CFPB Exams

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Yesterday, the Bureau released a Bulletin outlining a procedure for supervised entities to appeal certain conclusions and findings made during the examination process.  The appeal procedure is somewhat unclear, since the Bulletin is not very specific about the personnel who will decide the appeal or the standard of review that they will use. … Continue Reading

We’d like to take this opportunity to remind our clients and friends that the standard FCRA notices that used to refer to the FTC, namely, the Summary of Consumer Rights, the Notice of Furnisher Responsibilities, and the Notice to Users of Consumer Reports of Their Obligations Under the FCRA, all need to be revised to reflect the enhanced role of the CFPB under the FCRA.… Continue Reading

In his remarks last week to the Congressional Black Caucus Foundation, CFPB Director Richard Cordray spoke about the role of the Office of Minority and Women Inclusion (OMWI) that various federal agencies are required to establish pursuant to Section 342 of the Dodd-Frank Act.  Those agencies include the Fed, Treasury, CFPB, OCC, FDIC, NCUA, SEC and FHFA.   … Continue Reading

With the release of its examination procedures for credit  bureaus and consumer reporting agencies, the CFPB is now one step closer to scheduling examinations for the 30 largest companies that it estimates account for about 94 percent of the market (measured by annual receipts). These are the companies it has deemed, by rule effective September 30, to be the larger participants in this market.… Continue Reading

On Friday, August 3, I had the pleasure of speaking on a panel at the ABA Annual Meeting with Meredith Fuchs, General Counsel of the CFPB, and Michael Gordon, Senior Counselor to the Director of the CFPB.  Also on the panel were Mark Metz from Bank of America, Jean Noonan from Hudson Cook, and Reginald Brown from Wilmer Hale, who did a great job moderating.… Continue Reading

On Tuesday July 17, Senate Banking Committee Chairman Tim Johnson (D.-SD) introduced a new bill, S. 3394, which combines two consumer-related regulatory initiatives that had already been separately introduced and passed by the House of Representatives.  These are (1) eliminating one of the automated teller machine (“ATM”) fee notice provisions (so-called “ATM placard regulation”), passed by the House in H.R.… Continue Reading

On June 4, the CFPB, jointly with the Fed, FDIC, NCUA and OCC, announced that the agencies were releasing a “Memorandum of Understanding on Supervisory Coordination” (MOU). The MOU was signed by the CFPB on May 3 and by the other agencies on various dates in May, with the Fed and NCUA signing last on May 16. … Continue Reading

Today, the CFPB proposed a rule setting up procedures for supervising non-banks that the CFPB believes are engaging in, or may have engaged in, activities that pose risks to consumers. Under the Dodd-Frank Act, the CFPB has authority to supervise any nonbank that it has reasonable cause to determine is engaging in, or has engaged, in conduct that poses risks to consumers with regard to the offering or provision of consumer financial products or services based on complaints and any other information it receives.… Continue Reading

Last week, the American Banker reported  that while the legislative “fix” to the CFPB privilege waiver problem is stalled in the Senate, an alternative version of the legislation is being circulated in Congress. This alternative version, being proposed by the American Financial Services Association, broadens the existing proposed legislation (HR 4014) principally by providing that privileged documents provided to the CFPB and then shared by the Bureau with a state banking regulatory agency remain privileged despite that sharing.… Continue Reading

On April 13, 2012, the Consumer Financial Protection Bureau (CFPB) released Bulletin 2012-03, which stated that the CFPB will expand its examination scope beyond supervised institutions themselves and examine their service providers as well.  If the CFPB believes that service providers are not complying with a consumer financial services law, or are committing a UDAAP violation when interacting with the supervised institution’s customers, the CFPB plans to hold both companies accountable.… Continue Reading