The CFPB published for comment in today’s Federal Register a proposed policy on issuing “no-action” letters for innovative financial products or services. Like those issued by the SEC and CFTC, the no-action letters would communicate that, subject to specific facts and circumstances, CFPB staff has no present intention to recommend initiation of an enforcement or supervisory action against the requester with respect to a specified matter. … Continue Reading
Which rules will the CFPB enforce?
The CFPB published today a final list of the rules it will enforce. The final list includes two rules that weren’t on the initial list the CFPB published for comment last month: the FTC’s Mortgage Acts and Practices-Advertising rule, and HUD’s rule implementing the SAFE Act (which takes effect this August 29). … Continue Reading
CFPB getting complaint forms ready
The CFPB published a notice asking the Office of Management and Budget to approve its plans for collecting information online and on paper from the 1-3 million consumers the CFPB says it expects to hear from each year with complaints and questions.
Comments on the CFPB’s intake forms must be filed by August 1, 2011.… Continue Reading
CFPB may supervise “larger participants” in six markets
The CFPB published a Notice and Request for Comment in the Federal Register on June 29, 2011, identifying six markets for consumer financial products and services being considered as markets in which “larger participants” will be subject to CFPB supervision. The six markets are:
- debt collection
- consumer reporting
- consumer credit and related activities
- money transmitting, check cashing, and related activities
- prepaid cards
- debt relief services
Other markets could be added through subsequent CFPB rulemaking.… Continue Reading