Links in “CFPB”

The CFPB’s Monthly Complaint Report for November is here, bringing with it details of the challenges currently being faced by consumers. This month’s report illustrates how many consumers are experiencing issues with opening and managing their accounts, as well as handling accounts which have been closed without explanation. [11/25/15]

CFPB's November 2015 complaint report proclaims debt collection as the top consumer complaint, the 26th consecutive month it has held that position. 28% of all complaints received have to do with debt collection. Here's what else is on the list. [11/25/15]

The CFPB published a bulletin alerting companies that they must obtain authorization before automatically debiting a consumer's account. The CFPB also reminds companies that they must provide notifications to consumers clearly describing the terms of preauthorized automatic debits. The bureau is also publishing action letters for consumers seeking to revoke a company's authorization to auto debit an account. [11/24/15]

You don’t need to look any further than the high volume of consumer complaints about collection practices and recent CFPB enforcement actions against debt collectors to recognize that the focus on collection activities has increased. Recently, the FTC as well as federal and state law enforcement agencies have jointly launched Operation Collection Protection to focus on enforcement of the Fair Debt Collection Practices Act and other federal and state laws that govern collection activities. [11/24/15]

At the top of the CFPB’s regulatory agenda for the first quarter of 2016 is a proposed rule affecting payday loans, auto title loans and similar products, and a final rule on prepaid access devices. Also on the agenda are a proposed rule on overdraft protection programs and a proposed rule to require financial institutions to report information about loans to women-owned businesses, loans to minority owned businesses, and loans to small businesses. [11/23/15]

The CFPB's eighth semi-annual report to Congress and the President is here. Updates on its efforts on arbitration, certain types of lending in its crosshairs (such as payday and auto title loans), prepaid accounts, overdrafts, debt collection, business data collection, mortgage servicing, expanded HMDA and more are included. [11/23/15]

Report puts spotlight on the CFPB's "extensive private relationship with advocacy groups." A FOIA request uncovers numerous phone calls and meetings between the CFPB and Center for Responsible Lending. [11/23/15]

In a surprise address, a CFPB deputy explained that while the CFPB's focus is on consumer lending, the bureau also has jurisdiction over some aspects of small business lending, such as the Equal Credit Opportunity Act. The CFPB is in the process of organizing itself to implement Section 1071. [11/20/15]

The CFPB announced actions against an online lender, Integrity Advance, LLC, and its CEO for deceiving consumers about the cost of short-term loans in failing to disclose the costs consumers would pay under the default terms of the contracts as well as unfair practices involving the creation of checks used to debit consumers’ bank accounts even after the consumers revoked authorization for automatic withdrawals. The action to file will now go before an independent Administrative Law Judge within the Bureau for ruling. [11/20/15]

The CFPB announced that the ceiling on allowable charges under Fair Credit Reporting Act (FCRA) section 612(f) that covers obtaining a credit report under circumstances beyond the request for a free credit report will remain unchanged at $12.00, effective for 2016. [11/20/15]