Last month, the White House informed Congress that it opposes a bill passed by the House of Representatives designed to give small businesses a larger role in developing Consumer Financial Protection Bureau (CFPB) rules and regulations.
On March 9, 2015, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray presided over oral argument in the first appeal hearing of an administrative enforcement action.
The CFPB has announced the launch of its Financial Coaching Initiative which targets recently-transitioned veterans and economically vulnerable consumers. (The CFPB first announced its plans for launching the program in 2013, at which time it was expecting a 2014 launch date.)
On May 14th, the same day that the CFPB launched a public inquiry into student loan servicing loan practices (the “Request for Information”), the CFPB held a public field hearing in Milwaukee, Wisconsin to address issues with the student loan servicing industry.
In its latest report evaluating the checking account practices of the nation’s largest banks, the Pew Charitable Trusts continues to press the CFPB to write new overdraft and other rules for checking accounts.
CFPB Director Richard Cordray announced the commencement of a CFPB “public inquiry” into the hurdles that make repayment of student loans a “stressful process and even at times a harmful one.”
Statements made by CFPB Director Cordray to the National Association of Realtors on May 12, 2015 suggest that the Director may not fully appreciate the implications of the TILA/RESPA Integrated Disclosure (TRID) rule that is scheduled to become effective August 1, 2015.
The Consumer Financial Protection Bureau (CFPB) recently released a report, Data Point: Credit Invisibles, concluding that 45 million Americans do not have credit histories or have credit histories that are too sparse to generate a credit score.
Evidence is mounting that the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) are taking a renewed interest in investigating possible redlining—the practice of lenders charging certain groups more for products, or altogether excluding minorities within certain geographic areas.
In a new compliance bulletin (Bulletin 2015-02), the CFPB “reminds” creditors of their obligation not to discriminate against applicants because their income includes vouchers from the Section 8 Housing Choice Voucher (HCV) Homeownership program.