CFPB June 2017 “special Edition” Complaint Report Expands State-level Data and Analysis

The CFPB’s June 2017 complaint report could serve as a call to arms to state attorneys general and regulators.  Unlike the CFPB’s prior monthly complaint  reports, the June 2017 report does not highlight complaints about one product  or complaints from consumers from one state.  View Full Post
Tweet Like LinkedIn LinkedIn Google Plus

Bill Introduced to Give CFPB SCRA Enforcement Authority

A group of Democratic Senators have introduced a bill, the “Military Consumer Protection Act” (S. 1565), that would amend the Consumer Financial Protection Act (CFPA) to include various sections of the Servicemembers Civil Relief Act (SCRA) within the list of laws defined by the CFPA as “enumerated consumer laws.” The “enumerated consumer laws” are included within the CFPA’s definition of “Federal consumer financial laws.”  Section 1054 authorizes the CFPB to bring a civil action against a person who violates a “Federal consumer financial law.”  As a result, the bill would appear to give the CFPB direct SCRA enforcement authority.  View Full Post
Tweet Like LinkedIn LinkedIn Google Plus

Federal District Court Denies State AGs’ Request to Redirect Unused CFPB Settlement Funds to NAAG

We previously reported that the Connecticut Attorney General, on behalf of himself and the Attorneys General of Indiana, Kansas and Vermont (the “state AGs”), had filed a joint motion to intervene in a CFPB enforcement action against Sprint to request a Consent Order modification permitting unused settlement funds to be paid to the National Association of Attorneys General (“NAAG”).  View Full Post
Tweet Like LinkedIn LinkedIn Google Plus

House Member Launches Fintech Lending Investigation

Congressman Emanuel Cleaver, II announced last week that he had launched an investigation into small business financial technology (fintech) lending by sending a letter to the CEOs of several fintech small business lenders.  The letter includes 10 questions and asks for responses to be provided by no later than August 10, 2017. View Full Post
Tweet Like LinkedIn LinkedIn Google Plus

Trade Associations Voice Support for Commission to Run CFPB

A group of 22 trade associations sent a letter last week to the Chairmen and Ranking Members of the Senate and House Appropriations Committees expressing their “strong support” for the creation of a five-member bipartisan commission to lead the CFPB.  The trade associations include the American Bankers Association, American Financial Services Association, Consumer Bankers Association, Financial Services Roundtable, Mortgage Bankers Association, and the Real Estate Services Providers Council, Inc. View Full Post
Tweet Like LinkedIn LinkedIn Google Plus

Will He or Will He Not Issue the Arbitration Rule?

I have previously expressed serious doubt whether Director Cordray will issue a final arbitration rule. In the CFPB’s last semi-annual regulatory agenda issued last year, the CFPB stated that the arbitration rule would be issued in February of this year. It is almost July and the CFPB has still not issued the rule. View Full Post
Tweet Like LinkedIn LinkedIn Google Plus

FTC Releases Agenda and Panelists for Upcoming Military Consumer Financial Workshop

On July 19, the Federal Trade Commission will hold a workshop in San Antonio titled the “2017 Military Consumer Financial Workshop: Protecting Those Who Protect Our Nation.” The FTC has uploaded an agenda and list of panelists for the workshop. Acting FTC Chairman Maureen K. View Full Post
Tweet Like LinkedIn LinkedIn Google Plus

CFPB Issues Report Highlighting Student Loan Complaints from Borrowers Working in Public Service; Updates Examination Procedures

In conjunction with its public event today on student loan servicing, the CFPB issued a new report, “Staying on track while giving back.”  The report, which provides a mid-year update on student loan complaints, highlights complaints from borrowers seeking to access federal law protections for borrowers working in the public service arena, particularly the Public Service Loan Forgiveness (PSLF) program.  View Full Post
Tweet Like LinkedIn LinkedIn Google Plus

Credit Reporting Standards for Civil Judgments and Tax Liens to Change July 1

An informative new American Banker podcast discusses recent and possible future changes to traditional credit scores, what they mean for industry, and possible industry responses. The podcast begins with a discussion of changes that will take effect on July 1, 2017 to the public record data standards used by the “Big 3” consumer reporting agencies (CRAs) for the collection and updating of civil judgments and tax liens.  View Full Post
Tweet Like LinkedIn LinkedIn Google Plus