The CFPB has announced that it has begun development of a National Mortgage Database jointly with the Federal Housing Finance Agency.  The agencies plan to build the database by matching a nationwide sampling of credit bureau files on mortgage loans and payment histories with HMDA data, property valuation models, and other data files.   … Continue Reading

Yesterday, the Bureau released a Bulletin outlining a procedure for supervised entities to appeal certain conclusions and findings made during the examination process.  The appeal procedure is somewhat unclear, since the Bulletin is not very specific about the personnel who will decide the appeal or the standard of review that they will use. … Continue Reading

The CFPB, federal banking regulators and consumer groups have all voiced their opposition to Senate Bill 3468, the “Independent Agency Regulatory Analysis Act of 2012.”   The bill would allow the President to require all independent agencies to undertake numerous additional steps and analyses as part of the rulemaking process.   

In a letter sent to the chairman and ranking member of the Homeland Security and Governmental Affairs Committee (which would be charged with marking up the bill), the CFPB, Fed, SEC, OCC, FDIC and NCUA contend the bill would give the President unprecedented authority to influence rulemaking by independent agencies.… Continue Reading

The CFPB has refused to modify or set aside a civil investigative demand (CID) issued to Next Generation in connection with an investigation of the company’s debt settlement services business.  

In its decision and order denying Next Generation’s petition to modify or set aside the CID, the CFPB stated that the petition was denied because it was not filed within 20 calendar days of service of the CID as required by CFPB rules. … Continue Reading

In an editorial last week in the Philadelphia Inquirer, Rohit Chopra, the CFPB’s Student Loan Ombudsman, once again made servicers of student loans the focus of his comments. In August, in remarks to the Congressional Forum on Student Loans, Mr. Chopra spoke about lessons learned from the mortgage market that might be applied to student loans. … Continue Reading

In his remarks last week to the National Consumer Law Center Conference, Director Cordray identified several issues on which the CFPB will be focusing when it begins examining members of the debt collection industry. Those exams are expected to begin on or after January 2, 2013, the effective date of the CFPB’s debt collection larger participant rule issued last week.  … Continue Reading

In August, the CFPB issued a notice seeking public comment on its plans to determine whether certain provisions of Maine and Tennessee laws relating to unclaimed gift cards are preempted by federal law on gift card expiration dates.  We were pleased to see that the CFPB had invited public input and, in response to that invitation, the American Bankers Association submitted a comment letter earlier this week urging the CFPB to issue a broad preemption ruling. … Continue Reading

Hiring by the CFPB shows no signs of slowing down even though the Bureau has already significantly increased its ranks during 2012.  This week, in an announcement directed at New York City college students, college graduates and students in graduate programs, the CFPB indicated that there are “hundreds of potential [job] opportunities” available at the CFPB and promoted a program for job seekers it is holding today in New York City.… Continue Reading

On Wednesday, the CFPB released its debt collection larger participant final rule and the examination procedures its examiners will use to examine members of the debt collection industry that qualify as larger participants and other industry members over whom the CFPB has supervisory authority. Those exams are expected to begin on or soon after the final rule’s January 2, 2013 effective date.    … Continue Reading

A new CFPB report titled “The Next Front? Student Loan Servicing and the Cost to Our Men and Women in Uniform” focuses on repayment issues faced by servicemembers with private and federal student loans.  One of the report’s findings is that many servicemembers could be entering into more favorable repayment plans if they had better information about their available options. … Continue Reading