The CFPB has announced annual adjustments to two asset-size exemption thresholds.  First, the CFPB has made no change to the asset-size exemption threshold under HMDA/Regulation C which is currently set at $44 million.  Banks, savings associations, and credit unions with assets at or below $44 million as of December 31, 2016 will continue to be exempt from collecting HMDA data in 2017.… Continue Reading

The CFPB announced that it has entered into a consent order with Military Credit Services, LLC, a company providing revolving credit to military consumers, to settle allegations that the company’s open-end credit agreements violated the Truth in Lending Act and the Electronic Fund Transfer Act.  MCS had entered into a consent order with the CFPB in 2014 to settle a complaint that named several other companies as defendants, including Freedom Stores, Inc.… Continue Reading

The CFPB announced that it has sued four Virginia-based pawnbrokers in lawsuits filed in a Virginia federal district court for alleged violations of the Truth in Lending Act and the Consumer Financial Protection Act in connection with closed-end “pawn” loans made by the companies.  The defendants are: Spotsylvania Gold & Pawn, Inc.… Continue Reading

It has been reported that President-elect Donald Trump has nominated South Carolina Republican Congressman Mick Mulvaney to be Director of the Office of Management and Budget (OMB).  Mr. Mulvaney has been described as a “staunch deficit hawk” and his nomination is viewed as sending a signal that federal regulations are likely to face tough scrutiny in a Trump administration.… Continue Reading

Politico has reported that CFPB Communications Director Jen Howard has indicated in an e-mail that Director Cordray has no current plans to leave the CFPB.  According to Politico, Ms. Howard stated “Director Cordray was confirmed by a bipartisan group of 66 senators to serve a term until July 2018 and has no plans to step down.”… Continue Reading

The CFPB announced that it has entered into a consent order with Moneytree, Inc. to settle allegations that the company engaged in deceptive advertising, sent consumers deceptive collection letters, and did not obtain written authorization for electronic repayments.  The consent order requires the company to pay approximately $255,000 in consumer redress and a civil money penalty of $250,000 to the CFPB.… Continue Reading

In a blog post published last Friday, Patrice Ficklin, Associate Director of the CFPB’s Office of Fair Lending, outlined the CFPB’s fair lending priorities for 2017.

Ms. Ficklin wrote that, going forward, the CFPB will increase its focus in the following three areas:

  • Redlining: The CFPB “will continue to evaluate whether lenders have intentionally avoided lending in minority neighborhoods.”
… Continue Reading

The CFPB has unveiled “Consumer Credit Trends,” which it describes as “a web-based tool to help the public monitor developments in consumer lending and forecast potential future risks.”

The tool, which was released in beta version, tracks originations for mortgages, credit cards, auto loans, and student loans.  For each category, the tool shows loan volume by borrower credit score, income level, and age. … Continue Reading

The Cause of Action Institute has filed an action against the CFPB under the Freedom of Information Act (FOIA) seeking information related to the CFPB’s proposed arbitration rule.  In its complaint filed in D.C. federal district court, the Institute described itself as “a non-profit strategic oversight group committed to ensuring that government decision-making is open, honest, and fair.”… Continue Reading

The D.C. Circuit will hear oral argument on February 2, 2017 on the CFPB’s appeal from the D.C. federal district court’s April 2016 ruling that the CFPB exceeded its statutory authority when it issued a CID 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