Today, the CFPB proposed a rule setting up procedures for supervising non-banks that the CFPB believes are engaging in, or may have engaged in, activities that pose risks to consumers. Under the Dodd-Frank Act, the CFPB has authority to supervise any nonbank that it has reasonable cause to determine is engaging in, or has engaged,

By Jeremy T. Rosenblum and Stefanie H. Jackman

Recently, the Consumers Union, Center for Public Policy Priorities, Center for Responsible Lending, Coalition of Religious Communities, National Consumer Law Center, SC Appleseed Legal Justice Center and U.S. PIRG called on the CFPB to extend various protections afforded to debit cards under the Electronic Fund Transfer Act

The CFPB’s announcement that it will institute an “Early Warning Notice” process has generally been welcomed in the financial community as an opportunity for pre-litigation communications with the Office of Enforcement. The process, described in CFPB Bulletin 2011-08 [Enforcement] which includes a sample advance notice letter, appears to virtually mirror the SEC’s well-established Wells

The CFPB is close to wrapping up its “Know Before You Owe” project to design a simplified mortgage loan disclosure combining the disclosures required by TILA and RESPA. In addition to completing its proposed design, the CFPB will be writing rules to accompany the new disclosure forms. That message was delivered by Pat McCoy, the

One of the Interim Final Rules released by the CFPB, Disclosure of Records and Information Rules, sets forth the CFPB’s position with regard to sharing information that it gathers and obtains though its activities. 

The Rule begins by defining much of the information received or generated by the CFPB as “confidential” – including consumer