Links in “CFPB”

The CFPB issued a Civil Investigative Demand with 56 requests to UniRush on 10/27/15, with a response deadline merely two weeks later. UniRush requested a delay. The CFPB said no. Sort of. [12/9/15]

Earlier this year, the CFPB released compliance bulletin warning mortgage lenders that marketing service agreements, or MSAs, present substantial risks involving illegal kickbacks and referral fees under RESPA, the Real Estate Settlement Procedures Act. With these risks on the rise, here’s what you need to know from the compliance bulletin. [12/8/15]

GOP members of House Financial Services Committee report on internal CFPB documents that acknowledge areas of potential vulnerability in its efforts to support disparate impact claims against indirect auto lenders. [12/8/15]

In response to reports of flaws in the CFPB's consumer complaint database, the bureau's chief sharply rebuked the database's detractors, rather than discuss efforts to improve the quality of the data, as presented by the bureau's ombudsman. [12/7/15]

Friday, President Obama signed into law a sweeping transportation bill that included three regulatory relief provisions for credit unions. First, credit unions will no longer have to send annual privacy notices to existing members unless there has been a change from the previous notice. In addition, privately-insured credit unions will now be able to join the Federal Home Loan Bank program and the CFPB must establish procedures for determining when an area is to be designated as "rural." [12/7/15]

Duplicate complaints, complaints about third-parties that may not even know the complaining consumer, and the normalization of data are among the recommendations offered to the CFPB by its ombudsman. [12/7/15]

CUNA is up in arms over recent remarks by CFPB Director Richard Cordray to a group of consumer advocates in which he said that concerns expressed by credit unions and others about the effect that the CFPB's regulations have had on the availability of credit have been proven to be false. "Not true!" says CUNA. [12/4/15]

According to a recent CFPB study, the Credit Card Accountability and Disclosure (CARD) Act has helped reduce the amount of credit card fees paid by American consumers by more than $16 billion.  However,the report cites costs that still remain a concern to the CFPB. [12/4/15]

TILA-RESPA Integrated Disclosure rule "anxieties were much like the errant predictions of technological disaster stemming from Y2K, which of course never materialized," said CFPB Director Cordray. [12/4/15]

CFPB hits Clarity Services, a subprime reporting agency, with an $8 million consent order for such practices as obtaining consumer reports without permission and failing to look into consumer credit reporting disputes. [12/4/15]