Links in “CFPB”
- Is the CFPB About to Get a Big Brother?
A bipartisan bill in the House would create an independent inspector general for the CFPB. [2/20/15]
- CFPB Touts Credit Report Initiative Results
The CFPB announced its successful efforts with more than 50 million consumers now having free and regular access to consumer credit reporting scores and information through monthly credit card statements or online. The report also highlighted the need for more efforts to eliminate confusion. [2/20/2015]
- Industry Groups to CFPB on Auto Lending: Your Preferred Compensation is a Bad Idea
Several trade groups write to the CFPB to tell the bureau that its study of disparities in auto lending was conceptually flawed. What's more, its preferred alternative dealer compensation methods are likely to increase the cost of credit for consumer. [2/19/15]
- FTC Weighs In
An annual report regarding all of the FTCâs actions related to ECOA has been provided to the CFPB. Read the report here. [2/19/15]
- Breaking Down the CFPB’s Recent Reg. N Actions
Last week, the CFPB took action against three mortgage companies for violations of the Mortgage Acts and Practices Advertising Rule, its first actions since it issued warning letters to several institutions in 2012. See what got these three companies into hot water for their direct-mail advertisements. (Hint: Imply a government affiliation and you're looking for trouble.) [2/18/15]
- Comment Window Closing for CFPB’s TILA/RESPA Amendment
The comment period closes March 16. Thus far, 40 comments have been submitted. Here's a rundown of what's on the table. [2/18/15]
- Building a Strong Financial Foundation for Children
With America Saves Week approaching on February 23, the CFPB has provided examples of how to increase the financial literacy of children. [2/17/15]
- CFPB Takes Action on False Mortgage Advertising
The CFPB took action against three mortgage companies for misleading consumers with advertisements implying US government approval of their products and suggested affiliation with US government in violation of the 2011 Mortgage Acts and Practices Advertising Rule. [2/13/2015]
- CU Execs Call For CFPB Reorganization
A series of credit union and bank executives told a Congressional committee that the CFPB would be more effective if it was governed by a 5-member commission, similar to the governance structure of the Federal Reserve Board. A board or commission structure would require that an agenda be released before meetings and could allow for a more sensible and balanced approach to regulation. [2/13/15]
- It’s a New Day for the CFPB: NewDay Financial LLC Pays Big
The CFPB has taken action against a Maryland-based nonbank lender, NewDay Financial, for deceptive advertising and kickback schemes. The company will pay $2 million in civil money penalties. [2/11/15]
