Democratic National Committee Chairwoman and Florida Congresswoman Deborah Wasserman Schultz is supporting a bill (H.R. 4018) that would limit the authority...more
According to Politico, “sources familiar with the discussions” have indicated that the CFPB will not issue a proposed rule for payday (and other small-dollar, high-rate) loans until later this Spring. In April 2015, the CFPB...more
In conjunction with yesterday’s meeting of the CFPB’s Consumer Advisory Board, which included a session on the CFPB’s strategic outlook, the CFPB issued its “near-term priority goals where we hope to make substantial progress...more
An attempt by the Pennsylvania Attorney General to use her Dodd-Frank Section 1042 authority recently met with only partial success in Pennsylvania federal district court. Section 1042 allows state attorneys general and...more
Senator Sherrod Brown, ranking member of the Senate Banking Committee, has sent a letter to President Obama that asks the President to prioritize funding in his FY 2017 budget proposal for programs in Title XII of the...more
A blog post about payday lending, “Reframing the Debate about Payday Lending,” posted on the New York Fed’s website takes issue with several “elements of the payday lending critique” and argues that more research is needed...more
The CFPB’s Division of Research, Markets & Regulations recently posted a job opening for an individual to serve as the “Assistant Director for Small Business Lending Markets.” According to the job posting, the Assistant...more