CFPB, Federal Agencies, State Agencies, and Attorneys General
The CFPB has published two Federal Register notices seeking comments on its plans to request approval from the Office of Management and Budget for two new generic information collection plans. Comments on both plans are due on or before May 22, 2015.
One notice requests comments on a “Generic Information Collection Plan for Surveys Using the Consumer Credit Panel.” … Continue Reading
In its study of consumer arbitration dated March 10th, the CFPB concluded that relatively few consumer arbitrations have been filed. In a recent Consumer Law & Policy blog, Professor Jeff Sovern states that he is “skeptical” of my position that the CFPB’s conclusion can be explained, in part, by the fact that most consumers use informal methods for resolving their disputes with companies. … Continue Reading
The CFPB has released a report for FY 2014 prepared by KPMG of its independent audit of selected CFPB operations and budget. An annual independent audit is required by the Dodd-Frank Act. The report reflects work performed by KPMG during the period October 1, 2014 to February 16, 2015.
The audit was conducted to evaluate various objectives specified by the CFPB. … Continue Reading
A group of 17 trade associations and organizations have written to the CFPB seeking a grace period for enforcement of the TILA-RESPA Integrated Disclosure (TRID) rule which becomes effective on August 1, 2015.
In their letter, the groups seek written guidance from the CFPB on various situations not addressed by the TRID rule and ask the CFPB to announce and implement a “restrained enforcement and liability” or “grace period” for those seeking to comply in good faith following the provision of such guidance after August 1 through the end of 2015. … Continue Reading
The CFPB has adopted its controversial proposal to publicly disclose consumer complaint narratives in its Consumer Complaint Database. Its plans for disclosing the narratives are set forth in a final policy statement. According to the Federal Register document announcing the policy statement, the CFPB will not disclose any narratives for at least 90 days after the statement’s publication in the Federal Register. … Continue Reading
An Indiana federal court recently granted in part and denied in part the motion of ITT Educational Services, Inc. to dismiss the CFPB’s complaint. As we previously reported, the CFPB’s complaint alleged that ITT engaged in misrepresentations and other unlawful conduct to lead ITT students to obtain financing with onerous terms to pay tuition. … Continue Reading
The CFPB has issued another request for information about the credit card market. The request is intended to inform the CFPB’s biennial review of the credit card market mandated by the CARD Act. In October 2013, the CFPB issued its first report to Congress on the results of its first review. … Continue Reading
Last week, the Office of Inspector General published its findings following an audit assessing the CFPB’s human resources-related operations and other efforts for equal employment. The audit, which was conducted in response to a congressional request for information on the CFPB’s activities related to diversity and inclusion (D&I), analyzed the CFPB’s efforts to ensure equal opportunities for minorities and women to obtain senior management positions and to increase racial, ethnic, and gender diversity in the workforce. … Continue Reading
In its Winter 2015 Supervisory Highlights, which covers supervision work generally completed between July and December 2014, the CFPB highlights legal violations resolved using non-public supervisory actions involving debt collection, consumer reporting, overdraft practices, mortgage origination, and fair lending.
The report indicates that recent supervisory resolutions in the areas of payday lending, mortgage servicing, and mortgage origination resulted in remediation of approximately $19.4 million to more than 92,000 consumers.… Continue Reading
On March 10th, the CFPB held a public field hearing in Newark, New Jersey to address the release of its arbitration report to Congress. The event featured opening remarks from Director Richard Cordray, as well as commentary from consumer groups, industry representatives and members of the public. According to Director Cordray, the report was based on the CFPB’s review of:
