Consumer Financial Protection Bureau

The Consumer Financial Protection Bureau is a United States federal agency established in 2010 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Agency is responsible for educating... more +
The Consumer Financial Protection Bureau is a United States federal agency established in 2010 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Agency is responsible for educating consumers about financial products and services, enforcing federal consumer financial laws and studying trends in consumer financial markets.     less -
News & Analysis as of

CFPB Drives Action Against Auto-Finance Company

Putting the brakes on what it viewed as aggressive debt-collection tactics, the Consumer Financial Protection Bureau (CFPB) filed suit in Ohio federal court on June 17, 2015, against Security National Automotive Acceptance...more

CFPB Expands Access to Consumer Complaints

On June 25, 2015, the Consumer Financial Protection Bureau’s (CFPB’s) Consumer Complaint Database went live to provide the general public with enhanced access to consumer complaints. Since March 2015, complainants have been...more

MBa Compliance Essentials - CFPB EXAMINATIONS: What We Know Now

In This Presentation: - What is “Supervision”? - CFPB’s Examination Principles - Supervision is a Process - Types of Examinations - Preparing for the Examination - EXAM...more

FDIC revises examination procedures to incorporate TILA/RESPA integrated disclosures

The FDIC has revised its interagency examination procedures to reflect the requirements of the TILA/RESPA integrated disclosures (TRID) rule. The CFPB has issued a proposal to postpone the TRID rule’s effective date from...more

CFPB Report Addresses Need for a Compliance Management System

The CFPB's Supervisory Report Provides Important Insight into the CFPB's Supervision and Enforcement Priorities and Desired Business Practices. HIGHLIGHTS: - The Consumer Financial Protection Bureau (CFPB)...more

Orrick's Financial Industry Week in Review

EBA Updates Single Rulebook Q&As: June 26, 2015 - On June 26, 2015, the European Banking Authority (EBA) updated its Q&As on the single rulebook, publishing eight new questions. The single rulebook Q&As relate...more

Inside Information: Understanding Consumer Complaint Topics as a Key Defense Against UDAAP

In 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) introduced the current version of unfair, deceptive, or abusive acts and practices (UDAAP), making it unlawful for any service provider...more

CFPB’s TRID Rule Delayed Again – Uncertainty Persists for Good-Faith Grace Period

The CFPB announced on June 17 that it would delay the effective date of the “Know Before You Owe” rule until October 1, 2015. However, the proposed rule issued by the Bureau on June 25 now delays the effective date to...more

CFPB Consumer Complaints Database Goes Live with Option to Publish Narratives

Today, the CFPB expanded its consumer complaint database, publishing for the first time over 7,700 consumer narratives which provide descriptive details of issues consumers face with respect to mortgages, bank accounts,...more

CFPB Delays Implementation of TRID

On June 24, the Consumer Financial Protection Bureau (CFPB) issued a proposed amendment to delay the effective date of the TILA-RESPA Integrated Disclosure Act, also known as the Know Before You Owe mortgage disclosure rule,...more

Supervisory Haiku-lights, Summer 2015

Break out the short shorts everybody: it’s summer! We know you could use a palate cleanser between the 50 Shades novels and Game of Thrones wikis you’re reading on the beach. Supervisory Haiku-lights to the rescue! The Summer...more

CFPB Publishes Final Rule that Allows its Supervision of Nonbank Auto Finance Companies

On June 10, CFPB published a final rule today that allows the agency to begin supervising large, nonbank auto finance companies for the first time. The newly adopted rule will extend the CFPB’s supervision to any nonbank auto...more

Senator seeks GAO investigation of CFPB payday loan rulemaking

In a letter to the Government Accountability Office (GAO), Senator David Vitter questioned “the adequacy and thoroughness of the CFPB’s analysis of small business impacts” in connection with its payday lending rulemaking...more

U.S. House Appropriations Committee Approves Amendment to Delay CFPB Arbitration Rule

On June 17, the U.S. House Appropriations Committee approved an amendment that would require the CFPB to conduct a peer-reviewed cost-benefit analysis of the use of arbitration agreements prior to issuing a final rule....more

Supreme Court Upholds Disparate Impact: What are the Practical Consequences for Mortgage Lenders?

The Supreme Court has held that disparate impact claims are valid under the federal Fair Housing Act (the “FHA”). In essence, this means that liability under the FHA can be proven by showing discriminatory effects of...more

CFPB Publishes Eighth Edition of Supervisory Highlights

On June 23, the CFPB published its eighth edition of Supervisory Highlights, covering supervisory activities from January 2015 through April 2015. The latest edition identifies issues with dual-tracking at mortgage servicers...more

If You Can’t Say Anything Nice . . .

You will feel right at home with the CFPB’s newly augmented web-based public-facing complaints database. In accordance with its Final Policy Statement issued on March 19, 2015, the CFPB began publishing consumer complaint...more

CFPB seeks comments on new information collection requests

The CFPB has published notices in today’s Federal Register seeking comments on the following information collections: “Consumer Response Government and Congressional Boarding Forms.” The notice states that the CFPB has...more

CFPB further delays TRID effective date

The CFPB has issued its formal proposal to delay the effective date of the TILA-RESPA Integrated Disclosures (TRID) rule until Saturday, October 3, 2015. The new effective date comes only a week after the CFPB announced it...more

CFPB Publishes Over 7,700 Consumer Complaint Narratives About Financial Companies

The CFPB has gone live with an enhanced customer complaint data base. It now includes over 7,700 consumer descriptions of alleged problems they are facing with financial companies concerning mortgages, bank accounts, credit...more

CFPB supervisory report highlights violations in consumer reporting, debt collection, student loan servicing, mortgage origination...

In its Summer 2015 Supervisory Highlights, which covers supervision work generally completed between January and April 2015, the CFPB highlights legal violations resolved using non-public supervisory actions involving...more

Advertising Law - June 2015 #4

In Case You Missed It: FCC Adopts Significant Changes to TCPA Rules - Last week, in TCPA Connect, our newsletter devoted to cases and developments surrounding the Telephone Consumer Protection Act, we reported on the...more

Chopra joins Center for American Progress

Despite a reported endorsement from Senator Elizabeth Warren, it appears that, at least for now, Rohit Chopra, the CFPB’s former student loan ombudsman, will not be moving into the job of Superintendent of the New York...more

Merchants and Processors Beware: FTC Consumer Warning About Use of Bitcoin and Other Cryptocurrencies Is a Warning to You Too

The June 22 FTC blog posting warning consumers about the use of bitcoins and other virtual currencies should be a call to action for those accepting or facilitating the acceptance of bitcoin and other virtual currencies in...more

Dodd-Frank diversity standards: just out of the gate and already under fire

Just days after the release of the final diversity standards under Section 342 of the Dodd-Frank Act, several prominent lawmakers and business leaders have criticized the new standards for not going far enough to promote...more

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