Links in “CFPB”

CFPB's director reports on the agency's successes over the past few months, stating that it will "continue to shine light on the problems we observe," especially servicing, consumer reporting, debt collection. [11/4/15]

The CFPB announced revisions to the way financial institutions can appeal a supervisory action, including extending the timeframe it has to issue a written decision to 60 days, limiting oral presentations to those issues in the written appeal, and not allowing appeals on pending matters until the action has been resolved. [11/4/15]

Quite a few eyebrows were raised at the announcement of Regions $7.5 million fine, but it’s important to note that there was no new interpretation of law here on the part of the CFPB—just a misinterpretation on the part of the bank. Regions Bank sets an example that all financial institutions can and should learn from. A closer look shows just how easy it is to get off track. [11/3/15]

If you missed the CFPB's October Consumer Advisory Board meeting, you're not out of luck. Video of the meeting is now available on the bureau's YouTube channel. But you may want to clear your afternoon: Part 1 is 2 hours 22 minutes, and part 2 is 1 hour 31 minutes. There's also a transcript for you impatient types. [11/3/15]

In a letter to the CFPB, the ABA says it is fully behind the concept of surveying consumers of overdraft services, but says the CFPB's request for budget approval for the survey that didn't actually include a draft of the survey limits the public's ability to comment. [11/2/15]

The CFPB has released an 800-page overhaul of the Home Mortgage Disclosure Act, and the changes are rather significant. How should you prepare? Barrett Jones, head of data analytics for AdvisX, breaks down what changes financial institutions should know about and, more importantly, what they mean. [10/30/15]

CFPB has served noticed that it is interested in the quality of employment background screening reports. It has hit two of the largest background check providers for violations under the Fair Credit Reporting Act. The bureau says the companies failed to take basic steps to assure the information reported about job applicants was accurate and that they included impermissible information in consumer reports. The companies have been ordered to fix their problems, provide $10.5 million in consumer relief, and pay a $2.5 million civil penalty. [10/30/15]

CFPB releases a report focusing on assisting consumers with big life decisions, such as going to college or buying a home. [10/30/15]

Continuing its crackdown on entities it believes are ripping off students and their families, the CFPB is taking action to halt Student Financial Resource Center and College Financial Advisory, which it says "illegally charged millions of dollars for sham financial services." [10/30/15]

Here's what the CFPB has been doing lately and where it is heading next in its effort to issue new arbitration rules. Look for a proposed rule to be issued in Q1 2016. [10/30/15]