Not surprisingly, letters sent to the CFPB this week by New York Financial Services Superintendent Benjamin Lawsky and by 12 House Republicans urge the CFPB to take very different approaches as it considers payday and...more
Based on the CFPB’s Fall 2014 rulemaking agenda, proposed rules dealing with payday loans/deposit advance products, overdrafts, and debt collection are still months away.
The CFPB’s timetables for “prerule activities”...more
Earlier this month, the CFPB and FTC filed lawsuits against different groups of interrelated companies and their individual principals for engaging in allegedly unlawful online payday lending schemes....more
The CFPB has issued a report on consumer complaints received from July 21, 2011 through June 30, 2014. According to the CFPB’s “Snapshot,” it handled approximately 395,300 complaints during this period, with its Consumer...more
In the latest semi-annual update of its rulemaking agenda, the CFPB officially confirmed that it plans to propose a rule to define “larger participants of a market for auto lending.” ...more
The CFPB’s collaboration with state attorneys general was the focus of Director Cordray’s remarks today to the National Association of Attorneys General. Director Cordray discussed the role of such collaboration in various...more
On September 26, the CFPB issued a 10-page order denying a petition filed jointly by three tribal payday lenders that asked the CFPB to set aside the civil investigative demands (CIDs) the lenders received from the CFPB. The...more
The CFPB’s data collection efforts are drawing fire from the U. S. Chamber of Commerce. Those efforts became a focus of attention as a result of an April 2013 report by Carter Dougherty of Bloomberg which revealed that the...more