Links in “CFPB”

Here's a report that says the CFPB is preparing to find ways to encourage banks and credit unions to offer small-dollar "rescue" loans, the type of loans other regulators have found to be risky and fraught with fair lending risks. [2/11/16]

CUNA President/CEO Jim Nussle calls out to CFPB Director Richard Corday about his less-than-plain reading of the statute regarding exemption authority. [2/10/16]

After settling with the CFPB and Department of Justice, Toyota Motor Credit Corporation issues a statement that it "respectfully disagrees" with the agencies' disparate impact methodologies to determine whether industry lending practices have been discriminatory. The methodologies included using the Bayesian Improved Surname Geocoding proxy methodology to find that African-American and/or Pacific Islanders were charged higher dealer markups than similarly situated white buyers. [2/9/16]

As of January 1, 2016, the CFPB has handled approximately 790,000 complaints, including approximately 20,300 complaints in December 2015. [2/8/16]

Abuses in mortgage originations, servicing and foreclosure will cost HSBC $601 million. [2/8/16]

CFPB Director Cordray summarizes the bureau's financial education efforts in this new, 1-minute video. [2/8/16]

The CFPB's concerns about unbanked and underbanked consumers are noble, but fail to appreciate what has caused the problem: over-reaching regulations from the CFPB and other agencies implementing Dodd-Frank. Pre-Dodd-Frank, 76% of all bank accounts were free to the consumer. In 2013, only 38% were. [2/5/16]

An item in the "Your Money Adviser" section of the New York Times is putting the spotlight on how some consumers who are reported to frequently overdraw their accounts are thwarted in their efforts to access mainstream bank accounts. [2/5/16]

The CFPB's Richard Cordray speaks on how the Consumer Bureau is working to help young people and their families make more informed decisions about paying for college and manage their money while in college. The address notes the Consumer Bureau's concerns over the financial challenges many families face as they consider how to pay for post-secondary education of all kinds and the Consumer Bureau's efforts to promote and enforce transparency in the financial market place. [2/5/16]

The CFPB re-promotes its efforts against Ally Bank in Spanish/Espanol. The announcement focuses on CFPB's joint action with the DOJ from 2015 that ordered Ally Bank to pay $80 million in damages to consumers harmed by Ally’s discriminatory auto loan pricing policies. [2/5/16]