CFPB Proposes Alignment of Regulation B and Regulation C Requirements Regarding Collection of Consumer Ethnicity and Race Information

By | CFPB Monitor | March 30, 2017
Pavitra Bacon On March 24, the CFPB announced a proposal to amend Regulation B requirements related to the collection of consumer ethnicity and race information, in order to resolve the differences between Regulation B and revised Regulation C.  These proposed rule amendments are effective on January 1, 2018, the same effective date as the 2015 Home Mortgage Disclosure Act (HMDA) Final Rule. View Full Post
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Consumer Advocates Are Split On Whether Director Cordray Should Finalize Arbitration Rule

By | CFPB Monitor | March 29, 2017
Alan S. Kaplinsky On Monday, during “The CFPB Speaks” panel I moderated that was part of the Practicing Law Institute’s 22nd Annual Consumer Financial Services Institute in Manhattan, Diane Thompson, Deputy Assistant Director of the CFPB’s Office of Regulations, reported that the CFPB is still reviewing comment letters on its proposed arbitration rule (which would preclude the use of class action waivers) and gave no timetable as to when it will issue a final arbitration rule. View Full Post
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Will Attorney General Sessions Continue to Pursue Redlining Cases?

By | CFPB Monitor | March 29, 2017
Alan S. Kaplinsky On Monday, we blogged about the highlights of the panel I moderated, “The CFPB Speaks,” that was part of the Practicing Law Institute’s 22nd annual Consumer Financial Services Institute in Manhattan. The next panel,  “Federal Regulators Speak: Priorities & Coordination,” focused on priorities and developments at the Department of Justice (DOJ), the OCC, and the FTC. View Full Post
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CFPB Settles with Consumer Reporting Agency for Alleged UDAAP/FCRA Violations

By | CFPB Monitor | March 28, 2017
Kim Phan The CFPB announced that it has entered into a consent order with Experian, a consumer reporting agency, for allegedly engaging in the deceptive marketing of credit scores in violation of the Consumer Financial Protection Act’s prohibition against unfair, deceptive, or abusive acts or practices.  View Full Post
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OIG Report Finds CFPB Can Strengthen Conflict of Interest Controls Related to Vendor Activities

By | CFPB Monitor | March 27, 2017
Barbara S. Mishkin The Office of Inspector General for the Fed and CFPB has issued a report on the results of an evaluation it conducted to determine whether the CFPB effectively mitigates the risk of potential conflicts of interest associated with using vendors to support fair lending supervision and enforcement.  View Full Post
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PLI’s “the CFPB Speaks” Panel Discussion

By | CFPB Monitor | March 27, 2017
Barbara S. Mishkin Earlier today, at the Practicing Law Institute’s (“PLI”) 22nd Annual Consumer Financial Services Institute in New York City, Alan Kaplinsky (who is co-chairing the event) moderated a panel entitled “The CFPB Speaks,” that featured three senior CFPB lawyers: Anthony (“Tony”) Alexis (Assistant Director for Enforcement), Diane Thompson (Deputy Assistant Director, Office of Regulations), and Peggy Twohig (Assistant Director for Supervision Policy).  View Full Post
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CFPB Previews 5-year Review of Mortgage Rules

By | CFPB Monitor | March 23, 2017
Pavitra Bacon Dovetailing with President Trump’s recent Executive Order requiring a reduction in regulatory burden, on March 21, 2017, a CFPB official remarked at the American Bankers Association Government Relations Summit that the CFPB was planning to start its review of significant mortgage regulations, including the ability to repay/qualified mortgage rule. View Full Post
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Process Vs. Outcomes Debated at Hearing On Constitutionality of CFPB Structure

By | CFPB Monitor | March 22, 2017
Theodore R. Flo As we had indicated, on March 16, the subcommittee on Oversight and Investigations of the House Financial Services Committee conducted a hearing entitled “The Bureau of Consumer Financial Protection’s Unconstitutional Design.” Unsurprisingly, Republicans and Democrats on the subcommittee talked past each other in making remarks and questioning the four witnesses: Ted Olson, Saikrishna Prakash, Adam White, and Brianne Gorod. View Full Post
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CFPB Launches Assessment of Remittance Rule

By | CFPB Monitor | March 20, 2017
Barbara S. Mishkin The CFPB has issued a notice regarding its plans to conduct an assessment of its remittance transfer rule which became effective on October 28, 2013. The assessment is being conducted under Section 1022(d) of the Dodd-Frank Act which requires the CFPB to conduct an assessment “of each significant rule or order adopted by the Bureau under Federal consumer financial law.”  The assessment must include a review of “the effectiveness of the rule or order in meeting the purposes and objectives of [Title X] and the specific goals stated by the Bureau.”  The CFPB must publish a report of its assessment “not later than 5 years after the effective date of the subject rule or order.”  The notice lists six issues on which the CFPB seeks information and other comments.  View Full Post
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