Despite the various signs suggesting Director Cordray would resign before Labor Day, it now appears that he intends to remain as Director until at least a date in September. One of those signs was the notice on the CFPB’s website of the Fall 2017 Credit Union Advisory Council Meeting in Washington, D.C. on September 7,... Continue Reading…
Earlier this month, the CFPB issued another report on checking account overdraft services, “Data Point: Frequent Overdrafts,” and four one-page prototype model forms to replace the current Regulation E model form for banks to use to disclose overdraft fees and obtain a consumer’s consent to the bank’s overdraft service for ATM and one-time debit card... Continue Reading…
In a letter dated August 16, 2017 to House Judiciary Committee Chairman Bob Goodlatte, Assistant U.S. Attorney General Stephen Boyd stated that “[a]ll of the [DOJ’s] bank investigations conducted as part of Operation Chokepoint are now over, the initiative is no longer in effect, and it will not be undertaken again.”  Acting Comptroller of the... Continue Reading…
The Minnesota Attorney General announced that she has filed a lawsuit in state court against two pension advance companies. According to the AG’s press release, the companies often solicited borrowers through their own websites or websites of “lead generators” who marketed “pension loans” or “loans that can fit your needs.”  The press release states that... Continue Reading…
A report by the majority staff of the House Financial Services Committee concludes that there is a “valid and factual basis” for instituting contempt of Congress proceedings against Director Cordray.  The report states that it was issued in furtherance of “the Committee’s on-going investigation into the CFPB’s arbitration rulemaking.” The report recites the history of... Continue Reading…
The CFPB has issued another report on checking account overdraft services, “Data Point: Frequent Overdrafts.”  The new report represents the CFPB’s third report dealing with overdraft services.  It previously issued a white paper in June 2013 and another “Data Point” report in July 2014. In addition to the new report, the CFPB released four one-page... Continue Reading…