On April 9, 2014, the Consumer Financial Protection Bureau announced a $772 million deal with Bank of America Corp. to settle allegations that it deceptively marketed credit card add-on products and illegally billed customers.
On Monday, April 7, CFPB General Counsel Meredith Fuchs warned that debt collection, payday lending, prepaid cards and privacy notices are priorities for the Bureau in the coming months.
The Consumer Financial Protection Bureau has turned its attention to “zombie” foreclosures, as reported by Reuters.
A bill to require the CFPB to establish a small business advisory board was recently introduced by Republican Congressmen Robert Pittenger and Denny Heck.
The CFPB’s first publicly announced criminal referral has resulted in the entry of guilty pleas by a debt settlement company and its principal, according to a Reuters report.
As we previously reported, the House Financial Services Committee has been interested in the specific methodology and metrics used by the CFPB in its disparate impact analysis under the Equal Credit Opportunity Act and Regulation B. On March 7, Chairman Hensarling sent a letter to Director Cordray seeking a response to the Committee’s questions, and it appears the CFPB has yet to respond to the letter.
CFPB General Counsel Meredith Fuchs and CFPB Assistant General Counsel for Law and Policy Anne Zorc spoke last week at the Georgetown Consumer Law Society and Citizen Works’ symposium entitled “Making the Fine Print Fair.”
At the Practicing Law Institute’s 19th Annual Consumer Financial Services Institute held on Monday in New York City, Meredith Fuchs, Associate Director & General Counsel for the CFPB delivered the opening keynote address, which touched on a number of topics regarding current areas of interest of the CFPB and provided updates on where several of such initiatives are heading.
The CFPB’s Office of Minority and Women Inclusion (OMWI) has issued its second annual report to Congress covering the OMWI’s activities in 2013.
CFPB Outlines Expansion of Nonbank Supervision, in Particular Increasing Consumer Access to Credit Scoring Information and Education
In a speech at the Consumer Bankers Association, CFPB Deputy Director Steve Antonakes discussed the nonbank segments of the financial services industry where the CFPB recently has expanded its supervision, including debt collection, student loan servicing, and large nonbank auto lenders.