Links in “CFPB”

Legal support firm sues CFPB, which has demanded that the firm turn over "a vast collection of personal and sensitive financial data" about the clients of attorneys supported by the firm; firm says these demands are unconstitutional, and that complying would be a violation of attorney-client privilege. [7/23]

In response to consumer concerns, Senator Brown of Ohio plans to introduce a bill that would require financial institutions to pay overdrafts in a particular order; CFPB has noted that many financial institutions structure the payment of overdrafts so that the largest checks are paid first, a practice that often results in larger overdraft fees to consumers. [7/22]

Bankers raise concerns about the vexing new regulatory burden information of gathering by the CFPB; they allege that the CFPB is misusing the regularly scheduled examinations of banks to demand huge amounts of data requests that instead should be made by rule or order. [7/22]

Beginning Jan. 10, 2014, a lender is required to provide notification to consumer at least 60 days prior to the first payment of an adjusted rate, but what if that first payment is due, say, Feb. 10, 2014, in other words, after the effective date requiring the notification but less than the 60-day minimum notification requirement? CFPB addresses this Catch-22. [7/19]

CFPB unveils strategy to improve consumer protection through financial literacy. Educate, empower & enforce. [7/19]

Yesterday, the Senate Banking Committee confirmed Richard Cordray as Director of the CFPB; Cordray’s 5-year term ends in 2018. [7/17]

Certain creditors making mortgage loans in qualifying counties are granted exemptions from various rules; the list is updated annually. [7/17]

Senate confirms Cordray 66-34, removing cloud of uncertainty hanging over the agency and lingering doubts about the agency's ability to write rules. [7/17]

CFPB's latest round of exemptions is yet another astounding signal that this new Bureau is not only seeking feedback, but using that feedback to finalize the rules, and then, before those rules are even effective, using additional industry feedback to make common-sense adjustments. [7/16]

CID is an administrative subpoena for documents, testimony, and answers to written questions with a short timetable; can be issued to any institution – even those with less than $10 billion in assets which are not under its primary supervisory authority. [7/15]