Links in “Banks”

Dodd-Frank Section 1071 amends ECOA to require HMDA-like data collection for small businesses. The CFPB indicated in 2011 it would not enforce that section until it issued implementing regulations. To date, nothing has happened on that front, which has caused three community groups to call on President Obama to publicly denounce CFPB Director Cordray. [7/2/15]

At age 5, Dodd-Frank is a piece of legislation with its fans and detractors, and the divide between the two is getting only deeper. Here's why. [7/2/15]

The CFPB finds that two companies offering credit card add-on services, such as credit monitoring and identity theft protection, didn't actually provide the benefits they promised. Refunds of nearly $7 million and fines of more than the $3 million ensue. [7/2/15]

The CFPB's director is scheduled to testify before the U.S. Senate Committee on Banking, Housing, and Urban Affairs on July 15. You can watch it live. [7/1/15]

The CFPB is reported to be close to a deal limiting discretionary pricing for three of the nation's largest indirect auto lenders, which it alleges created an environment where minorities were pushed toward higher-rate loans. [7/1/15]

A report by Pew on prepaid cards finds that the unbanked use their prepaid cards like a checking account and to manage their budgets, which underscores "the need for the CFPB to finalize rules it has proposed that would extend greater safeguards to prepaid card users." [7/1/15]

Because the adoption of the new integrated mortgage disclosures is such a huge adjustment, record retention is an area often overlooked that will be affected. But it definitely deserves some TLC as there are a few tweaks being made. [6/30/15]

When the standard tools of congressional oversight, such as budgetary appropriations and the power to confirm senior officials, don't apply, Congress is having to find more creative ways of reining in the CFPB. [6/30/15]

If so, your board isn't alone. Nearly 6 in 10 board members rate their cybersecurity practices as very effective, compared to less than 2 in 10 of the IT security people in the trenches believing this to be true. More about the gap here. [6/30/15]

Senator who chairs the Senate Committee on Small Business and Entrepreneurship has asked the Government Accountability Office to investigate the CFPB's payday lending rulemaking process. [6/30/15]