Links in “CFPB”

According to the CFPB’s snapshot of complaints for credit cards, the two issues that consumers are most steamed about are late fees and confusing payment processing schedules. The companies that received the most complaints, accounting for about 60% of credit card complaints, were Citibank, Capital One, GE Capital Retail and JPMorgan Chase. [10/29/15]

In its fourth installment of its monthly complaint reports, the CFPB turned its spotlight on credit card complaints. It found that confusion over how late fees are assessed was the primary issue raised in complaints involving credit cards. [10/29/15]

The CFPB won a $530 million judgment against Corinthian Colleges, which filed for bankruptcy and was liquidated earlier this year, making it unlikely the judgement will ever be paid. [10/29/15]

Final modifications to Regulation C are being published by the CFPB. These amendments seek to define the types of institutions and transactions subject to the regulation, the data which is required to be collected by institutions, and the reporting and disclosing processes for such data. [10/28/15]

CFPB focuses on mortgage complaints in its fourth volume of monthly complaint snapshots. "Despite strong protections that have been put in place to protect homeowners, this month's complaint report shows consumers are still having problems when dealing with their mortgages." [10/28/15]

CFPB Director Richard Cordray has issued a formal response to the “RushCard situation,” where thousands of consumers were unable to access their prepaid cards for more than a week. [10/26/15]

The CFPB's proposed ban on class-action waivers in arbitration clause may mean that your credit union will find itself in court more often. [10/26/15]

The Dodd-Frank Act required that the CFPB collect 17 pieces of data on the Loan Application Register (LAR). In its new HMDA rule, the CFPB decided to add 16 more data points to that list of items to be tracked and collected. Take a look here at the new comprehensive list. [10/26/15]

Credit union leaders are urging the CFPB to not lose sight of the fact that most consumers use overdraft protection and small loans in a responsible and reasonable way. For those that don’t, credit unions recommend that the CFPB focus on educating members rather than imposing further regulatory restrictions on overdraft and small loan products. [10/23/15]

Rather than working to kill arbitration clauses, the CFPB should use arbitration as a complement to its complaint portal to resolve disputes that aren't resolved through the complaint process. [10/23/15]