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 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

CFPB Updates Mortgage Origination Examination Procedures to Include Requirements of TILA-RESPA Integrated Disclosure Rule

On May 4, the CFPB updated its Supervision and Examination Manual’s Mortgage Origination examination procedures to include guidance on how its compliance examiners will examine loan disclosures and terms of closed-end...more

CFPB Study: Over 26 Million Consumers Are “Credit Invisible”

On May 5, the CFPB released the results of its latest analysis of the credit reporting industry, finding that more than 26 million consumers are categorized as “credit invisible” (i.e., consumers without credit histories with...more

CFPB Files Complaint Against Companies Offering Mortgage Payment Program

In a complaint filed yesterday in a California federal court, the CFPB alleges that two related companies offering a biweekly mortgage payment program and their individual owner engaged in deceptive telemarketing acts or...more

Shelby Draft Regulatory Relief Bill Addresses Various Residential Mortgage Issues

On May 12, 2015 Senator Richard Shelby (R-AL) released a draft of a regulatory reform bill entitled the Financial Regulatory Improvement Act of 2015. The draft bill addresses various residential mortgage lending issues, a...more

CFPB Files Proposed Consent Orders Related to Wireless Billing Practices

On May 12, 2015, the Consumer Financial Protection Bureau (the “CFPB”) filed proposed consent orders in federal courts that would settle allegations that two wireless carriers unfairly permitted their customers to be charged...more

Financial Services Weekly News Roundup - May 2015 #2

Senator Shelby Releases Discussion Draft of Financial Regulatory Bill. On May 12 Senator Richard Shelby, the Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, announced that the Committee had...more

CFPB Announces Student Loan “Inquiry”

CFPB Director Richard Cordray announced the commencement of a CFPB “public inquiry” into the hurdles that make repayment of student loans a “stressful process and even at times a harmful one.” Speaking in Milwaukee, Wisconsin...more

CFPB issues request for information regarding student loan servicing and re-launches its “Repay Student Debt” tool

Consistent with its continued focus on student lending, the CFPB issued a new request for information regarding student loan servicing. The request for information seeks input from the public regarding all aspects of student...more

Tough Weeks for Morgan Drexen in CFPB Debt Relief Litigation

It’s been a rough couple of weeks for debt-relief services firm Morgan Drexen. You may recall our previous post about the CFPB’s action against Morgan Drexen in the Central District of California and the alleged antics that...more

New CFPB Report Provides Insight into Consumers with Limited Credit Histories

The Consumer Financial Protection Bureau (CFPB) recently released a report, Data Point: Credit Invisibles, concluding that 45 million Americans do not have credit histories or have credit histories that are too sparse to...more

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