Links in “CFPB”

Clear-cut violations are an easy call, but should a bank self-report to the CFPB when it discovers an activity in the "gray area"? [8/13]

Compliance officer surmises that if the latest remittance rules were a bank advertisement, the CFPB would have to cite it as a UDAAP violation. [8/13]

Scrambling to meet the Oct. 28 effective date of the remittance transfer final rule? Here are some resources from the CFPB that could help. [8/12]

A U.S. District Court dismissed a case brought originally by a Texas bank and the Competitive Enterprise Institute that claimed the CFPB did not have the authority to regulate the financial services industry; the suit, which was later joined by 11 other states, challenged the constitutionality of the Dodd-Frank Act that created the CFPB. The plaintiffs plan to appeal. For a bank lawyer's take on the case, see State National of Big Spring Springs a Leak. [8/7]

Overview of requirements under the CFPB’s Equal Credit Opportunity Act (ECOA) Valuations Rule, which takes effect Jan. 18, 2014. [8/7]

Section 1073 affected overseas money transfers, with the CFPB's proposed standards making it impossible for many providers to meet, creating a potential gap in crucial services; fortunately the amended final rule, set to take effect on October 28, 2013, carries positive implications for institutions in or considering entering overseas remittance transfers. [8/7]

Amidst the uproar, Raj Date, who left the CFPB to form his own firm, denies new firm will lobby the agency or represent clients before the agency. [8/6]

Not many surprises here: mortgage lending will continue to be a strong focus as the agency continues to tweak the new rules that are scheduled to go into effect in January 2014; also, the Bureau is gearing up to issue its final rule on the combined TILA/RESPA disclosure in October 2013 and amending Regs CC and HMDA. [8/5]

Federal judge dismisses a Texas community bank's case, arguing the institution has no legal ability to challenge the 2010 financial reform law; judge says bank, which has an asset size well below CFPB's purview of $10 billion in assets, could not prove financial injury resulting from Dodd-Frank. [8/5]

Former senior leaders at CFPB have left the agency and have created a firm that offers financial products in a market sector created by the very rules they were in a position to influence, raising questions of integrity and ethics. [8/2]