Links in “CFPB”
- CFPB Takes on Pension Abusers
The CFPB combined forces with the New York Department of Financial Services and filed a lawsuit against two companies, Pension Funding, LLC and Pension Income, LLC, for deceiving consumers regarding the costs and risks of their pension advance loans. The effort is aimed at stopping deceptive marketing practics that fail to disclose high interest rates and fees, to prevent further consumer injury, and to obtain redress for consumers and other monetary relief. [8/21/15]
- Want to Yelp at the CFPB?
The CFPB is among the federal agencies with a page on Yelp. This opportunity for unfettered and unfiltered consumer reviews is exactly what the CFPB espouses with its consumer complaint database. So far, the agency has two consumer reviews. "Ryan G." gives the bureau five stars. "Fats" gives it one star, calling it the "Worst. Federal. Agency. Ever."  [8/20/15]
- Indirect Lending: What the NCUA Expects
In light of recent CFPB actions against Santander, it might be a good time to review the NCUA's expectations for indirect lending relationships. [8/20/15]
- CFPB Wants to Know About Income-Based Student Loan Repayment
The CFPB is surveying student loan servicers about their efforts to "make sure student loan borrowers have the information they need to stay on track." The bureau pledges that responses are voluntary, and that it may make responses public, but will not identify specific market participants." [8/19/15]
- Arbitration v. Class Action: A Look at the Numbers
The CFPB's arbitration study fails to consider some important numbers, such as the fact that the average amount recovered by a consumer in an arbitration is $5,389, compared to the $32.35 obtained by the average class member in a class action settlement. [8/18/15]
- eClosing Heading Toward Auto Financing, Too?
The CFPB's interest in eClosing for mortgages may spread toward auto financing also, even though the world of auto finance and mortgages are very different. [8/18/15]
- Bill Would Create Community Bank and Credit Union Presence in CFPB
A Senate bill would create community bank and credit union panels within the CFPB. [8/17/15]
- Index to TRID Webinar Questions
Rather than publish a Q&A regarding the TILA/RESPA Integrated Disclosure rules, the CFPB held a series of five webinars in which it addressed questions, making it unwieldy for those who wished to quickly find answers to their questions after the fact. Fortunately, the CFPB has released an index to the various questions on its website. [8/17/15]
- Santander on CFPB’s DOJ Referral: We’re Fine
Santander's subprime auto financing operations have attracted the CFPB's attention, resulting in the bureau turning over its allegations to the Department of Justice. The allegations involve statistical disparities in dealer markups to protected groups and its handling of certain types of income in its underwriting process. The company, which originated more than $7.6 billion in loans in Q2, does not believe that any proceedings "would have a material adverse effects" on its financial position. [8/17/15]
- Head of Job Creators Network Bemoans CFPB’s Impact
A group estimates that Dodd-Frank and its centerpiece, the CFPB, have imposed more than $24 billion in regulatory costs and 61 million hours in paperwork burden. [8/17/15]
