Links in “CFPB”
- CFPB Issues Fines, Warning and Guidance on HMDA Reporting Violations
Payment of fines for two reporters is only first key point of CFPB press release. More significant for FIs may be a HMDA Bulletin that is basis of warning by CFPB for HMDA reporters to implement an effective HMDA compliance management system that includes training, testing and reporting of validation efforts. [10/10]
- No More Enforcement Attorneys on CFPB Exams
In response to complaints that the presence of enforcement attorneys in examinations hampered open examinations, CFPB agrees to no longer to send attorneys on exams. [10/10]
- A Call to Extend CFPB’s Complaint Database to Institutions of All Sizes
Citing differences in the reporting activities between predominately minority and non-minority communities, a recent report by the National Community Reinvestment Coalition recommends that all credit union and financial institutions, regardless of asset size, be included in the CFPB online database. Currently, only financial institutions with assets of $10 billion or more are included. [10/9]
- CFPB Seeks to Encourage Innovation in Disclosures with Temporary Exemptions
CFPB finalizes its policy for exempting companies from certain disclosure requirements to allow them to test trial disclosures. [10/9]
- Collateral Damage from New Remittance Rules: Post-Crisis Countries
New CFPB rules designed to protect consumers take effect 10/28, but an unintended consequence could be that they drive remittance providers to stop serving countries emerging from war or other crises, a time when funds are needed most. [10/9]
- Audit of Controversial CFPB Practices Pushed Back
The Office of Inspector General is pushing back its evaluation of CFPB's practice of having attorneys attend examination and the audit of its public consumer complaint database to Q4. [10/8]
- CFPB Speaks Out on $ Smarts
Director Cordray speaks out on the importance of financial literacy and the importance of aiming it at youth. [10/4]
- Consumer Groups Press CFPB to Get Tougher on Credit Card Issuers
Groups at field hearing encourage CFPB to delve into the fine print, such as dispute resolution mechanisms, binding arbitration, choice of law, and unilateral modification provisions. [10/3]
- CFPB Looking into Campus Banking Products
Agency finds student checking products affiliated with colleges do not generally have more attractive features than unaffiliated products, and sometimes have less; new rules forthcoming? [10/2]
- CFPB Denies Tribal Payday Lenders’ Claims That They Are Not Subject to CFPB’s Authority
Petition of three tribal payday lenders to set aside civil investigative demands denied. [10/1]
