Links in “CFPB”

Booklets, each called "Managing Someone Else’s Money,” represent the CFPB’s latest efforts to carry out its Dodd-Frank mandate to help older Americans avoid financial exploitation. [10/31]

CFPB has named individuals as defendants in two RESPA-enforcement matters; report that Cordray is wanting to send a signal that individuals are at risk when they do "bad things under the umbrella of a company." [10/30]

Assurances offered by CFPB's Cordray to mortgage bankers that non-qualified mortgage lending is "perfectly fine" provided they "perform well over time" and, "absent other factors," amount to a "trust us; we're the government" level of cold comfort, according to this bank attorney. [10/30]

CFPB promotes guide on managing someone else's money. Promotes key principles associated with the fiduciary duties, including avoiding conflicts, sound controls, segregation of funds and proper recordkeeping. [10/30]

CFPB seeks to promote three primary requirements of remittance rules in multiple languages that went into play on 10/28. Big elements being promoted include general info on rules, fees and charges, right to cancel and error resolution. [10/29]

Agency launches a new open source tool called "eRegulations" to "help make regulations easier to understand." Tool is designed to make navigating federal regulations online easier. [10/24]

The goal is transparency, the obstacle is feasibility. Notwithstanding, the new rules go into affect 10/28/2013 and require disclosures, proper error resolution procedures and right of rescission on most remittances. Oh, and UDAAP issues are emphasized so anticipate analytics on FI remittance activities. [10/23]

CFPB downplays its unwillingness to delay implementation of qualified mortgage rules by suggesting it will take a reasonable approach to enforcement, which offers only limited comfort to bankers. Here's why. [10/23]

D.C. federal district court dismissed Morgan Drexen's lawsuit challenging the constitutionality of CFPB's structure, charging that it violated separation of powers; court tells Morgan Drexen it can raise its constitutionality claim as a defense in its California case against the CFPB. [10/22]

In a letter to CFPB, ABA refutes 2006 FDIC study that asserted that regular users of overdraft protection come from low-income areas. ABA's survey shows that only 12% of regular overdraft users reported income less than $30,000; most were middle income and educated. [10/18]