The CFPB has sent a questionnaire which, according to the CFPB’s accompanying cover letter, is intended to help the CFPB “better understand operational costs and other factors associated with debt collection.” The cover...more
The CFPB has announced that it will hold an event in Springfield, Virginia on August 17, 2015 about financial management for seniors and their caregivers. The event will feature remarks from Director Cordray and Virginia...more
8/4/2015
/ Assisted Living Facilities (ALFs) ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Elder Abuse ,
Financial Abuse ,
Financial Institutions ,
Financial Planning ,
Mortgages ,
Nursing Homes ,
Popular ,
Reverse Mortgages ,
Skilled Nursing Facility
The Texas Bankers Association (TBA) announced on its website that it has filed a Freedom of Information Act (FOIA) Request with the CFPB to obtain all documentation the CFPB requested from bank software processors on the...more
Wednesday, the following four CFPB-related bills were passed by the House Financial Services Committee: H.R. 3192, the “Homebuyers Assistance Act”: The bill would provide a hold harmless period for the TILA/RESPA Integrated...more
7/31/2015
/ Anti-Steering Rules ,
Automotive Industry ,
Automotive Loans ,
Banking Sector ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Financial Institutions ,
Financing ,
First Time Homebuyers ,
Mortgage Loan Originators ,
Mortgages ,
Qualified Mortgage Rule ,
Residential Real Estate Market ,
TILA-RESPA Integrated Disclosure Rule (TRID)
The issue of the CFPB’s constitutionality reemerged last week in court and Congress. On the judicial front, the U.S. Court of Appeals for the D.C. Circuit, in State National Bank of Big Spring, Texas, et al. v. Lew, et al.,...more
7/28/2015
/ Banking Sector ,
Banks ,
Canning v NLRB ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Institutions ,
FSOC ,
Motion to Dismiss ,
Richard Cordray ,
SCOTUS ,
Standing ,
Title II
Earlier this month, American Honda Finance Corporation (AHFC) entered into a settlement with the CFPB and the Department of Justice to resolve charges that it engaged in unlawful discrimination in violation of the Equal...more
The CFPB announced that it sent warning letters this month to several companies that sell retail goods to military servicemembers regarding their acceptance of payments made through military allotments. The military...more
The CFPB recently announced that it has developed “the Newcomer’s Guides to Managing Money to provide recent immigrants with straightforward information about basic money decisions.”
According to the CFPB, each guide...more
As previously reported, the Federal Communications Commission recently approved a Declaratory Ruling and Order (the Order) addressing a number of petitions that requested the FCC clarify its interpretations of the Telephone...more
7/14/2015
/ Auto-Dialed Calls ,
Collection Agencies ,
Debt Collection ,
Declaratory Rulings ,
Exemptions ,
FCC ,
Financial Institutions ,
Healthcare ,
Prior Express Consent ,
Revocation ,
TCPA ,
Telemarketing ,
Text Messages
A new report issued by the federal Office of the Comptroller of the Currency (OCC) identifies top safety and soundness risks to national banks and federal savings associations, as well as OCC supervisory priorities for the...more
7/14/2015
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Banks ,
BSA/AML ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Fair Lending ,
Federal Savings Associations ,
Financial Institutions ,
OCC ,
RESPA ,
Third-Party ,
Truth in Lending Act (TILA)
The Office of Inspector General for the Fed/CFPB has sent a memorandum to the CFPB, the subject of which is “The CFPB Can Enhance Its Process for Notifying Prudential Regulators of Potential Material Violations.” The memo...more
Consumer narratives are now publicly available on the CFPB’s consumer complaint database. In its press release, the CFPB stated that the database now includes “for the first time over 7,700 consumer accounts of problems they...more
The CFPB has issued its seventh Semi-Annual Report to the President and Congress covering the period from October 1, 2014 through March 31, 2015. The 190-page report recycles information from previously-issued CFPB reports...more
A bipartisan group of 255 members of Congress have sent a letter to the CFPB seeking a grace period for enforcement of the TILA-RESPA Integrated Disclosure (TRID) rule which becomes effective on August 1, 2015. They ask for...more
In his prepared remarks for an appearance last month at the Exchequer Club, Consumer Financial Protection Bureau Deputy Director Steven Antonakes discussed the CFPB’s risk-based approach to supervision. (The Exchequer Club’s...more
In his prepared remarks for an appearance last week at the Exchequer Club, CFPB Deputy Director Steven Antonakes discussed the CFPB’s risk-based approach to supervision. (The Exchequer Club’s members include senior...more
In a new compliance bulletin (2015-01), the CFPB reminds supervised financial institutions, including nonbanks, of their obligations regarding the disclosure of confidential supervisory information (CSI)....more
Nearly three years after identifying the Gramm-Leach-Bliley Act (GLBA) annual privacy notice requirement as a candidate for streamlining, the CFPB issued a final rule earlier this week to allow financial institutions that...more