The CFPB has unveiled “Consumer Credit Trends,” which it describes as “a web-based tool to help the public monitor developments in consumer lending and forecast potential future risks.”...more
12/16/2016
/ Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Financial Institutions ,
Financial Services Industry ,
Mortgage Loan Originators ,
Mortgages ,
Risk Assessment ,
Student Loans ,
Websites
In a letter sent to Majority Leader McConnell and Minority Leader-elect Schumer, the Consumer Bankers Association, the Credit Union National Association, the Independent Community Bankers of America, and the National...more
12/13/2016
/ Banking Sector ,
Banks ,
Community Banks ,
Congressional Review Act ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Unions ,
Financial Institutions ,
Financial Regulatory Reform ,
Proposed Legislation ,
Regulatory Oversight ,
Trump Administration
The CFPB has taken another step towards implementing its proposal to add a survey to its current complaint intake form that a consumer could choose to complete to provide feedback on the company’s response to his or her...more
The CFPB’s Fall 2016 rulemaking agenda has been published as part of the Fall 2016 Unified Agenda of Federal Regulatory and Deregulatory Actions. The preamble indicates that the information in the agenda is current as of...more
12/2/2016
/ Advances ,
Arbitration ,
Automotive Loans ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Debt Collection ,
Debt Collectors ,
ECOA ,
FDCPA ,
Financial Institutions ,
Minority-Owned Businesses ,
Mortgages ,
Overdraft Fees ,
Payday Loans ,
Regulation C ,
Regulatory Agenda ,
SBREFA ,
Small Business ,
Small Entity Representatives (SERs) ,
Student Loans ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Title Loans ,
Trump Administration ,
Women-Owned Businesses
The CFPB has issued its November 2016 complaint report which highlights complaints about “other financial services,” a category that includes debt settlement, credit repair, check cashing, and money orders. The report also...more
12/1/2016
/ Check Cashing ,
Consumer Complaint System ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Repair Services ,
Debt Collection ,
Debt Settlement Services ,
Financial Institutions ,
Financial Services Industry ,
Fraud ,
Money Orders ,
Scams
According to Politico, the Trump transition team has created “landing teams” that will be tasked with going into federal agencies to prepare for the change in Administrations.
Politico has reported that Paul Atkins, who...more
The CFPB has filed a lawsuit in a Maryland federal district court against: (1) Access Funding, LLC (Access), a limited liability company that purchases structured settlements from consumers; (2) Access’ managing member...more
In conjunction with its field hearing yesterday on consumer access to financial information, the CFPB has issued a request for information (RFI) about market practices related to such access. Comments in response to the RFI...more
On November 17, 2016, the CFPB will hold a field hearing on consumer access to financial records in Salt Lake City, Utah. Director Richard Cordray is scheduled to speak at the hearing.
The field hearing would appear to...more
The Federal Financial Institutions Examination Council (FFIEC), whose members include the CFPB, has finalized guidance setting forth a revised uniform interagency consumer compliance rating system (CCRS). The revisions...more
The CFPB announced that it filed a lawsuit in a Virginia federal district court against B&B Pawnbrokers, Inc., for alleged violations of the Truth in Lending Act and the Consumer Financial Protection Act in connection with...more
The CFPB has issued its fourth Financial Literacy Annual Report to Congress. The report covers the CFPB’s activities to improve consumer financial literacy during the period from October 2015 through September 2016. The...more
The CFPB has issued its October 2016 complaint report which highlights complaints about prepaid cards and complaints from consumers in North Carolina and the Charlotte metro area. The CFPB began taking prepaid card...more
10/27/2016
/ Consumer Complaint Database ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Debt Collection ,
Financial Institutions ,
Mortgages ,
Online Marketplace Lending ,
Payday Loans ,
Prepaid Payment Products ,
Real Estate Market ,
Student Loans
The CFPB announced that it has entered into a consent order with Navy Federal Credit Union to settle allegations that the credit union engaged in unfair and deceptive collection practices in violation of the Consumer...more
10/17/2016
/ Banking Sector ,
Banks ,
Civil Monetary Penalty ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Contract Terms ,
Credit Unions ,
Debt Collection ,
Debt Collectors ,
Enforcement Actions ,
Financial Institutions ,
Financial Services Industry ,
Military Service Members ,
Redress Payments ,
Unfair or Deceptive Trade Practices
The CFPB has published a final rule in the Federal Register that makes several corrections to Regulation E (which implements the Electronic Fund Transfer Act). The corrections...more
The CFPB released a report, “Tools for saving: Using prepaid accounts to set aside funds,” that presents the results of a research project involving a pilot program offering an incentive to prepaid card users to use a savings...more
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...more
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...more
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...more
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...more
Last month, a bipartisan group of 70 senators were signatories to a letter sent to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray urging the CFPB to “carefully tailor its regulations to match the unique...more
9/6/2016
/ Banking Sector ,
Banks ,
Community Banks ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Covered Person ,
Credit Unions ,
Dodd-Frank ,
Exemptions ,
Financial Institutions ,
HMDA ,
HOEPA ,
Mortgages ,
Qualified Mortgage Rule ,
Real Estate Market ,
Regulatory Oversight ,
Richard Cordray ,
Rural Areas ,
SBREFA
The Chamber of Commerce of the United States of America (Chamber) has filed an amicus brief opposing the CFPB’s petition filed in the Eastern District of Pennsylvania to enforce its civil investigative demand (CID) issued to...more
8/26/2016
/ Amicus Briefs ,
Annuities ,
Chamber of Commerce ,
Civil Investigation Demand ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Institutions ,
J.G. Wentworth ,
LLC (JGW) ,
Structured Settlements ,
Truth in Lending Act (TILA) ,
UDAAP
Last month, a bipartisan group of 70 Senators were signatories to a letter sent to Director Cordray urging the CFPB to “carefully tailor its regulations to match the unique nature of community banks and credit unions.” In...more
8/23/2016
/ Banking Sector ,
Banks ,
Community Banks ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Unions ,
Dodd-Frank ,
Financial Institutions ,
Regulatory Oversight ,
Richard Cordray
By a vote of 236-181, the House of Representatives rejected an amendment offered by two Democratic Congressman to H.R. 5485, the Financial Services and General Government Appropriations Act, which covers appropriations for...more
8/16/2016
/ Arbitration ,
Arbitration Agreements ,
Class Action ,
Class Action Arbitration Waivers ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Institutions ,
Financial Services Industry ,
Mandatory Arbitration Clauses ,
Proposed Legislation ,
Service Contracts ,
U.S. House
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