Links in “CFPB”
- More Voices call for longer TILA-RESPA Delay
Both the NAFCU and NASCUS have urged the CFPB to push back the effective date of the new regulations stemming from the integrated mortgage disclosures deadline. Both associations support the notion of moving the deadline all the way back to Jan. 1, 2016. [7/8/15]
- The Struggle Continues: Servicemembers Seek Legal Protections From Student Loan Servicers
Despite increased scrutiny by the CFPB, servicemembers continue to struggle with loan protection. In an effort to curb these frustrations the CFPB has developed a guide for servicemembers with student loans. [7/8/15]
- Checking in with the CFPBâs New Consumer Complaint Database
The reputational risk presented to lenders in the new system is substantial. The narrative system presents the potential of unverified, and conceivably false, narratives being published online. The system is now live, and the CFPB has issued a request for information based on the complaints received. In this latest addition to the AffirmX blog, Jane Pannier breaks down how this new database is meant to work, and how to stay ahead of the curve. [7/7/15]
- CUNA to CFPB: Oct. 3 Effective Date a Step in the Right Direction, But Not Enough
Today's the last day for public comments on the extended effective date for the TILA-RESPA Integrated Disclosure Rule. The CFPB has proposed pushing the date to 10/3, but CUNA is requesting a delay until Jan. 1, 2016 to allow for a proper transition, given the magnitude of the changes. [7/7/15]
- The CFPB’s Process for Reviewing Smaller Institutions Needs Work
Dodd-Frank limited the CFPB's compliance reviews to financial institutions above the $10 billion asset threshold. However, under some circumstances, the CFPB can turn its sites on smaller institutions. The Office of Inspector General has found that the CFPB's process for coordinating its reviews of smaller financial institutions with their primary regulator is lacking. [7/7/15]
- WSJ Publishes Gingrich Op-Ed Attacking CFPB Without Disclosing His “Paid Adviser” Status
A media watchdog calls out the Wall Street Journal for running on op-ed piece by Newt Gingrich attacking the CFPB and promoting the U.S. Consumer Coalition without disclosing that he is a paid adviser of the group, even though it reported earlier in the year that the group had hired him. [7/7/15]
- CFPB on the Offense Against Companies for Unfair Billing of Credit Card Add-On Products and Services
The CFPB took action against two credit card add-on product vendors: Affinion Group Holdings, Inc., and Intersections Inc. The credit card companies offered "add-on" services such as "credit monitoring" or "identity theft protection" for a monthly or annual membership fee. The credit card companies in question had partnered with banks to provide these products, but the CFPB's investigations revealed that Affinion  and Intersections engaged in unfair practices related to the billing or administration of the products in violation of the Dodd-Frank Wall Street Reform and Consumer Protection Act. [7/2/15]
- CFPB: How’s the New Complaint Database Working Out?
The CFPB went live with the enhanced version of its consumer complaint database last week. It has published a request for information on how it can help the public more easily understand the information presented. [7/2/15]
- Community Groups Push for Small Business HMDA
Dodd-Frank Section 1071 amends ECOA to require HMDA-like data collection for small businesses. The CFPB indicated in 2011 it would not enforce that section until it issued implementing regulations. To date, nothing has happened on that front, which has caused three community groups to call on President Obama to publicly denounce CFPB Director Cordray. [7/2/15]
- Phantom Add-On Services Lead to Very Real Fines
The CFPB finds that two companies offering credit card add-on services, such as credit monitoring and identity theft protection, didn't actually provide the benefits they promised. Refunds of nearly $7 million and fines of more than the $3 million ensue. [7/2/15]
