Another federal appellate court has now weighed in on the question of whether a lawsuit seeking rescission is timely where the consumer provided notice of rescission within three years of closing but did not file suit until after the three-year period had passed.
In its decision issued on June 11 in Rosenfield v.… Continue Reading
The CFPB has published another notice in the Federal Register regarding its plans for collecting information on compliance costs. Last month, we reported on the notice published by the CFPB about its collection of information on the compliance costs associated with the mortgage servicing proposals under development. Now, the CFPB seeks comments on its overall plans “to collect qualitative information from industry participants regarding the compliance costs and other effects on providers and consumers, both as to existing regulations in force as well as to proposed new regulations.” … Continue Reading
A hearing on “Mortgage Disclosures: How Do We Cut Red Tape for Consumers and Small Businesses?” has been scheduled for June 20 at 1:30 p.m. by the House Financial Services Committee. The Subcommittee on Insurance, Housing and Community Opportunity will be looking at the CFPB’s efforts to carry out Dodd-Frank’s mandate for the CFPB to create combined TILA/RESPA disclosures. … Continue Reading
We were disappointed to see that the CFPB’s final Rules Relating to Investigations still include the statement that “requests for extensions of time [to petition for an order modifying or setting aside civil investigative demands (CIDs)] are disfavored.”
The CFPB says that its policy of disfavoring extensions “means to prompt recipients to decide within 20 days whether they intend to comply with the CID.” … Continue Reading
In addition to a flurry of news reports, the U.S. Public Interest Research Group Education Fund’s report on the use of debit cards to disburse federal financial aid to college students has also triggered a letter to the CFPB and the U.S. Department of Education by two Democrat lawmakers. Issued last month, the report found that nearly 900 colleges and universities have agreements with financial institutions under which debit cards are issued to students to access any balance of their financial aid remaining after amounts for tuition and fees have been deducted. … Continue Reading
Testimony to Congress earlier this week from Gail Hillebrand, CFPB Associate Director for Consumer Education and Engagement, seems to suggest a way for card issuers to deal with concerns about the Reg. Z rule that the Fed adopted to implement the CARD Act’s ability-to-pay requirement, at least while the CFPB considers whether to change the rule.… Continue Reading
Five U.S. Senators have sent a letter to CFPB Director Cordray asking how the CFPB plans to address the problems with the CFPB’s internal controls and accounting systems identified in the Government Accountability Office’s report issued on May 21.
One of those problems was the absence of an agency-wide information security program for the information and information systems that support the CFPB’s financial reporting, operations, and assets. … Continue Reading
In a new blog post, the CFPB is asking consumers to tell it about “common money mistakes.” The CFPB wants to know about mistakes a consumer has made, mistakes a consumer has seen others make, “habits and practices that make good choices more difficult,” and what the consumer wishes he or she “had known sooner or would do differently next time.” … Continue Reading
On June 4, the CFPB, jointly with the Fed, FDIC, NCUA and OCC, announced that the agencies were releasing a “Memorandum of Understanding on Supervisory Coordination” (MOU). The MOU was signed by the CFPB on May 3 and by the other agencies on various dates in May, with the Fed and NCUA signing last on May 16. … Continue Reading
The CFPB has finalized the following three rules which were issued as interim final rules in July 2011: