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

Senator Shelby Speaks to Baker Donelson; Releases Financial Regulatory Proposal

U.S. Senator Richard Shelby (R-Alabama), chairman of the United States Senate Committee on Banking, Housing, and Urban Affairs, last week released the text of the discussion draft of "The Financial Regulatory Improvement Act...more

CFPB Seeks Public Comments Into Student Loan Servicing Practices

On May 14, the CFPB published a Request For Information (RFI) seeking public comment on student loan servicing practices. In particular, the Bureau is requesting comments on six areas: (i) industry practices that cause...more

Class Certified in Pennsylvania Payroll Debit Card Litigation

We previously discussed on this blog the potential risks associated with the use of payroll debit cards to pay wages to employees. The absence of federal and state regulations specifically addressing this relatively new...more

CFPB Spring 2015 agenda: significant rulemaking actions on the horizon

Just in time for the holiday weekend, the CFPB released its Spring 2015 rulemaking agenda last Friday. The agenda sets the following timetables: Prepaid financial products. In November 2014, the CFPB issued a proposed rule...more

CFPB and Federal Reserve Host Final Webinar on TILA-RESPA Integrated Disclosure

On May 26, The CFPB and the Federal Reserve will host a 60-minute webinar to answer questions with respect to the TILA-RESPA Integrated Disclosure rule under the TILA and RESPA, also known as TRID. “This fifth and final in...more

58 members of Congress urge CFPB to ban consumer arbitration

Senator Al Franken and 57 other members of Congress signed a letter sent to Director Cordray last week urging the CFPB “to move forward quickly to use its authority under the Dodd-Frank Act to issue strong rules to prohibit...more

CFPB Director Provides Update on TRID and U.S. Housing Market

On May 12, CFPB Director Richard Cordray addressed the National Association of Realtors regarding the 2008-2009 economic crash and the gradual recovery of the American housing market. In an effort to restore consumers’...more

Additional Recent Actions Added To UDAAP Database

The CFPB has issued new enforcement actions that include allegations of unfair, deceptive, or abusive acts and practices (UDAAP) in connection with consumer financial products. We’ve updated our UDAAP Database with the most...more

White House Opposes Bill Giving Small Businesses Greater Voice in CFPB Rulemaking

Last month, the White House informed Congress that it opposes a bill passed by the House of Representatives designed to give small businesses a larger role in developing Consumer Financial Protection Bureau (CFPB) rules and...more

Senator Shelby Moves Forward with Major Dodd-Frank Reforms

On May 12, 2015, U.S. Senator Richard Shelby (R-Ala.), Chairman of the United States Senate Committee on Banking, Housing, and Urban Affairs, released the text of draft legislation intended to reform the regulatory framework...more

CFPB Enforcement Action Appeals: Quick Resolution with Unchecked Discretion

On March 9, 2015, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray presided over oral argument in the first appeal hearing of an administrative enforcement action. The appeal involves two companies that...more

CFPB Issues New Manual for Company Responses to Detailed Consumer Complaints

On May 15, the Consumer Financial Protection Bureau ("the Bureau") issued an updated Company Portal Manual (“the Manual”) containing new guidance and instructions for companies to respond to consumer complaints filed with the...more

CFPB Reminds Mortgage Lenders to Include Section 8 Income

On May 11, the CFPB issued Bulletin 2015-02, reminding creditors to include income from the Section 8 Housing Choice Voucher (HCV) Homeownership Program when underwriting mortgage loans. Within the Bulletin, the Bureau noted...more

Senator Perdue renews attempt to change CFPB funding

Republican Senator David Perdue has introduced a bill, S.1383 entitled the ‘‘Consumer Financial Protection Bureau Accountability Act of 2015,” that would make the CFPB subject to the congressional appropriations process....more

CFPB launches financial coaching initiative

The CFPB has announced the launch of its Financial Coaching Initiative which targetsrecently-transitioned veterans and economically vulnerable consumers. (The CFPB first announced its plans for launching the program in 2013,...more

FDIC Hosts Teleconference on CFPB Mortgage Rules

On May 21, the FDIC’s Division of Depositor and Consumer Protection is scheduled to host a teleconference that will focus on the implementation of the new mortgage rules issued by the CFPB in 2013. According to the FDIC,...more

CFPB Issues Compliance Bulletin on Unlawful Discrimination Based on Receipt of Mortgage Assistance

In a new compliance bulletin (Bulletin 2015-02), the CFPB “reminds” creditors of their obligation not to discriminate against applicants because their income includes vouchers from the Section 8 Housing Choice Voucher (HCV)...more

Federal Agencies Issue Final Rule on Standards for Appraisal Management Companies

The CFPB along with five other federal agencies have issued a final rule that establishes minimum state registration and substantive requirements for appraisal management companies (AMCs), as required by Section 1473 of the...more

CFPB Takes Action Against PayPal for Allegedly Signing Up Consumers for Unwanted Online Credit

The CFPB filed a complaint and proposed consent order in federal court against PayPal, Inc. The CFPB alleges PayPal illegally signed up consumers for its online credit product, PayPal Credit, formerly known as Bill Me...more

DBO Defeats Preliminary Injunction Files Suit Against Prorater

Last month, I wrote about Judge Lucy Koh’s decision not to preliminarily enjoin the Department of Business Oversight’s investigation of Nationwide Biweekly Administration, Inc. for unlicensed activity under California’s Check...more

CFPB Launches Official Inquiry Into Student Loan Servicing

The CFPB has announced an inquiry into student loan servicing practices. The inquiry includes a formal Request for Information from borrowers, institutions, financial service providers, and others, and call to borrowers to...more

CFPB Holds a Field Hearing on Student Loan Servicing Issues

On May 14th, the same day that the CFPB launched a public inquiry into student loan servicing loan practices (the “Request for Information”), the CFPB held a public field hearing in Milwaukee, Wisconsin to address issues with...more

Pew continues call for checking account arbitration ban and overdraft limits

In its latest report evaluating the checking account practices of the nation’s largest banks, the Pew Charitable Trusts continues to press the CFPB to write new overdraft and other rules for checking accounts. Pew’s new...more

CFPB Files Amicus Brief Regarding TILA’s Definition of “Consumer Credit”

In its most recent amicus brief, filed with the Fifth Circuit on April 9, 2015 in Billings v. Propel Financial Services, LLC, the Consumer Financial Protection Bureau (CFPB) argues that entities who lend consumers money to...more

Federal Register Publishes CFPB Notice to Renew the Approval for the Existing Collection, “Consumer Leasing Act (Regulation M)”

On May 4, the Federal Register published the CFPB’s notice and request for comment, “Consumer Leasing Act (Regulation M) 12 CFR 1013.” The CFPB is requesting to renew the approval of Regulation M without change. Consumers...more

2,398 Results
|
View per page
Page: of 96

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.
×