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The CFPB has issued a policy statement concerning COVID-19 considerations that will be relevant to how the CFPB chooses to exercise its supervisory and enforcement authority regarding compliance with the Fair Credit Reporting Act and Regulation V, especially in light of the CARES Act.

The CFPB states that it “understands that the current crisis impacts…

The CFPB has published a request for information (RFI) in today’s Federal Register seeking comments and information to assist its Taskforce on Federal Consumer Financial Law.  Comments on the RFI must be received by June 1, 2020.

The CFPB created the Taskforce in October 2019 to examine ways to harmonize and modernize federal consumer financial…

On March 26, the CFPB issued three policy statements designed to provide flexibility to banks and financial services companies to allow them to focus on responding to customers in need during the COVID-19 pandemic.

First, in two separate policy statements, the CFPB announced that it is postponing certain industry data collection deadlines. Specifically, the Bureau…

In this week’s podcast, we are joined by Richard Cordray whose book about his CFPB tenure, Watchdog, was recently-released.  Among other topics, Mr. Cordray shares what he considers to be his key successes and disappointments as Director, describes his relationship with the Trump Administration, responds to criticism of his use of the CFPB’s enforcement…

The CFPB has issued its annual Fair Debt Collection Practices Act report covering the CFPB’s and FTC’s activities in 2019.

With regard to the CFPB’s debt collection rulemaking, in her opening message, Director Kraninger only references the Bureau’s May 2019 proposal.  She does not mention the Bureau’s supplemental proposal issued last month that would require…

In light of the disruption caused by the COVID-19 pandemic, ACA International has asked the CFPB for a 30-day extension of the deadline for filing comments on its supplemental debt collection proposal.  The proposal would require debt collectors to make specified disclosures when collecting time-barred debts.  The current comment deadline is May 4, 2020.

We look at the CFPB’s key findings related to payday lending and mortgage servicing, discuss their implications for the CFPB’s approach to supervision and enforcement, and share practical takeaways for lenders and servicers, including how the CFPB’s findings related to loss mitigation requirements might be used by servicers to inform how they approach disruptions arising…

At the end of last week, the CFPB announced that it was taking three steps consisting of implementing an advisory opinion program, updating its responsible business conduct bulletin, and proposing an award program for whistleblowers.

Advisory program.  Despite objections from Democratic Senators, the Bureau announced that it is implementing an advisory opinion program…

CFPB Director Kathy Kraninger is scheduled to appear before the Senate Banking Committee tomorrow, March 10, at hearing entitled “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress.”  The Bureau’s Fall 2019 Semi-Annual Report was issued last month.

We would expect the topics about which Senators question Director Kraninger to include the Bureau’s plans for…