The CFPB has published a notice in the Federal Register announcing that a meeting of its Academic Research Council will be held on May 17, 2017. The notice describes the agenda as a discussion of the methodology and direction for the CFPB’s consumer finance research.
CFPB Spring 2017 Supervisory Highlights focuses on mortgage origination/servicing, student loan servicing deficiencies, service provider exams
By John L. Culhane, Jr. on
The CFPB’s newly-released Spring 2017 edition of Supervisory Highlights covers supervisory activities generally completed between September and December 2016. The report indicates that supervisory resolutions resulted in restitution payments of approximately $6.1 million to more than 16,000 consumers and notes that “[r]ecent non-public resolutions were reached in several auto finance origination matters.” … Continue Reading
CFPB weighs in on Eighth Circuit’s competent attorney standard, standing to bring FDCPA claim
By Lindsay C. Demaree on
Posted in Debt Collection, Regulatory and Enforcement
The CFPB recently submitted an amicus brief to the Eighth Circuit, arguing that a debt collector cannot avoid liability under the FDCPA when it falsely represents the amount of a debt to a consumer’s attorney, rather than to the consumer herself. The Bureau also contends that the violation of the statutory right to receive truthful information about the amount of a debt is a sufficient injury to confer Article III standing under Spokeo, Inc.… Continue Reading
CFPB April 2017 complaint report highlights student loan complaints, complaints from Nevada consumers; Ballard Spahr to hold June 8 webinar on student loan servicing
By John L. Culhane, Jr. on
The CFPB has issued its April 2017 complaint report that highlights student loan complaints. The report also highlights complaints from consumers in Nevada and the Las Vegas metro area.
On June 8, 2017, from 12:00 p.m. to 1:00 p.m. ET, Ballard Spahr will hold a webinar, “CFPB Criticism of Student Loan Servicers – What’s Coming Next?” … Continue Reading
State AGs criticize ED withdrawal of Obama student loan servicing policy direction
By John L. Culhane, Jr. on
Posted in Regulatory and Enforcement, Student Loans
A group of 20 state attorneys general, the D.C. attorney general, and the Executive Director of the Office of Consumer Protection of Hawaii have sent a letter to U.S. Department of Education Secretary Betsy DeVos criticizing the ED’s withdrawal of various memoranda issued during the Obama Administration regarding federal student loan servicing reforms.… Continue Reading
CFPB to hold May 10 field hearing on small business lending
By Scott M. Pearson on
Posted in Regulatory and Enforcement, Small Business
The CFPB will hold a field hearing on small business lending in Los Angeles, CA on May 10, 2017. The announcement, which took the form of a posting on the events page of the CFPB’s website, contains only the usual statement that the hearing will feature “remarks from Director Cordray, as well as testimony from community groups, industry representatives, and members of the public.”… Continue Reading
OIG issues report on CFPB contract award controls; updated work plan includes evaluation of CFPB’s supervisory corrective action follow-up process
By Barbara S. Mishkin on
The Office of Inspector General for the Fed and CFPB recently issued an audit report entitled “The CFPB Can Strengthen Contract Award Controls and Administrative Processes.” The objective of the OIG’s audit was to assess the CFPB’s compliance with applicable laws, regulations and CFPB policies and procedures related to contract solicitation, selection and award processes, as well as the effectiveness of the CFPB’s associated internal controls.… Continue Reading
Witnesses announced for April 26 House CHOICE Act hearing
By Barbara S. Mishkin on
Posted in CFPB General, Regulatory and Enforcement
The House Financial Services Committee has released the witness list for the hearing it will hold this Wednesday, April 26, 2017, to discuss the Financial CHOICE Act.
The witnesses will be:
- John Allison, Former President and Chief Executive Officer, Cato Institute
- Dr. Norbert J. Michel, Senior Research Fellow, Financial Regulations and Monetary Policy Institute for Economic Freedom and Opportunity, The Heritage Foundation
- Hester Peirce, Director of Financial Markets Working Group and Senior Research Fellow, Mercatus Center
- Alex J.
Court orders former president of debt collection company to pay $2 million penalty to FTC for alleged FDCPA/FTC Act violations
By Barbara S. Mishkin on
A Texas federal district court has entered a $2 million civil penalty judgment against the former president of a debt collection company for alleged violations of the FDCPA and FTC Act. The judgment follows the court’s finding in a prior order that $2 million was a “reasonable and appropriate penalty for [the president’s] violations of the Fair Debt Collection Practices Act.” … Continue Reading
D.C. Circuit affirms denial of CFPB petition to enforce CID issued to college accrediting organization
By Ballard CFS Group on
Posted in CFPB Enforcement, Regulatory and Enforcement
The D. C. Circuit has affirmed the D.C. federal district court’s April 2016 denial of the CFPB’s petition to enforce a CID issued to the Accrediting Council for Independent Colleges and Schools (ACICS) in August 2015.
After denying ACICS’s petition to modify or set aside the CID in October 2015, the CFPB filed a petition in D.C.… Continue Reading