The CFPB recently released a “Special Edition” of its Supervisory Highlights that focuses exclusively on data accuracy issues in consumer credit reporting and the handling and resolution of consumer disputes. The report describes the observations of CFPB examiners during examinations of both consumer reporting agencies and the creditors and other companies that furnish information to consumer reporting agencies.… Continue Reading

On March 1,2017, by a vote of 241 to 104, the House passed the “OIRA Insight, Reform, and Accountability Act” (H.R. 1009), which would subject independent regulatory agencies such as the CFPB to the regulatory review process of the Office of Information and Regulatory Affairs (OIRA) within the Office of Management and Budget. … Continue Reading

As it has done for other CFPB rules, the CFPB has published a small entity compliance guide for its prepaid card rule.  The final rule is generally effective on October 1, 2017.

We have blogged about Republican efforts that are underway in Congress to use the Congressional Review Act to enact a joint resolution of disapproval to nullify the prepaid card rule.… Continue Reading

The D.C. Circuit, in a divided decision, denied a motion for an emergency injunction pending appeal filed by a company seeking to halt all CFPB action adverse to the company, including enforcement of a CID and disclosure of the company’s identity.  The company seeking the injunction in John Doe Company v.… Continue Reading

Earlier this week, we attended the LendIt USA conference in New York City, a leading annual fintech conference, at which both CFPB Director Richard Cordray and Comptroller of the Currency Thomas Curry spoke.

Director Cordray began his remarks by returning to his familiar “level playing field” theme, observing that “[e]venhanded oversight of all providers” regardless of size “is a basic rule of the road for effective regulation of the financial marketplace” and that “[n]obody gets a free pass to exploit regulatory arbitrage; everyone must be held to the same standards of compliance with the law.”  … Continue Reading

The D.C. Circuit has entered an order granting the unopposed motion of the United States for leave to file an amicus brief in PHH by March 17, 2017.  As we previously observed, the motion appears to signal the DOJ’s intention to support PHH rather than the CFPB.

In a second order, the D.C.… Continue Reading

In a new white paper, “An Overview of the Analytical Flaws and Methodological Shortcomings of the CFPB’s Survey of Consumer Experiences with Debt Collection,” ACA International takes aim at the report released by the CFPB in January 2017 that presented the findings of the CFPB’s national debt collection consumer survey.… Continue Reading

The CFPB has issued its February 2017 complaint report that highlights credit reporting complaints.  The report also highlights complaints from consumers in Louisiana and the New Orleans metro areas.

General findings include the following:

  • As of February 1, 2017, the CFPB handled approximately 1,110,100 complaints nationally, including approximately 29,700 complaints in January 2017.
… Continue Reading

The United States, at the Solicitor General’s request, has filed an “unopposed motion” with the D.C. Circuit for leave to file an amicus brief in PHH by March 17, 2017.  The motion states that both PHH and the CFPB have consented to the motion.

The D.C. Circuit’s order granting the CFPB’s petition for rehearing en banc requires amicus briefs supporting PHH to be filed by March 10 and amicus briefs supporting the CFPB to be filed by March 31. … Continue Reading

Although the Trump Administration has largely been silent with respect to Dodd-Frank and the future of the CFPB, some members of Congress have been very active in proposing significant legislative changes. Several measures to reform the agency are pending in the House and Senate. These bills can generally be broken down into two categories.… Continue Reading