In February 2023, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) announced an auto finance data pilot, where it ordered nine large auto lenders to provide information about their auto lending portfolios. These lenders consisted of banks, finance companies, and captive lenders (manufacturer-owned finance companies that generally provide below-market interest rate auto financing to consumers).… Continue Reading
Office of Management and Budget
OMB gives go-ahead to CFPB telephone survey of consumers for arbitration study
Over the vigorous objections of industry trade groups, on September 4, 2014, the Office of Management and Budget (OMB) approved the CFPB’s request to conduct a national telephone survey of 1,000 credit card holders as part of its study of the use of mandatory pre-dispute arbitration agreements in connection with consumer financial products and services.… Continue Reading
Prominent industry trade groups nix CFPB’s proposed telephone survey of consumers
As part of its on-going study of consumer arbitration mandated by the Dodd-Frank Act, the CFPB announced on June 7, 2013 that it is seeking funding from the Office of Management and Budget to undertake a telephone survey of 1,000 credit card holders to ascertain their awareness of and perceptions regarding the arbitration provisions in their contracts.… 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