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
consumer
ALI annual meeting ends with uncertain future for Restatement of the Law, Consumer Contracts
By Alan S. Kaplinsky on
Posted in Regulatory and Enforcement
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…
CFPB issues annual complaint report
By Barbara S. Mishkin on
Posted in CFPB General, Regulatory and Enforcement
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 …
CFPB announces research pilot on ways to encourage consumers to save at tax time
By Joel E. Tasca on
Posted in CFPB General, Regulatory and Enforcement
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.…
CFPB extends comment period on proposal to publicly disclose consumer complaint narratives
By Marc Patterson on
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…