Links in “CFPB”

The CFPB director calls the consumer complaint report "a compass to direct our work." If so, look for the bureau's examiners to focus on credit report accuracy, which contributed to an 85% increase in credit reporting complaints from 2013 to 2014. [3/31/15]

The CFPB's proposed expansion of the definitions of "small creditor" and "rural" would greatly help community bankers. [3/31/15]

A bill introduced by Senator Mike Crapo would amend the Economic Growth and Regulatory Paperwork Reduction Act, to require all NCUA, CFPB, and Dodd-Frank rules be reviewed every 10 years, and that any determined to be unnecessary, outdated, or overly burdensome be eliminated. [3/30/15]

The CFPB recently released its 2014 Consumer Response Annual Report. The report analyzes the complaints received by the CFPB in the previous year. Debt collection complaints were the most common, totaling 35% of all complaints. [3/30/15]

A new bill would subject CFPB rules as well as Dodd-Frank itself to periodic regulatory review. Currently, CFPB rules and Dodd-Frank are exempt from review. [3/30/15]

The CFPB released its proposal for its payday lending rules in a press release, fact sheet, and outline. The proposal is sweeping. Here's the rundown of what the CFPB is proposing. And here's the NY Times' take on the proposal. [3/27/15]

At a CFPB hearing in Richmond, the credit union message stood apart from the message of other panelists, many of whom testified about the need for payday lending services.  Stan Leicester of Bayport CU testified that credit unions have two primary objectives; to get members off of the weekly payday lending cycle and to help them improve their credit scores. [3/27/15]

Several regulatory relief measures advanced in the House, including measures that would eliminate the need to provide annual privacy notices even when policies haven't changed and establish community bank and small business advisory boards at the CFPB. [3/27/15]

The CFPB's plan to require lenders to verify borrowers are capable of repaying a loan, restrict the frequency that the loans could be extended, and capping finance charges got President Obama's approval as a "common sense" measure that stops companies from "trapping hardworking Americans in a vicious cycle of debt." [3/27/15]

The FTC and 32 law enforcement partners of the agency announced results of a nationwide and cross-border crackdown to protect consumers when purchasing or leasing a car—Operation Ruse Control. The FTC director highlights importance of truthful, clear ads associated with individual's purchasing a car. Key lessons in marketing "dos" and "do nots" were provided. [3/27/15]