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We are joined by Bret Ladine, the DFPI’s General Counsel.  We discuss the DFPI’s plans for adding new staff, promoting innovation through the new Financial Technology Innovation Office, providing guidance on CFPL exemptions, and handling complaints.  Other topics include the DFPI’s approach to its new authority regarding UDAAPs (which covers small business financing), registration of covered persons, and civil penalties.… Continue Reading

I am pleased to report that as a result of the efforts of its business and consumer critics (among whom I include myself), the Tentative Draft of the Restatement of the Law, Consumer Contracts was put “on hold” yesterday at ALI’s annual meeting in Washington, D.C., making next year’s annual meeting the earliest date when the Restatement will again be considered by ALI’s members.… Continue Reading

The CFPB has issued its annual Consumer Response Report that provides an analysis of the approximately 291,400 complaints handled by the CFPB between January 1 and December 31, 2016.  According to the report, complaint volume rose 7% from 271,600 complaints in 2015 to 291,400 in 2016. The report provides data on the most common types of complaints for each product, the handling of complaints, and median monetary relief.  … Continue Reading

On October 2, 2014, the CFPB announced a research pilot to explore ways to encourage saving among consumers at tax time, with particular focus on tax-time saving practices among low-income consumers. The pilot is part of the CFPB’s “Project Catalyst,” which is designed to encourage consumer-friendly developments in markets for consumer financial products and services.… Continue Reading

The CFPB is extending the comment period on its proposed policy statement that would expand the complaint data that it publicly discloses in its Consumer Complaint Database to include “unstructured” complaint narratives.  In a statement released on July 29, 2014, the CFPB states that it is extending the deadline for comments to be filed from August 22, 2014 to September 22, 2014, 60 days from the date the proposed policy was published in the Federal Register.… Continue Reading