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 to Hold Field Hearing on Mortgage Closing Process

The CFPB, in alignment with its continuing focus on the mortgage closing process, announced that it will hold a field hearing in Washington, D.C. on April 23, 2014, on this subject....more

Debt Settlement Firm Pleads Guilty In CFPB’s First Criminal Referral

On April 8 the U.S. Attorney for the Southern District of New York announced that a debt settlement company and its owner pled guilty to fraud charges, resolving the first criminal case referred to the DOJ by the CFPB. The...more

CFPB To Hold Forum On Mortgage Closing Process

The CFPB announced today that it will hold a forum on the mortgage closing process. The event will take place at the CFPB’s headquarters in Washington, DC at 1:30 p.m. on April 23, 2014. It will be open to members of the...more

CFPB Issues Annual Consumer Complaint Report

On March 31 the CFPB published its Consumer Response Annual Report, providing a review of the CFPB’s complaint process and a description of complaints received during January 1 through December 31, 2013. According to the...more

CFPB general counsel gives glimpse into CFPB’s upcoming agenda

On Monday, April 7, CFPB General Counsel Meredith Fuchs warned that debt collection, payday lending, prepaid cards and privacy notices are priorities for the Bureau in the coming months. Appearing before the Practicing Law...more

No CFPB regulations in 2014 implementing expanded ECOA small business data collection requirements

Section 1071 of Dodd-Frank amended the Equal Credit Opportunity Act to require financial institutions to collect and maintain certain data in connection with credit applications made by women- or minority-owned businesses and...more

Utah Establishes Payday Loan Ability To Repay Requirements

On March 29, Utah Governor Gary Herbert signed HB 127, which amends state law to require deferred deposit lenders, i.e. payday lenders, to assess a borrower’s ability to repay the loan “in the ordinary course, which may...more

CFPB payday loan proposal for rulemaking is coming, but timing of its publication remains unclear

At the Practicing Law Institute’s 19th Annual Consumer Financial Services Institute held on Monday in New York City, Meredith Fuchs, Associate Director & General Counsel for the CFPB delivered the opening keynote address,...more

CFPB and FTC Representatives Speak at Symposium on Fine Print

CFPB General Counsel Meredith Fuchs and CFPB Assistant General Counsel for Law and Policy Anne Zorc spoke last week at the Georgetown Consumer Law Society and Citizen Works’ symposium entitled “Making the Fine Print Fair.”...more

Bill to create CFPB small business advisory board introduced

A bill to require the CFPB to establish a small business advisory board was recently introduced by Republican Congressmen Robert Pittenger and Denny Heck....more

Guilty pleas entered in CFPB’s first criminal referral

The CFPB’s first publicly announced criminal referral has resulted in the entry of guilty pleas by a debt settlement company and its principal, according to a Reuters report. The referral, which was made to the U.S. Attorney...more

Department of Labor Issues Interim Final Employee Whistleblower Rule Under the Consumer Financial Protection Act

On April 4, 2014, the Department of Labor (DOL) issued an Interim Final Rule establishing procedures concerning the manner in which the Occupational Safety and Health Administration (OSHA) will address employee whistleblower...more

FFIEC Issues Joint Statements on DDoS Cyber-Attacks and Cyber-Attacks on ATM and Card Authorization Systems

On April 2, 2014 the members of the Federal Financial Institutions Examination Council (“FFIEC”) issued two joint statements: the first joint statement regards distributed denial-of-service (“DDoS”) attacks, and the second...more

CFPB’s Office of Minority and Women Inclusion issues second annual report

The CFPB’s Office of Minority and Women Inclusion (OMWI) has issued its second annual report to Congress covering the OMWI’s activities in 2013. The Dodd-Frank Act required the CFPB and various other federal agencies...more

Federal Reserve OIG Criticizes CFPB’s Supervision Program

On April 1, the Federal Reserve Board’s Office of Inspector General (OIG), which also is responsible for auditing the CFPB, issued a report that is critical of the CFPB’s supervisory activities and recommends that the CFPB...more

House to hold hearing on economic consequences of actions taken by CFPB and other federal regulators

This Tuesday, April 8, the House Financial Services Committee will hold a hearing entitled “Who’s in Your Wallet: Examining How Washington Red Tape Impairs Economic Freedom.” ...more

Advertising News & Analysis - April 3, 2014

In this issue: - FTC Releases Fourth Major Study on Alcohol Advertising and Industry Compliance - Plaintiffs' Class Action Bar May Choke on POM Wonderful Decertification Decision - In CFPB Endorsement...more

Employee Background Checks: The First Step Before Determining Wages

In past Franczek Radelet Alerts and webinars, my colleagues and I have talked at length about the potential pitfalls for employers of background checks and the changes that the advent of the Consumer Financial Protection...more

CFPB employee testifies at House hearing on alleged CFPB employee discrimination

At yesterday’s hearing on alleged CFPB employee discrimination conducted by the House Financial Services Committee’s Subcommittee on Oversight and Investigations, a CFPB employee is reported to have testified that the agency...more

Financial Services Bulletin: Action At Federal Agencies

Federal Agencies Issue Appraisal Management Company Requirements Rule - On Monday, March 24, 2014, the Office of the Comptroller of Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit...more

OIG finds CFPB’s supervision program needs improvement

Earlier this week, the results of an evaluation of the CFPB’s supervision program conducted by the Office of Inspector General (OIG) that the CFPB shares with the Fed were released in a report entitled “The CFPB Can Improve...more

Massachusetts Division of Banks Proposes Amendments to “Borrower’s Interest” Regulations

The Massachusetts Division of Banks proposed amendments to current regulations that would create a safe harbor from regulations that impose restrictions on refinancing home loans for qualified mortgage loans. The regulation...more

Federal Regulators Issue Proposal on Minimum Requirements for Appraisal Management Companies

Collectively, the FDIC, the OCC, FRB, CFPB, NCUA and FHFA issued a proposed rule establishing the minimum requirements for mortgage appraisal management companies. An appraisal management company is generally an entity that...more

CFPB Releases Report on Payday Lending

The CFPB’s Office of Research released a report, CFPB Data Point: Payday Lending, analyzing consumer use of payday loans. The Office of Research obtained data from storefront payday lenders through the supervisory process....more

CFPB official confirms larger participant rule for auto finance coming soon

Today is the final day of CBA Live 2014, which is being held at the Gaylord Hotel in National Harbor, MD. I spoke at a program yesterday about the CFPB’s ongoing arbitration study under Section 1028 of Dodd-Frank. Based on...more

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