Virginia Attorney General Race: Court Announces Rules for December 16 Recount
The CFPB recently sent a letter to private student loan servicers asking them for information about their practices for handling extra payments from borrowers (i.e., payments in excess of the minimum amount due).
The Bureau’s Office of Inspector General (OIG) (which it shares with the Fed) recently issued its 2013 report card on the CFPB’s information security system.
The Consumer Financial Protection Bureau (CFPB or Bureau), fresh off Director Richard Cordray’s Senate confirmation over the summer, is moving forward with more confidence and purpose in its investigation and enforcement strategies, as we last discussed in our report on the CFPB’s roadmap for “Responsible Business Conduct.”
The CFPB showed its strong support for the Consumer Federation of America (CFA) during the first day of the CFA’s 2013 Financial Services Conference entitled, “The Consumer in the Financial Services Revolution.”
On December 3, the CFPB’s Ombudsman Office issued its second annual report covering the Office’s activities during fiscal year 2013 (October 1, 2012 through September 30, 2013).
The CFPB’s recently released fall 2013 rulemaking agenda portends aggressive rulemaking by the Bureau in 2014. With most of the rulemaking mandated by the Dodd-Frank Act now completed, the agenda reflects the CFPB’s plans to focus on consumer products and services other than mortgages.
On November 20, 3013, the Consumer Financial Protection Bureau announced its first enforcement action against a payday lender. Cash America International was fined $5 million and was ordered to refund $14 million to its borrowers due to violations of the Military Lending Act.