CFPB

Enactment of the Dodd-Frank Act created the Consumer Financial Protection Bureau, an agency charged with carrying out federal consumer financial laws. We are focused on retail banking products and services, making CBA the industry resource on the CFPB. Our insights and analysis on CFPB-related issues, along with the latest news and information, provides our members with the necessary tools to navigate this new regulatory environment.
  • February 23, 2016
    On Tuesday, February 23, 2016, the CFPB issued two consent orders against Citibank, settling allegations the bank engaged in illegal debt collection and debt sales practices. In the first action , the Bureau alleges Citibank violated Dodd-Frank’s ban on unfair, deceptive or abusive acts or practices when it sold consumer credit card debt to debt buyers with “inflated interest rates” and failed to...
  • February 18, 2016
    On Thursday, February 18, 2016, the CFPB issued its final policy on No-Action Letters (NALs). First proposed in October of 2014, this policy is part of the Bureau’s Project Catalyst Initiative, which seeks to promote marketplace innovation by providing new or emerging products with “regulatory certainty.” Under the new policy, the CFPB has established a process for applicants to submit NAL...
  • February 18, 2016
    On Thursday, February 18, 2016, the CFPB issued file specifications for the Home Mortgage Disclosure Act (HMDA) collection for 2017 and 2018. This resource for HMDA filers outlines the fields to be reported annually and explains how each field should be reported under the final HMDA rule. Beginning in 2017, HMDA data will be submitted electronically, but will include the data reported prior to...
  • February 2, 2016
    On Tuesday, February 2, 2016, the CFPB announced a settlement , in conjunction with a Department of Justice (DOJ) action , with Toyota Motor Credit Corporation to resolve discriminatory outcomes in auto lending. Under the agreement, Toyota Credit will pay $21.9 million in restitution to African American and Asian or Pacific Islander consumers for pricing disparities from non-Hispanic white...
  • January 29, 2016
    On Friday, January 29, 2016, the CFPB announced the settlement administrator distributed checks to consumers for restitution under the Ally Bank indirect auto settlement. As a reminder, the Ally enforcement action was filed in December of 2013 and ordered Ally to pay $80 million in consumer restitution and $18 million to the CFPB in civil money penalties.
  • January 29, 2016
    On Friday, January 29, 2016, CBA President and CEO Richard Hunt joined other banking trade heads in sending a letter to CFPB Director Richard Cordray requesting further clarification on TILA-RESPA Integrated Disclosure (TRID) requirements. The letter was in response to a December 29, 2015 communication from Director Cordray stating banks may correct minor errors and oversights on disclosure forms...
  • January 28, 2016
    On Thursday, January 28, 2016 the CFPB released the latest edition of its Monthly Complaint Report , which focused on complaints in the New York Metro area, as well as those falling into the “other financial services” category. Below are notable takeaways: For three months in a row, the top three “Most Complained about Companies” are credit bureaus, not banks. Prepaid complaints showed the...
  • January 22, 2016
    Cordray to Offer Keynote at CBA LIVE We are pleased to announce CFPB Director Richard Cordray will join us for CBA LIVE 2016. A man who needs no introduction, Director Cordray will join me on the big stage on Wednesday, March 9, 2016, to discuss all things CFPB. Remember, if you have not registered yet, it is not too late! CBA LIVE 2016: Leadership Unplugged takes place March 7-9 in Phoenix, AZ...
  • January 21, 2016
    On Thursday, January 21, 2016, the CFPB took action against Herbies Auto Sales, a buy-here pay-here used car dealer, for allegedly using abusive financing schemes, hiding auto finance charges and misleading consumers. Under the consent order, Herbies is required to pay $700,000 in redress to consumers, with a suspended civil penalty of $100,000. The company also must stop deceiving consumers...
  • January 20, 2016
    On Wednesday, January 20, 2016, the House Financial Services Committee (HFSC) released a report entitled: “Unsafe at any Bureaucracy, Part II: How the Bureau of Consumer Financial Protection Removed Anti-Fraud Safeguards to Achieve Political Goals.” The second in a series, the report investigates the CFPB’s actions in the indirect auto market. In conjunction with the release, the HFSC also...

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