Last week American Banker reported on statistics from the CFPB showing potential evidence of race discrimination within the agency.
House Financial Services Committee Chairman to CFPB On Indirect Auto Investigations: Slow Down. Pull Over. and Show Us Some ID.
Since last March, when the CFPB issued Bulletin No. 2013-02, its highly controversial release warning banks and finance companies that purchase motor vehicle installment sales contracts that, under existing law, any dealer finance charge participation may violate the Equal Credit Opportunity Act and Regulation B [links to our posts critical of the Bulletin], numerous members of Congress have been unsuccessful in seeking clear and precise information from the CFPB as to how it determines that practices that are neutral on their face are nonetheless discriminatory.
In November 2013, the CFPB published a tool to help consumers find local HUD-approved housing counselors.
Last week, the CFPB filed an amicus brief, in conjunction with the FTC, in a case involving collection practices related to time-barred debt (debt for which the statute of limitations has expired).
Given the CFPB’s fair lending focus, there is certainly a strong dose of irony in the American Banker’s report yesterday that CFPB staff evaluations show a pattern of racial disparities.
CFPB’s Updated Report On Strategic Plan, Budget and Performance Plan Shows Increased Spending and Growth
The CFPB has issued an updated report on its strategic plan, budget, and performance plan. The report, which mostly reassembles information contained in other CFPB reports, discusses the CFPB’s progress in meeting the strategic goals set forth in its FY 2013-FY 2017 strategic plan and provides budget projections and other metrics for FYs 2014 and 2015.
District of Columbia Dismisses Lawsuit Seeking to Place Attorney General on April Ballots
As it reportedly did last year, we understand the CFPB is again this year soliciting consumer complaints through the use of a stuffer sent with IRS refund checks mailed to consumers.
The CFPB continues to be a target of House Republicans, with the House passing a bill last week that would make structural and other changes to the CFPB. H.R. 3193, which passed by a 232-182 vote, incorporates five CFPB reform bills approved in November 2013 by the House Financial Services Committee.
Credit reporting was the first industry targeted by the CFPB using its “larger participant” supervisory authority.