Links in “CFPB”

Several companies in the credit-repair industry are anonymously suing the CFPB. The CFPB is asking a federal judge to reveal the names of the companies. The companies say that public disclosure "will surely do irreparable reputational and financial harm." [1/4/16]

In response to a letter from the NAFCU, the CFPB has confirmed that the new rule concerning annual privacy notices was effective immediately upon signature by the President. The new rule eliminates the need to send annual privacy notices to members with existing accounts unless there have been changes to the previous notice that was provided. The CFPB stated that it is working with the various agencies to expedite the rulemaking process. [12/23/15]

Consumer complaints about money transfers are the leading source of concern identified in this month’s snapshot of consumer complaints filed with the CFPB. The majority of the consumer complaints in this area dealt with safety, accuracy and efficiency issues, and complaints from victims of fraudulent money transfer schemes. [12/23/15]

Ever wonder what consumers are saying about you behind your back? Thanks to the monthly CFPB Consumer Complaint Snapshot, there is no wondering required. The most recent November Complaint Snapshot shows that the bureau has handled over 749,400 complaints so far. Based on those 749,400 complaints, which complaint did the CFPB spotlight this month? Bank account and service concerns was the winner with nearly 10% of all complaints. Here are some key takeaways to keep your institution off that complaint list. [12/22/15]

Fewer colleges are sponsoring credit cards and, according to the CFPB, most of those colleges are in violation of regulatory disclosure requirements. A recent study shows there are 65% fewer credit card programs on college campuses today than there were in 2014. [12/22/15]

An individual resold consumer leads to debt collectors without exercising reasonable due diligence to check whether the buyers offered a legitimate product or service. The debt collectors used the information to deceive and threaten consumers into paying debts they did not owe. The reseller as well as the debt collectors are now facing CFPB heat. [12/22/15]

Steering well clear of credit limits and checking your credit report are among the tips the CFPB is sharing with consumers on the prudent use of credit cards. [12/22/15]

The CFPB has announced that the asset threshold for determining reporting requirements under HMDA will remain at $44 million for reporting in calendar 2016. At the same time, the CFPB also announced that the threshold for exemption from the escrow account requirement for higher-priced mortgages under Reg. Z will decline from $2.06 billion to 2.052 billion effective 12/31/2015. [12/21/15]

That was the question raised at a recent House sub-committee meeting. With new data breaches being announced almost daily, there is concern about the massive amount of data that the CFPB is collecting on consumers. While the full extent of the data the agency has collected is not known, it is known that the CFPB collects arbitration case records, automobile sales records, consumer credit report information, credit card details, credit scores, mortgage loan-level data, private student loan data, and payday loan information. [12/17/15]

Illegal visits to consumers at their homes and workplaces, empty threats of legal action, lies about consumers' rights, and unlawful withdrawals from bank accounts exposing consumers to bank fees. Sounds like a recipe for a $10 million penalty for EZCORP of Texas, which operates through 500 storefront locations in 15 states. [12/17/15]