InfoBytes, March 11, 2011 - Weekly In-depth review of news & developments in the financial services industry

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Topics In This Issue

• Federal Issues

• Courts

• Firm News

• Miscellany

• Mortgages

• Banking

• Consumer Finance

• Litigation

• Criminal Enforcement Action

Excerpt from "Federal Issues"

CFPB Issues Notice and Request for Comments Regarding the Intake of Consumer Complaints. On March 9, the Consumer Financial Protection Bureau (CFPB) implementation team published a request for comments regarding the intake of consumer complaints by the agency. Specifically, the CFPB implementation team seeks public comment on the following issues: (i) whether the intake of complaints, questions, and other information relating to consumer financial products and services is necessary for the proper performance of the Bureau, and whether such information, once collected, will have practical uses, (ii) whether the agency’s estimate of its burden with respect to information collection is accurate, (iii) methods for enhancing the quality, usefulness, and clarity of the information to be collected, (iv) methods for minimizing the reporting and/or record keeping burdens on respondents, including the use of automated collection techniques or other forms of information technology, (v) estimates of start-up costs of operation, maintenance, and purchase of services to provide information, and (vi) the specific types of information that would be useful for the CFPB to collect through its intake forms. The period for public comment closes May 9, 2011.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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