Consumer Financial Products

News & Analysis as of

Industry trade groups urge OMB not to approve CFPB arbitration telephone survey

Three prominent industry trade groups are urging the Office of Management and Budget (OMB) not to approve the CFPB’s proposal to conduct a national telephone survey of 1,000 credit card holders as part of its study of the use...more

CFPB Plans Supervision of Nonbank Automobile Lenders

In a May 23, 2014 blog post by Kelly Cochran, Assistant Director of Regulation, the Consumer Financial Protection Bureau indicated that it is working on a “larger participant” rule for nonbank automobile lenders pursuant to...more

Legal Briefs: A periodic summary of judicial decisions affecting accounting and financial services professionals – May 2014

Loss of Confidential Electronic Data: New Risks for Financial Professionals - Recent highly publicized incidents of "hacking" of sensitive customer information should cause accountants and other financial professionals...more

CFPB General Counsel Meredith Fuchs in the “Disparate Impact” Hot Seat

As we previously reported, the House Financial Services Committee has been interested in the specific methodology and metrics used by the CFPB in its disparate impact analysis under the Equal Credit Opportunity Act and...more

UK FCA Describes Approach To Consumer Credit Markets, Launches Review Of Credit Card Market

On April 3, Martin Wheatley, Chief Executive of the UK Financial Conduct Authority (FCA), which took over responsibility for overseeing consumer credit markets in the UK on April 1, 2014, identified the FCA’s most “immediate...more

The CFPB and House Republicans Remain at Odds Over Consumer Finance Regulation

On January 28, 2014, CFPB Director Richard Cordray appeared before the House Financial Services Committee to testify about his agency's fourth Semi-Annual Report. Cordray's written testimony and opening remarks at the hearing...more

CFPB files enforcement action against for-profit education company over alleged predatory lending tactics

After hinting for months that it intends to use its enforcement powers to police lending in the higher education arena, the CFPB dropped the hammer on ITT Educational Services, filing suit against the for-profit college over...more

CFPB's Arbitration Study—A Warning to Consumer Financial Service Companies

On December 12, 2013, the Consumer Financial Protection Bureau published its “Arbitration Study Preliminary Results,” mandated by Section 1028(a) of the Dodd-Frank Act (the “Study”). Unfortunately (and despite its statements...more

CFPB Publishes Rulemaking Agenda

The CFPB published a semi-annual update of its rulemaking agenda. The rulemaking agenda includes a number of rulemakings on disclosures under the Home Mortgage Disclosure Act and its implementing regulation, Regulation C, the...more

CFPB Report Claims Financial Education Efforts Insufficient

On November 18, the CFPB published a report that examines the amount of money spent by financial institutions to inform and influence consumers’ decisions about financial products and services. The study analyzed spending...more

CFPB issues final trial disclosure policy

The CFPB has finalized its policy for exempting individual companies, on a case-by-case basis, from applicable federal disclosure requirements to allow those companies to test trial disclosures. The final policy encourages...more

CFPB Charts Course for Dodd-Frank Enforcement Coordination with State Financial Regulators

The Consumer Financial Protection Bureau (“CFPB”) and the Conference of State Bank Supervisors recently published a road map for coordination of enforcement powers between the CFPB and state regulators (the “Framework”) over...more

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