CFPB, Federal Agencies, State Agencies, and Attorneys General
Politico has reported that Republican Senator Jerry Moran has introduced a resolution under the Congressional Review Act (CRA) to overturn the CFPB’s 2013 auto finance guidance.
The guidance is set forth in CFPB Bulletin 2013-02, titled “Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act” (Bulletin). In December 2017, in response to a request from Senator Pat Toomey, the GAO issued a decision concluding that the Bulletin is a “rule” subject to the CRA.… Continue Reading
The CFPB has created a new online form for obtaining informal staff guidance on questions about CFPB regulations. A link to the new form appears on the CFPB’s website on the “Compliance and guidance” page.
It is unclear whether the new form is intended to replace the email address and phone number previously given by the CFPB for regulatory questions (CFPB_reginquiries@cfpb.gov;… Continue Reading
The CFPB has issued a new compliance bulletin (2017-11) to provide guidance on pay-by-phone fees. The guidance includes examples of conduct relating to pay-by-phone practices identified by the CFPB in its supervision and enforcement activities that may violate or risk violating the Dodd-Frank UDAAP prohibition or the FDCPA.
The enforcement actions cited in the guidance involving alleged UDAAP violations arising from pay-by-phone practices date from 2015 and, while recent CFPB supervisory highlights have discussed potential FDCPA violations arising from “convenience fees” charged by debt collectors to process payments by phone, recent supervisory highlights have not discussed potential UDAAP violations arising from pay-by-phone practices. … Continue Reading
The CFPB has reissued its guidance on service providers which was formerly titled CFPB Bulletin 2012-03, and as published in the Federal Register on October 26, 2016, is now titled “Compliance Bulletin and Policy Guidance 2016-02.”
The reissued guidance includes an amendment that the CFPB described as “needed to clarify that supervised entities have flexibility [in their risk management program for service providers] and to allow appropriate risk management.” … Continue Reading
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
