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CFPB opposes petition for certiorari filed by tribal lenders in Ninth Circuit case

The CFPB has filed a brief opposing the petition for certiorari filed by two tribally-affiliated lenders seeking U.S. Supreme Court review of the Ninth Circuit’s decision in CFPB v. Great Plains Lending, LLC, et al. In that...more

Director Cordray announces resignation plans to CFPB staff

According to widespread media reports, Director Cordray informed CFPB staff members today that he expects to resign as CFPB Director by the end of this month. ...more

CFPB issues fifth Financial Literacy Annual Report

The CFPB has issued its fifth Financial Literacy Annual Report to Congress. The report describes the CFPB’s ongoing financial literacy work, “with an emphasis on work during October 2016 through September 2017.”...more

CFPB sues nation’s largest debt-settlement services provider

The CFPB has filed a lawsuit in a California federal district court against Freedom Debt Relief (FDR) and its CEO for alleged violations of the Consumer Financial Protection Act (CFPA) and the Telemarketing Sales Rule (TSR). ...more

CFPB seeking information on consumer experience with free credit score access; announces plan to update public list of companies...

The CFPB has published the following notices in today’s Federal Register: - Request for Information. Through the RFI, the CFPB seeks to learn more about consumers’ experience with access to free credit scores and the...more

CFPB/Fed/OCC increase exemption thresholds for appraisal requirement, Regs Z and M

The CFPB, Fed, and OCC have published notices in the Federal Register announcing that they are increasing three exemption thresholds that are subject to annual inflation adjustments. Effective January 1, 2018 through...more

Director Cordray cleared of Hatch Act violation

The U.S. Office of Special Counsel (OSC) has issued a letter stating that it “found no evidence that [Director Cordray had] engaged in any of the preliminary activities directed toward candidacy that would violate the Hatch...more

Fed issues consent order for bank’s alleged deceptive practices involving balance transfer credit cards

The Federal Reserve Board announced that it had issued a Consent Order against Mid America Bank and Trust Company (Bank) for alleged deceptive marketing practices in violation of section 5 of the FTC Act related to balance...more

CFPB report on growth in longer-term “auto loans” could presage increased CFPB scrutiny

A new CFPB report, “Growth in Longer-Term Auto Loans”, discusses a CFPB finding that there has been a significant increase in the use of longer-term “auto loans” since 2009. ...more

GAO determination that leveraged lending guidance is subject to CRA could foreshadow similar fate for CFPB indirect auto finance...

In May 2017, we blogged about press reports that the Government Accountability Office (GAO) had accepted a request from Senator Patrick Toomey for a determination concerning whether the CFPB Bulletin 2013-02, titled “Indirect...more

CFPB Consumer Advisory Board to meet Nov. 2

The CFPB has published a notice in the Federal Register announcing that a meeting of its Consumer Advisory Board will be held in Tampa, Florida on November 2, 2017....more

CFPB files lawsuit against debt relief companies for alleged misrepresentation of government affiliation

Last week, the CFPB filed a lawsuit in Maryland federal court against two commonly-owned debt relief companies, their affiliated payment processor, and three individual principals  for alleged violations of the Telemarketing...more

State AGs ask Experian to waive credit freeze fees

An Assistant Illinois Attorney General, in a letter sent to Experian’s CEO on behalf of the Illinois AG and the AGs of 35 other states and the District of Columbia, has asked Experian not to charge any credit freeze-related...more

CFPB files amicus brief in Eleventh Circuit ECOA case

The CFPB has filed an amicus brief in Regions Bank v. Legal Outsource PA, a case on appeal to the Eleventh Circuit that involves two important issues under the Equal Credit Opportunity Act (ECOA): whether the ECOA provides a...more

Democratic House members introduce bill to revoke bank charters and deposit insurance for consumer protection law violations,...

A group of Democratic House members led by Rep. Maxine Waters has introduced H.R. 3937, the “Megabank Accountability and Consequences Act of 2017,” that would require federal bank regulators to consider the revocation of a...more

OIG report finds CFPB’s examination workpaper documentation practices can be improved

The Office of Inspector General (OIG) for the CFPB and Fed has issued a report that found the CFPB can improve its practices related to examination workpaper documentation. This report follows another OIG report issued last...more

CFPB releases report on financial well-being of consumers and new consumer tool

The CFPB has released a new report, “Financial well-being in America,” and a new on-line interactive tool that allows consumers to measure their own financial well-being and access CFPB resources intended to help consumers...more

OIG report finds effectiveness of CFPB’s examiner commissioning and training programs could be improved

The Office of Inspector General (OIG) for the CFPB and Fed has issued a report on the results of its evaluation of the effectiveness of the CFPB’s Examiner Commissioning Program (ECP) and On-the-Job Training (OJT) programs. ...more

What Is Ohio’s Filing Deadline For Candidates For Governor?

With many observers expressing surprise that Director Cordray has not yet announced that he plans to run for Ohio Governor as the Democratic candidate, there has been curiosity as to Ohio’s filing deadline for candidates....more

Director Cordray keeps mum on departure plans

Director Cordray, responding today to a letter from Rep. Jeb Hensarling who chairs the House Financial Services Committee, stated that “I have no further insights to provide” on whether he intends to serve his full term as...more

CFPB publishes annual CARD Act, HOEPA, QM adjustments

The CFPB has published a final rule regarding various annual adjustments it is required to make under provisions of Regulation Z (TILA) that implement the CARD Act, HOEPA, and the ability to repay/qualified mortgage...more

Director Cordray to remain at CFPB beyond Sept. 1; Rep. Hensarling seeks confirmation of Director Corday’s departure plans

Despite the various signs suggesting Director Cordray would resign before Labor Day, it now appears that he intends to remain as Director until at least a date in September. ...more

A fourth sign of Director Cordray’s imminent departure?

Last Friday, we blogged about a new sign that Director Cordray’s resignation may be imminent. That sign was the CFPB’s posting on its website of a notice of a meeting on September 7, 2017 of the Fall 2017 Credit Union...more

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