Links in “CFPB”

The chair of the Democratic National Committee is reportedly supporting a bill that would curb the authority of the CFPB to regulate payday loans. [3/11/16]

CFPB Director Cordray rejects J.G. Wentworth's petition to remove the CFPB's civil investigation demand, its third against the company in three years. "This means that the director of the CFPB is tasked with evaluating and ruling on CIDs issued by the agency he is in charge of. Therefore, it isn't surprising that, to date, the bureau has not made public any decisions to actually grant a petition to modify or set aside." [3/10/16]

And that's as specific as he would get in his remarks before the Consumer Bankers Association. He did go on to say that a rulemaking process on payday lending will begin "in the coming months." [3/10/16]

The number of federal legislators calling for the CFPB to use its authority to better protect credit unions rose to at least 330 signers, and counting. The letter has driven support from both sides of the aisle. [3/10/16]

In a speech to bankers, CFPB Director Cordray says the bureau's practice of seeking to shape industry practices not by rulemaking, but by enforcement actions is a responsible strategy for how to deploy limited resources efficiently. [3/10/16]

In Consumer Financial Protection Bureau (CFPB) Director Richard Cordray’s address to the Consumer Bankers Association (CBA) he highlights some of the progress and innovation that has come as a result of discussion with the CBA and other agencies. [3/10/15]

In its Spring 2015 rule-making agenda, the CFPB estimated that its proposed payday lending rule would be issued "later in 2015." In its Fall 2015 rule-making agenda, that date was pushed back to February 2016. Industry watchers are now placing current estimates at later this spring. [3/9/16]

The CFPB's recent report on its efforts notes $14.3 million in remediation for approximately 228,000 consumers related to aspects including student lending violations, debt collection issues and improper reporting of information to credit reporting companies. [3/9/16]

The CFPB released its 10th issue of supervisory highlights covering a number of key findings from recent examinations, including student loan servicing and debt collection as well as recent fair lending settlements. The report also recaps to the bureau's oversight efforts. [3/9/16]

When it comes to complaints categories, visitors to the CFPB's complaint portal can pick such loan types of "mortgage," "payday loan" and "other consumer loan." The CFPB has become especially interested in a relatively new type of "other consumer loan," namely marketplace loans , where lenders use an online interface to connect consumers or businesses seeking to borrower money with investors willing to lend. [3/8/16]