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
On July 29, 2014, another Section 1042 lawsuit was filed jointly by the Attorneys General of Florida and Connecticut in a Florida federal court. The lawsuit alleges that four individuals and their four businesses formulated...more
The CFPB has announced that it will hold a forum on checking account screening policies and practices in Washington, D.C. on October 8, 2014.
Democratic Congresswoman Carolyn Maloney of New York sent a letter to Director Cordray yesterday urging the CFPB to limit overdraft fees and expand opt-in requirements as part of a proposed overdraft rule.
As we previously reported, among the lawsuits that have been brought by a state attorney general and a state regulator using their Dodd-Frank enforcement authority is a lawsuit initially filed by the Illinois AG in state...more
A bipartisan group of fourteen House members have introduced a bill (H.R. 5403) that would nullify the CFPB’s indirect auto finance guidance issued in March 2013 and require the CFPB to provide for a notice and comment period...more
The CFPB and Fed have announced increases in the dollar thresholds in Regulation Z (Truth in Lending Act) and Regulation M (Consumer Leasing Act) for exempt consumer credit and lease transactions. The adjustments reflect the...more
On Wednesday, September 10, the House Financial Services Committee will hold a hearing entitled “An Overview of the Credit Reporting System.” The scheduled witnesses are...more
The Senate Committee on Banking, Housing, and Urban Affairs will hold a hearing tomorrow on “Wall Street Reform: Assessing and Enhancing the Financial Regulatory System.”
The list of witnesses includes CFPB Director...more
The CFPB has announced that its Consumer Advisory Board will hold a public meeting on September 11 in Washington, D.C.
The meeting will focus on trends and themes related to technology and access to financial services....more
In a notice published in today’s Federal Register, the CFPB announced that in late 2014, it plans to launch a financial coaching project for transitioning veterans and economically vulnerable consumers and seeks comments to...more
Last week, the CFPB published a report entitled “Financial wellness at work” that reviews “promising practices to promote financial wellness in the workplace.”
The CFPB’s research found that particularly since the...more
The CFPB has announced a senior leadership change and two new new hires. It also announced new appointments to its Consumer Advisory Board, Community Bank Advisory Council, and Credit Union Advisory Council....more
Concurrently with a proposal from the Fed to repeal Regulation AA (12 CFR part 227), the CFPB and the federal banking agencies (Fed, OCC, FDIC and NCUA) have issued interagency guidance regarding unfair or deceptive credit...more
The CFPB has issued a final rule that extends for five years (until July 21, 2020) the temporary exception in its remittance transfer rule that allows insured depository institutions to estimate fees and exchange rates in...more
As we have been reporting, the CFPB has made the Servicemembers Civil Relief Act (SCRA) a major focus and instructs its examiners to look at SCRA compliance during examinations. The OCC has also stepped up its focus on SCRA...more
The National Community Reinvestment Coalition (NCRC) has issued a white paper that urges the CFPB to take an expansive approach in developing regulations on the collection of small business lending data to implement Section...more
The American Bankers Association has sent a second comment letter to the CFPB in which it recommends that the Office of Management and Budget not approve the CFPB’s proposed debt collection survey. The CFPB initially...more
A bipartisan bill (S. 2732) has been introduced by Republican Senator Pat Toomey and Democratic Senator Joe Donnelly to increase the asset threshold for “large banks” that are subject to CFPB supervision....more
The Financial Services Roundtable has launched as multimedia campaign to challenge the CFPB’s proposal to expand the consumer complaint data that it publicly discloses to include complaint narratives....more
The CFPB has published a final rule regarding various annual adjustments it is required to make under provisions of Regulation Z (TILA) that implement the CARD Act, HOEPA, and the ability to repay/qualified mortgage...more
The CFPB’s headquarters renovations is now the subject of two ongoing projects of the Office of Inspector General (OIG), according to the OIG’s updated work plan as of July 25, 2014.
As the OIG indicates in the work...more
Last week, the CFPB announced a new partnership with national and local nonprofit and public social services programs across the country to train staff to provide financial education and tools to clients with low-to-moderate...more
The CFPB has issued its third annual Plain Writing Act compliance report. Under the PWA, federal “executive agencies,” including the CFPB, are required to use plain language in documents that: are necessary for obtaining...more
The Government Accountability Office (GAO) has issued a report on the results of its review the CFPB’s Civil Penalty Fund (CPF). The review was requested by Representative Shelley Moore Capito, who chairs the House Financial...more