Links in “CFPB”
- Trade Group to CFPB: Use the Front Door, Not the Back
Trade group criticizes CFPB's approach of regulation by enforcement settlement and issuance of guidance statements. Group says if the CFPB wants to implement new standards, it should have to take the time to write new rules after soliciting public input. [2/18]
- CFPB’s Cordray to CUs: Don’t Exit Mortgage Business Because of New Rules
In an online town hall with credit unions, CFPB Director Richard Cordray stresses that he does not want its rules leading to credit unions exiting the mortgage business. [2/14]
- Matz States that NCUA Will Seriously Consider Concerns About Proposed Risk-Based Capital Rule
During a webinar yesterday with CFPB Director Richard Cordray, NCUA Chair Debbie Matz stated that the Agency will give serious consideration to the comments its receives on the proposed risk-based capital rule. NAFCU Chief Economist, David Carrier, estimates that under the proposed rule credit unions with more than $50 million in assets will have to hold an additional $6.3 billion in additional reserves in order to maintain their current capital cushion. [2/13]
- FRB Seeks Transfer of DD and Privacy and Comments on Red Flags
FRB seeks comment on proposals to repeal its Regulation DD and Regulation P (transfer to CFPB) and make amendments to the identity theft red flags rule in Regulation V (Fair Credit Reporting). 60-day comment period provided. [2/13]
- CFPB Chair Speaks at FLEC Promoting Financial Literacy Efforts
CFPB's Cordray addresses Financial Literacy and Education Commission highlighting his efforts as Franklin County Treasurer in Ohio a decade ago to current efforts as head of CFPB in promoting education efforts. [2/13]
- CUNA Warns CFPB About Risks of Data Collection
The Dodd-Frank Act authorized the CFPB to gather information on businesses, markets, covered persons and service providers in order to analyze market trends. The agency says that it strips all personal information from its files, but CUNA is concerned that this practice could still place consumers at risk for identity theft or fraud. [2/11]
- ABA Lends Support to House Legislation Seeking to Replace CFPB Director with 5-member Commission
H.R. 3193, the Consumer Financial Freedom and Washington Accountability Act, is scheduled for floor consideration today. [2/11]
- More on CFPB’s HMDA Reporting Changes Announcement
One clear takeaway from the CFPB's recent announcement about possible changes to HMDA reporting requirements is that HMDA data will be subject to greater scrutiny from regulators. [2/11]
- CFPB Director Cordray Speaks Out on HMDA Expansion
Key comments include massive expansion of information to give regulators a better view of developments in all segments of the housing marketplace, implementing better collection processes, and streamline reporting. The biggest carrot is exemption for FIs with under 25 entries. [2/11]
- Deferred Interest Cards Getting Regulatory Scrutiny
CFPB wants to make sure that health care providers and others offering deferred interest credit cards sufficiently explain to consumers how such cards work. [2/11]
