Last week, the Consumer Financial Protection Bureau (CFPB) announced it is seeking public comment from consumers on how the credit card market is functioning following several initiatives imposed by the Credit Card Accountability Responsibility and Disclosure Act of 2009, H.R. 627 (CARD Act), which amended various provisions of the Truth in Lending Act, 15 U.S.C § 1601, et. seq.
The CFPB has moved a step closer to issuing payday loan rules by releasing a press release, factsheet and outline of the proposals it is considering in preparation for convening a small business review panel required by the Small Business Regulatory Enforcement Fairness Act and Dodd-Frank.
We recently wrote about three studies that cast serious doubt on the benefit to payday loan borrowers of an ability-to-repay requirement, a payment-to-income (PTI) ratio ceiling, and rollover limits, three potential payday loan restrictions thought to be under consideration by the CFPB.
The Consumer Financial Protection Bureau recently issued its semi-annual Supervisory Highlights report, which summarizes non-public supervisory actions that occurred during the second half of 2014.
The CFPB has published two Federal Register notices seeking comments on its plans to request approval from the Office of Management and Budget for two new generic information collection plans.
Despite loud industry objections and apparent impracticalities, the Consumer Financial Protection Bureau (CFPB) has moved ahead with its plan to allow consumers submitting to its Consumer Complaint Database to go public with narrative descriptions of their complaints.
On January 27, 2015, the Consumer Financial Protection Bureau (“CFPB”) issued a compliance bulletin reminding supervised financial institutions (including large depository institutions, credit unions and their affiliates, certain nonbanks, and service providers) of existing regulatory requirements regarding confidential supervisory information.
Financial institutions are not happy about the CFPB’s announcement that it will begin posting the narratives of some consumer complaints in June.
Dodd-Frank empowered CFPB to treat consumer complaints as an integral part of CFPB’s mission.