Links in “CFPB”

Two chairs of House Financial Services subcommittees ask the CFPB to make Aug. 1 to Dec. 31, 2015 the "hold harmless" period for the enforcement of the combined RESPA and TILA integrated mortgage disclosure forms. To date, the CFPB has given little indication that it is willing to bend on the Aug. 1 date. [4/13/15]

The CFPB has notified PayPal that it wants information on its credit products, including advertising, servicing, debt collection, and complaints handling. [4/13/15]

Proposed rules on successors in interest, definition of delinquency, foreclosure notice issues and others are the subject of letters from CUNA and NAFCU to the CFPB on proposed changes to the mortgage servicing rules. [4/13/15]

Leaders of the House Financial Services Committee are calling on the federal regulatory agencies to disavow any involvement in Operation Choke Point. The letters were sent to the FDIC, the CFPB, the NCUA, and the OCC. [4/10/15]

The fine itself, $250,000, against a California mortgage lender may not have been huge, but the CFPBs action got plenty of coverage, helping to send a clear signal: don't imply a government agency affiliation in your marketing materials. See coverage here and here and here. [4/10/15]

The CFPB took action against RMK Financial Corporation (aka Majestic Home Loans) for deceptive mortgage advertising practices, including sending over 100,000 ads that led consumers to believe that the company was affiliated with the U.S. government via the VA. RMK ordered to pay penalty of $250,000 and end the illegal practice. [4/10/15]

A new look at an alternate script for Episode I released by George Lucas! In this rewrite, the Jedi order, renamed the CFPB, track down a Sith operation to collect non-existent debts from consumers using a calling center staffed by droids. [4/9/15]

The ABA tells CFPB that its idea of offering banks a selection of sterile, structured responses to impassioned public consumer complaints will suggest to the public indifference, and unfairly cast the industry as out of touch and unconcerned. [4/9/15]

The CFPB not only goes after debt collectors for allegedly fraudulent practices, it is also going after the payment processors of those companies. The agency says those companies "should have known" about the alleged violations, resembling the Department of Justice's Operation Choke Point strategy. [4/9/15]

Recent activity indicates that the CFPB is circling; expect credit reporting of medical accounts to be addressed in proposed rules soon. [4/8/15]