On January 16, the American Bankers Association (ABA) issued a letter opposing a proposal offered by the Department of Defense to amend the regulations that implement the Military Lending Act.
The American Bankers Association has sent a letter to the Department of Defense “to alert the Department to shortcomings” in the CFPB’s study entitled “The extension of high-cost credit to servicemembers and their families” and the CFPB’s comment letter endorsing the DoD’s proposed revisions to its Military Loan Act regulations (which included the study as an appendix).
Diversity Reports at Two Federal Agencies Offer Glimpse of Regulatory Review Under Impending Dodd-Frank Diversity Standards
The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”), signed by President Obama in 2010 in response to the financial crisis, includes a provision intended to remedy racial and gender discrepancies at federal financial regulatory agencies and private financial institutions.
The CFPB has published a notice in the Federal Register announcing that it is seeking applications from persons interested in becoming members of its Consumer Advisory Board, Community Bank Advisory Council, or Credit Union Advisory Council. Appointments to the Board are typically for three years and appointments to the Councils are typically for two years.
In a report released on January 13, 2015, the CFPB announced that nearly half of consumers do not shop among multiple lenders before applying for a mortgage loan. Even fewer—about one of every four—submit multiple applications to gauge the best deal, the Bureau says.
The CFPB has issued a request for information (RFI) in which it seeks comments on a draft “Safe Student Account Scorecard” to be used by colleges and universities to obtain information from prospective financial institution partners offering financial products to students.
An increasing number of banks, mortgage lenders, auto finance companies and other financial services industry participants are dealing with inquiries, investigations and actual or threatened legal claims from the Consumer Financial Protection Bureau (CFPB) and other enforcement agencies related to the fairness of their lending, servicing and collection practices.
Peggy Twohig, the CFPB’s Assistant Director for Nonbank Supervision, was a member of a panel today on service provider and vendor management compliance issues at this week’s meeting in New Orleans of the American Bar Association Consumer Financial Services Committee.
In conjunction with a forthcoming survey on the CFPB’s UDAAP enforcement actions and our UDAAP enforcement action database, we generated data to analyze all of the CFPB’s enforcement activity since the agency came into existence.