Links in “CFPB”
- The CFPB Gives Nada to NADA
NADA requests a CFPB memo that may contain evidence that the bureau is seeking to exercise jurisdiction over franchised auto dealers, which is prohibited under Dodd-Frank. The CFPB says the memo is privileged and therefore protected from public scrutiny. [7/29/15]
- The CFPB Hits Two Companies for “Equity Accelerator Program”
The companies are alleged to have typically charged customers a $295 enrollment fee and a $2.50 transaction fee after telling borrowers they could lower their interest by making biweekly mortgage payments, but instead held the payments until they were due within the typical monthly period. The companies must pay more than $38 million in charges. [7/29/15]
- Small Bank Earns Right to Challenge CFPB’s Constitutionality
A small Texas bank that challenged the constitutionality of the CFPB in 2012 has had its case revived by a federal appeals court, which ruled the bank had legal standing to proceed with the case. [7/27/15]
- A Bill to End to the CFPB Once and For All
The first of it's kind, a bill has been introduced to completely eliminate the CFPB, and is receiving strong support from Ted Cruz. "Don't let the name fool you, the Consumer Financial Protection Bureau does little to protect consumers," Cruz said. [7/23/15]
- Discovery at Discover Bank
The CFPB has taken action against Discover Bank for illegal private student loan servicing practices. The bank must pay a $2.5 million penalty and refund $16 million to affected consumers. [7/23/15]
- Action Taken Against Honda for Alleged Discriminatory Auto Lending Practices
Last week, the CFPB and DOJ announced a settlement to resolve alleged discriminatory auto lending practices by American Honda Finance Corporation against minority borrowers. Honda's settlement with the DOJ is subject to court approval. [7/22/15]
- It’s October 3rd: CFPB Finalizes TRID Effective Date
The Consumer Financial Protection Bureau has issues a final rule delaying the effective date of the Integrated Disclosure Rule to Saturday, October 3, 2015. In addition to the final date, the rule makes it clear the CFPB will not be giving any sort of grace period or dual compliance. The CFPB does reiterate that they will be "sensitive." [7/22/15]
- CFPB Striving for a Smooth Transition of âKnow Before You Oweâ Disclosure Rule
The âKnow Before You Oweâ mortgage disclosure rule, requiring lenders to provide easily-readable disclosure forms to applicants, has been finalized for October 3, 2015 as the effective date. The CFPB believes that pushing the date back several months will benefit both financial institutions and their consumers by giving the financial industry time to adapt to the ruling and implement new systems. [7/22/15]
- CFPB Set’s Final TRID Rule Date, But We’ve Heard that Before
The Know Before You Owe mortgage disclosure rule has officially had it's effective date set for October 3, 2015, despite numerous requests to delay the rule. [7/22/15]
- Bringing the CFPB Back Down to Earth: FOIA Lawsuit Filed
A law firm has filed a Freedom of Information Act (FOIA) lawsuit against the CFPB seeking information relating to the CFPB's report on "Consumer Voices on Credit Reports and Scores." The firm states the the information requested is "necessary for the public to verify the quality of the study's methodology." [7/21/15]
