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 seeking approval for field study of Owning a Home project

The CFPB has published a notice stating that as part of its Owning a Home project, it plans to seek approval from the Office of Management and Budget to conduct a field study of the project. The project consists of a various...more

New Amendment to the Interstate Land Sales Full Disclosure Act (ILSA) could be Good News for Condominium Developers

On September 26, 2014, President Obama signed into law House Resolution 2600 that adds the sales of condominium units to the list of “partial” exemptions under the Interstate Land Sales Full Disclosure Act (ILSA). With the...more

Expect Focus - Regulators Are Watching: New Products, New Opportunities, New Risks - Volume III, Summer 2014

In This Issue: - IN THE SPOTLIGHT ..Standard CGL Policy Form Adds Data Breach Coverage Exclusion - LIFE INSURANCE ..Class Claims Against Lincoln National Barred in Section 419 Action – Again ...more

CFPB announces new Project Catalyst project

The CFPB has announced a new project as part of its Project Catalyst initiative, which the CFPB describes as ”designed to encourage consumer-friendly developments in markets for consumer financial products and services.” The...more

FTC Comments on the CFPB’s Foray into Mobile Financial Services, Emphasizing Its Extensive Consumer Protection Efforts in the...

Earlier this month, the Bureau of Consumer Protection of the Federal Trade Commission (FTC) submitted comments to the Consumer Financial Protection Bureau (CFPB) in response to the CFPB’s June 2014 request for information...more

CFPB Wants to Publish Detailed Consumer Complaints

The Consumer Financial Protection Bureau (CFPB) has proposed to publicly disclose details of consumer complaints filed through its web-based public consumer complaint database by including a consumer narrative of events that...more

CFPB And Federal Reserve To Co-Host Third TILA-RESPA Disclosure Webinar

On October 1, the CFPB and the Federal Reserve will co-host a webinar on the TILA-RESPA Integrated Disclosures rule. By consolidating the existing mortgage disclosures required under TILA and RESPA, the integrated rule is...more

CFPB To Host Forum On Access To Checking Accounts

On October 8, the CFPB will host a forum to discuss checking account screening policies and practices and how they will affect consumers. Specifically, the event will focus on how the screening system works and its potential...more

Senate passes bill exempting condo unit sales from ILSFDA registration

In May 2013, we reported that the CFPB’s amicus program scored a victory when the U.S. Court of Appeals for the Second Circuit ruled that the sale of a single-floor condominium unit in a multistory building was subject to the...more

GAO report finds CFPB needs to improve privacy and security procedures for data collections

A new report from the Government Accountability Office on the CFPB’s data collection efforts finds that the CFPB needs to do more to reduce the risk of improper collection, use or release of such data. The CFPB’s data...more

Industry trade groups provide recommendations to CFPB on TILA-RESPA implementation

Sixteen industry trade groups, including the American Bankers Association, the Mortgage Bankers Association, and Financial Services Roundtable, have sent a letter to Director Cordray in which they requested that the CFPB...more

The CFPB and the Technological Revolution

The Consumer Financial Protection Bureau (CFPB) Director Richard Cordray emphasized during the CFPB’s September 11, 2014, meeting with the Consumer Advisory Board the CFPB’s new focus on protecting consumers who use mobile...more

News groups oppose opt in for CFPB’s proposed disclosure of complaint narratives

While industry continues to voice its opposition to the CFPB’s proposal to publicly disclose consumer complaint narratives, some news groups think the CFPB’s proposal doesn’t go far enough. ...more

CFPB Releases Report on Fair Credit Exams and White Paper on Proxy Methodology

Along with its proposed larger participant rule for the auto financing market, the Consumer Financial Protection Bureau issued a special edition of Supervisory Highlights (the "report") describing its fair credit supervisory...more

Dodd-Frank’s New Deputies of Federal Consumer Financial Laws—States

In the wake of the Financial Crisis, the federal government has invigorated its civil fraud enforcement. The U.S. Department of Justice has dominated the headlines in this area with a series of significant lawsuits and...more

Fed and CFPB Announce Thresholds for Regulation Z and Regulation M Exempt Consumer Credit and Lease Transactions

On September 9, the Fed and CFPB announced increases in the dollar thresholds in Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) for exempt consumer credit and lease transactions. These increases are...more

CFPB Sues For-Profit College For Alleged Predatory Lending

On September 16, the CFPB filed a civil action against a for-profit college for allegedly engaging in an “illegal predatory lending scheme.” Specifically, the CFPB alleges that the school engaged in unfair and deceptive...more

CFPB to Regulate Larger Nonbank Auto Lenders

The CFPB is proposing to oversee larger nonbank auto finance companies for the first time at the federal level. Currently, the Bureau supervises large banks making auto loans, but not nonbank auto finance companies. ...more

CFPB Finalizes Rule To Oversee Larger Nonbank International Money Transfer Providers

On September 12, the CFPB finalized a rule that allows it to supervise larger participants in the international money transfer market. In particular, this rule, which finalizes the proposed rule the CFPB issued in January...more

Don't entrust companies named Hydra with your bank info

Hail Hydra? No thanks If you’ve watched a Captain America movie before, you’ll know that the name Hydra means bad news. Turns out they were onto something. The Hydra Group, a group of three people that operated a...more

Federal Reserve, CFPB Announce Increased Consumer Credit, Lease Transaction Thresholds

On September 9, the Federal Reserve Board and the CFPB announced an increase in the dollar thresholds in Regulation Z and Regulation M for exempt consumer credit and lease transactions. Transactions at or below the thresholds...more

Legal Alert: CFPB Proposes to Examine and Directly Supervise Nonbank Auto Lenders

On September 17, the Consumer Financial Protection Bureau (CFPB) proposed to make nonbank automobile lenders subject to the examination and direct supervision of the Bureau. The proposed rule can be found here. Under the...more

CFPB Subjects Large International Money Transmitters to Supervision

The Consumer Financial Protection Bureau (CFPB) finalized its rulemaking defining larger participants in the international money transfer market. Companies that engage in at least one million international money transfers...more

CFPB Offers More Details On Plans To Supervise Auto Finance Market

On September 17, the CFPB released new information about its plans to supervise and enforce auto finance companies’ compliance with consumer financial laws, including fair lending laws. As it indicated it would earlier this...more

CFPB Updates TILA-RESPA Integrated Disclosure Rule Compliance Guide

On September 8, the CFPB released an updated Small Entity Compliance Guide for its TILA-RESPA Integrated Disclosure Rule, which becomes effective next August. ...more

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