Links in “CFPB”

Five-part education effort promoted by CFPB regarding new mortgage rules including a new guide for housing counselors, mortgage tips, an answer guide for consumers, a toolkit for consumers, and fact sheets on the new rules. [12/19]

Number of employees rises from 970 in 2012 to 1,335 in 2013. Fund transfers from the fed totaled $518 million, up from $343 million in 2012. Despite the increases, agency reports that at the end of its fiscal year in 2013, "the CFPB was still below the full employment levels and funding it estimates for its steady state in future years.”  [12/19]

96-page report details growth (1400 employees at 30% growth rate) with strong year of penalties assessment and efforts to promote consumer protections. [12/17]

Bank lawyers suspects that CFPB's recent field hearing on arbitration waivers is merely another exercise in "finding facts" to support a foregone conclusion. Another take here. [12/16]

Laura Udis comes to the bureau from the Consumer Federation of America, where she served as Senior Advocate for Financial Services and worked on consumer credit, debt collection and debt settlement issues. [12/16]

Industry observer questions whether the CFPB, when it published its final rule on the mortgage loan disclosures, had to characterize the rules as necessary to combat the practices of "evil, nasty lenders," when lenders have been using the exact disclosures that the government mandated. [12/12]

CFPB report on use of arbitration in consumer contracts finds prevalence amongst larger FIs to have complexity in language, prohibition in 9 out of 10 from class action arbitration, and limited use of arbitration by consumers especially for smaller amounts. [12/12]

CFPB fines GE CareCredit $34.1 million on product offering that facilitate payments for medical and dental costs, but was insufficiently transparent in the heavy interest costs if not paid in full. Requires improved enrollment processes, enhanced disclosures, and greater training. [12/11]

CFPB revises education loan exam procedures to provide more guidance for examiners to follow. Coverage expands. [12/10]

Director Cordray says CFA is one of CFPB's "foremost and fiercest allies for consumers" and "a group that is so closely aligned to our own goals" during his remarks at the conference, called "The Consumer in the Financial Services Revolution." [12/9]