Links in “Agencies”

CFPB Director Richard Cordray shared an address at the Auto Finance Field Hearing regarding the need for regulatory oversight of the auto financing industry at the federal level. He explained, "given the significance and breadth of this market, it is critical that we keep a watchful eye on how consumers are being treated." Cordray went on to underscore the weight of this industry, stating that many consumers choose to pay their auto loan before credit card or mortgage loans. [9/19/14]

The agenda and results of Thursday's NCUA Board meeting are now available. Video recordings will also be available soon, and can be viewed for one year following the meeting. [9/19/14]

The FTC is mailing over $1.7 million in refund checks to consumers harmed by AmeriDebt's fraudulent activities. This credit counseling and debt management scam led 60,813 consumers to believe they would be receiving training on how to handle finances and credit, but instead left them out to dry. The refund checks being sent add to the $15 million the FTC has already sent for this scam alone. [9/19/14]

Office of Management and Budget approves CFPB's request to conduct a survey of consumers about the use of mandatory pre-dispute arbitration agreements. The survey, which the industry found flawed, has been revised, but is still considered by many in the banking industry to be stacked against it. [9/19/14]

Presenter at conference on the costs of compliance looks at CFPB as the "Sherwin-Williams of regulators." Sherwin-Williams' logo is a can of paint covering the earth. [9/19/14]

Industry observer suspects that CFPB sees its mandate going beyond UDAAP and into "improving customer service." [9/19/14]

The CFPB has published its methodology for assessing fair lending aspects in non-mortgage lending products. Find out how the bureau uses a Bayesian Improved Surname Geocoding (BISG) proxy method to utilize the applicant's surname and geography to estimate the appropriate race and ethnicity. [9/18/14]

CUNA would like to remind credit unions that their comments on the proposed consumer complaint narratives are needed by September 22. Make your voice heard. [9/18/14]

The CFPB, in an historic move, has proposed to oversee large nonbank auto finance companies for the first time. Director Cordray says, "many people depend on auto financing to pay for the car they need to get to work," justifying the bureau's proposed expansion of oversight. [9/18/14]

A Missouri-based online payday loan company has received a temporary restraining order from the FTC due to illegal lending practices. In an 11-month period, the company issued $28 million in loans, and collected over $46.5 million. [9/18/14]