Links in “CFPB”
- CFPB: Justice for All
CFPB's Cordray speaks to ACH industry: "Our goal is not some one-sided aim to maximize consumer protection or industry deterrence at all costs. There is such a thing as doing too little, and there is such a thing as doing too much. We are aiming instead at doing justice." [11/22]
- On CFPB’s Radar: Credit Card Reward Programs
Director Cordray signals that CFPB will be considering the need for additional protections for credit card rewards programs. [11/21]
- Pay That! CFPB’s 1st Fine Against Payday Lender
CFPB takes enforcement action against Cash America International, Inc., a payday lender for robo-signing court documents in debt collection lawsuits. Total impact $19 million including $14 million in refunds to consumers $5 million to CFPB for destroying records. [11/21]
- CFPB Gives Final Touches to “Know Before You Owe”
CFPB aims for Albert Einstein's modus: "If you can't explain it to a six year old, you don't understand it yourself." Agency releases easier-to-use mortgage disclosure forms designed to clearly lay out the terms of a mortgage for a homebuyer. [11/20]
- House Committee to Weigh Replacing CFPB Director with 5-Member Commission
ABA lends its support to the concept of replacing single director with a 5-member commission to address the "extremely broad authority" of the bureau's director. Committee meets today. [11/20]
- CBA to CFPB: It’s Not Just About the Money
In response to the CFPB's marketing study that finds financial institutions devote 25 times more money to marketing than education, the Consumer Bankers Association responds that it is "not about the money spent, but the quality and effectiveness of the program." [11/20]
- “Know Before You Owe” Goes Final
New rule will replace existing mortgage forms with new forms that CFPB study confirms are more comprehensible to consumers of all levels of experience. [11/20]
- CMS Key to Scaling Up Compliance to Meet Rising Demands
As introduced by the CFPB, a scalable Compliance Management System" is the key to keeping up with rising requirements. (Note: After reading this article, if you are interested in a demo of the AffirmXÂ platform, click here.)Â [11/20]
- Marketing $ v. Education $: It’s a Marketing Blowout
CFPB releases study finding that marketing dollars spent by the financial services industry outpaces financial education dollars by 25 to 1. CFPB aims to neutralize that. [11/19]
- RMIC Hit for Kickbacks
CFPB fines RMIC $100,000, but requires remediation efforts and cessation of practice. Fine focuses on alleged RMIC practice of requiring captive reinsurance to the benefit of lenders in exchange for referrals of private mortgage insurance business. [11/18]
