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.
  • August 28, 2015
    CFPB Releases Monthly Complaint Report, Volume Two On Tuesday, August 25, 2015, the CFPB released volume two of its Monthly Complaint Report. Launched in July of 2015, the CFPB plans to release a monthly report highlighting a specific complaint type and geographic location. This month the Bureau focused on credit reporting and complaints in Los Angeles, CA. Notably, the "Top 10 Most Complained...
  • August 28, 2015
    The Latest in the Complaint Saga: More Irresponsible Info from the CFPB On Tuesday, the Bureau released its monthly consumer complaints snapshot . According to the report, as of August 1, 2015, the CFPB has "handled" 677, 200 complaints nationally. This may seem like a lot... unfortunately, this number is absolutely worthless. The CFPB cites this 677,000 number but fails to reveal it includes...
  • August 26, 2015
    We have previously blogged about the comment letter concerning the CFPB’s March 10, 2015Study on consumer arbitration that we submitted to the CFPB on behalf of the American Bankers Association, the Consumer Bankers Association and The Financial Services Roundtable. That comment letter was highly critical of the conclusions drawn by the CFPB from its own data. Earlier this month, Professor Jason...
  • August 21, 2015
    CFPB, New York Target Pension-Advance Lenders On August 20, 2015, the CFPB, in conjunction with the New York Department of Financial Services, filed suit against Pension Funding, LLC and Pension Income, LLC and three fund managers for alleged wrongful conduct regarding pension advance loans. Under the Unfair Deceptive Abusive Acts and Practices (UDAAP), and New York's prohibitions against false...
  • August 21, 2015
    Working with the CFPB—Advice from the Inside Here's what a former CFPB attorney had to say in the way of advice to lenders on how to better work with the CFPB. Gerald Sachs, formerly a senior counsel for enforcement strategy at the Bureau, told attendees at Automotive Resource Network's 2015 Annual Automotive Conference the CFPB "doesn't care" if consumer complaints represent a statistically...
  • August 14, 2015
    Just because Congress is on vacation doesn't mean the regulators are. Thanks again to all of you who joined our membership call on Monday. Discussion included an update on CBA's top legislative regulatory priorities. Stay tuned for our next call! TIME Waxes Nostalgic On Thursday, TIME magazine published a long-form article looking back on the CFPB's first four years. Disappointing read . Too bad...
  • August 14, 2015
    Agencies Take Action Against Citizens On Wednesday, August 12, 2015, the CFPB, FDIC and OCC entered into a consent order with Citizens Bank for allegedly failing to credit consumers the full amounts of their deposited funds. The agencies claim, between January 1, 2008 and November 30, 2013, the bank kept money from deposit discrepancies when receipts did not match the actual money transferred...
  • August 13, 2015
    The first time Deborah Jacobs heard about the Consumer Financial Protection Bureau, it struck her as a terrible idea. It was 2010, and Jacobs, a 65-year-old retired teacher, was one year into the mortgage on her new house in Brooklyn, Mich. Watching the news one evening, she saw a Harvard academic named Elizabeth Warren talking about the need for a new federal agency to protect consumers from...
  • August 7, 2015
    CFPB and the Question of Constitutionality "The constitutionality of the CFPB's structure is now on track for its first review by a federal appeals court. This is going to be interesting," wrote Alison Frankel for Reuters on Tuesday, August 4, 2015. The day before, the motions panel of the District of Columbia U.S. Circuit Court of Appeals granted PHH Corporation's motion, finding the company had...
  • August 7, 2015
    Another Constitutionality Challenge Filed Against the CFPB PHH Corporation on Friday, June 26, 2015 filed a Motion for Stay Pending Judicial Review with the D.C. Circuit Court of Appeals (Court) seeking to stay a final action of the CFPB scheduled to take effect on Wednesday, August 5, 2015. On Monday, August 3, 2015, the Court granted PHH's motion, finding the company had "satisfied the...

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