State attorneys general from California, Connecticut, Delaware, Hawaii, Illinois, Iowa, Kentucky, Maine, Maryland, Massachusetts, New Mexico, New York, Oregon, Rhode Island, Vermont, and Washington sent a letter to Consumer Financial Protection Bureau Director Richard Cordray urging the agency to issue rules imposing “prohibitions, conditions, or limitations on the use of pre-dispute arbitration clauses” in consumer agreements for financial products or services.
Last month, the CFPB released the fifth edition of its Supervisory Highlights report describing findings from recent examinations of consumer financial products and services providers.
The CFPB’s first publicly announced criminal referral has resulted in a nine-year sentence for the principal of a debt settlement company, who pled guilty to several of the charges.
A few times a year, CFPB Supervision publishes Supervisory Highlights, which reports on general information about examination findings without identifying specific institutions.
On November 20, the Consumer Financial Protection Bureau proposed measures aimed at mortgage servicers.
In October, the CFPB issued a final rule amending the 2013 mortgage rules that took effect in January 2014, including a post-consummation points and fees cure mechanism for qualified mortgage loans, which became effective on November 3, when it was published in the Federal Register.
On November 18, 2014, the CFPB staff and Federal Reserve Board co-hosted a webinar that addressed questions about the Final TILA-RESPA Integrated Disclosure Rule that will be effective for applications received by creditors or mortgage brokers on or after August 1, 2015.
The CFPB has issued its financial report for its 2014 fiscal year, which ended on September 30, 2014. Perhaps most illustrative of the CFPB’s growth are the report’s statistics on the CFPB’s employees and funding.
CFPB Proposes New Regulations for Prepaid Accounts