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Consumer Financial Protection Bureau Compliance

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 -

Hotel California and Wells Fargo-You Can Check Out, But Can You Leave?

by Thomas Fox on

Today, we celebrate The Eagles most famous song, Hotel California. It all started with a Don Felder cord progression and according to the Financial Times (FT) column The Life of a Song, it had a “fusion of Hispanic melody and...more

CFPB Consent Orders Serve as a Reminder to Mortgage Industry on Advertising Practices

A recent series of CFPB consent orders should remind the mortgage industry to carefully monitor its advertising practices. The MAP Rule prohibits deceptive and misleading commercial communications regarding any term of any...more

CFPB Supervisory Highlights: It’s all about the Compliance Management System

The CFPB published its Fall Supervisory Highlights last week, highlighting its examination observations across various financial products for examinations conducted between May and August 2016. The Report highlights key...more

Who is Responsible for a Company’s Mood in the Middle? – the Wells Fargo Fiasco

by Michael Volkov on

Wells Fargo’s cultural tone is not easily segregated between “top,” “middle” and “bottom.” Despite the recent cross-selling scandal, in which the CFPB led an enforcement action whose fines total a whopping $185 million,...more

Wells Fargo Week: Part I – Who’s Afraid of Virginia Woolf or What is Risk?

by Thomas Fox on

Edward Albee died last week. To my mind he was right up there with Arthur Miller and August Wilson as one of America’s greatest playwrights of the second half of the 20th century. His works were known, as noted in his New...more

Financial Services Weekly News - May 2016 #3

by Goodwin on

Regulatory Developments - SEC Publishes Small Entity Compliance Guide for Crowdfunding - On May 13, the Securities and Exchange Commission (SEC) published a small entity compliance guide for companies wishing to...more

Financial Services Weekly News - December 2015 #2

by Goodwin on

Regulatory Developments - FINRA Proposes to Adopt Capital Acquisition Broker Rules - On Dec. 4 FINRA filed with the SEC a proposal to create a separate rule set that would apply to firms that meet the definition of...more

CFPB Bulletins 2011-2015

by Reed Smith on

As an early “holiday gift,” to help you more easily search for a particular piece of guidance from the CFPB, we’ve put together two CFPB guidance documents for your review. The first is a compilation of all nine issues of the...more

CFPB Releases Compliance Bulletin Related to Consumer Authorizations for Preauthorized Electronic Fund Transfers

On November 23, 2015, the Consumer Financial Protection Bureau (CFPB) issued CFPB Compliance Bulletin 2015-06 to provide companies with guidance related to their obligations under the Electronic Fund Transfer Act (EFTA) and...more

CFPB issues compliance bulletin on preauthorized electronic payments

by Ballard Spahr LLP on

The CFPB has issued a compliance bulletin (Bulletin 2015-06) concerning the Electronic Fund Transfer Act (EFTA) and Regulation E requirements for obtaining a consumer’s authorization for preauthorized electronic fund...more

CFPB Releases Bulletin Outlining Automatic Debit Requirements for Financial Entities

by BakerHostetler on

On Monday, November 23, the CFPB released a new Compliance Bulletin to remind financial entities of their requirements when obtaining consumer authorizations for preauthorized electronic fund transfers (EFT). Mortgage...more

CFPB announces consent order with employment background screening report providers

by Ballard Spahr LLP on

The CFPB recently announced that it has entered into a consent order with two affiliated companies that generate and provide employment background screening reports. The consent order settles charges that the companies, which...more

CFPB issues Fall 2015 supervisory report

by Ballard Spahr LLP on

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

Lawmakers seek rescission of CID issued to college accrediting organization

by Ballard Spahr LLP on

Senator Lamar Alexander and Representative John Kline sent a letter to Director Cordray on October 23, 2015 requesting that he “immediately rescind the issuance of a civil investigative demand to the Accrediting Council for...more

CFPB Enforcement Action Against Two Background Screeners

by Arnall Golden Gregory LLP on

The Consumer Financial Protection Bureau (CFPB) announced that it has taken action against two large background screening companies.  Yes, you are reading this correctly.  The CFPB…not the Federal Trade Commission, has taken...more

CFPB Finalizes Rule to Improve Information About Access to Credit in the Mortgage Market

On October 15, 2015, the Consumer Financial Protection Bureau issued a final rule that revised the reporting requirements under the Home Mortgage Disclosure Act. Most of these changes take effect on January 1, 2018....more

Key Takeaways from the Consumer Protection Forum

by Holland & Knight LLP on

Holland & Knight and the Word of Mouth Marketing Association (WOMMA) hosted a half-day forum that featured government officials discussing hot-button issues in consumer protection regulation and enforcement. Speakers at the...more

Transitional period and initial supervisory practice over TRID

by Ballard Spahr LLP on

The CFPB sent industry trade groups a letter on October 1, 2015 to address the approach of the Federal Financial Institutions Examination Council (FFIEC) member agencies during the initial months following the implementation...more

Summary of Final Rule Amending HMDA and What It Means for Covered Institutions

by Ballard Spahr LLP on

The Consumer Financial Protection Bureau (CFPB) has released a final rule amending Regulation C, which implements the Home Mortgage Disclosure Act (HMDA), requiring most lenders to report certain information about mortgage...more

CFPB to participate in FTC Atlanta debt collection program

by Ballard Spahr LLP on

The CFPB will be participating in the FTC’s third “Debt Collection Dialogue” to be held in in Atlanta, Georgia on November 18, 2015. Gregory Nodler, CFPB Senior Counsel for Enforcement Policy and Strategy, is scheduled to be...more

Director Cordray sends warning to vendors on TRID rule compliance

by Ballard Spahr LLP on

In remarks yesterday at the Mortgage Bankers Association’s annual convention, CFPB Director Richard Cordray stated that the CFPB may need to look more closely at vendors of software and other tools used by lenders to comply...more

Real Property, Financial Services & Title Insurance Update: Week Ending October 16, 2015

by Carlton Fields on

REAL PROPERTY UPDATE - - Foreclosure/Standing: although bank established it had possession of note prior to commencement of action, bank did not demonstrate when blank endorsement was placed on note, nor did it prove it...more

Two Major Implications for Consumer Finance Industry from This Month’s Proposed CFPB Rules

by Polsinelli on

When the Consumer Finance Protection Bureau (CFPB) released its study on the use of pre-dispute arbitration (PDA) clauses earlier this year, many expected the CFPB to propose a ban on all PDAs in contracts for consumer...more

CFPB issues final HMDA rule

by Ballard Spahr LLP on

The CFPB has issued a final rule amending Regulation C, its Home Mortgage Disclosure Act regulation. The changes, which, in part, implement the Dodd-Frank Act’s amendments to HMDA, expand the scope of data required to be...more

CFPB Finalizes New HMDA Reporting Requirements

by BakerHostetler on

The Consumer Financial Protection Bureau (CFPB) finalized a rule yesterday aimed at providing the public and regulators with meaningful information concerning the lending practices of financial institutions....more

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