Links in “CFPB”
- Federal Oversight in Question
Both the House Financial Services Committee and the Senate Banking Committee will meet this week to discuss oversight efforts of several agencies. The Senate Banking Committee will review the accountability of the Financial Stability Oversight Council in designating non-financial institutions as SIFIs. Operations of the FDIC, SEC, CFPB, and the CFTC will also be reviewed. [3/24/15]
- CFPB Needs to Clarify Definition of Prepaid Cards
ABA comments on CFPB's proposal on prepaid cards. First problem is the blurry lines between "covered accounts" and "prepaid accounts." [3/24/15]
- CFPB Consumer Compliant Portal Could Spread Inaccuracies
The CFPBâs new final policy allowing consumers to post their actual complaints on a public website could spread inaccurate, fraudulent or exaggerated information that could cause substantial harm to financial institutions. Will the safeguards the CFPB plans to implement really provide sufficient protection against reputation risk? [3/20/15]
- Industry Requests TILA-RESPA Grace Period
Pretty much every trade association in the country signed a letter requesting that the CFPB implement a grace period through the end of the year for those institutions seeking in good faith to comply with the TILA-RESPA Integrated Disclosure. [3/20/15]
- Court Limits CFPB’s TILA Enforcement Muscle
Indiana federal court held that CFPB's civil action against ITT Education Services under TILA is governed by TILA's one-year statute of limitations. It may be an important restriction not only on CFPB's ability to obtain relief for TILA violations, but other consumer laws as well. [3/20/15]
- Industry Puzzled, Disappointed by CFPB’s Final Complaint Policy
The CFPB finalized its complaint policy without bending much to industry suggestions. "This agency can do better." [3/20/15]
- CFPB: You Speak, We Hear, We Tell
CFPB released efforts to finalize a policy to give consumers the option to voice publicly their complaints about consumer financial products and services as well as positive consumer experiences. The goal of the effort is to provide more information than just statistics while protecting consumer privacy. [3/20/2015]
- Report Addresses How the CFPB Can Fix Diversity Issues
Office of Inspector General released a report addressing how the CFPB can address diversity and inclusion efforts since it came under fire for shortcomings in its opportunities for minorities and women. The recommendations include training, better data tracking, greater accountability, and stronger succession planning. [3/19/15]
- CFPB Considers Consumers’ Credit Card Concerns
The CFPB is launching a public review of how the credit card market is functioning and whether or not it's meeting the needs of consumers. The CFPB is particularly interested in understanding how credit card protection programs affect consumers; all public comments are welcome. [3/18/15]
- ABA to CFPB: You’re Going Too Far on Mortgage Servicing Rules
ABA tells the CFPB its mortgage servicing rules have already gone beyond the requirements mandated by Dodd-Frank and that its current course is causing banks to recalculate the minimum number of loans they need to service in order to remain a viable business proposition. That means further consolidation in the industry, which is bad news for the very consumers the bureau is meant to protect. [3/18/15]
