Links in “CFPB”

CFPB Director Richard Cordray gave an address highlighting the past and present mortgage situations in the United States. Additionally, he discussed several impacts of the CFPB's recent report related to a lack of shopping around in the mortgage market. [1/14/15]

The ABA writes the Office of the Inspector General to request an audit of the CFPB's consumer complaint database, calling the bureau the "official purveyor of unsubstantiated, and potentially false, information." [1/13/15]

Overly complicated language and the creation of as many obstacles as possible to connecting prepaid cards with credit extensions are two key flaws of the CFPB's prepaid card proposal. [1/13/15]

New CFPB report finds that almost half of consumers do not shop around for a mortgage when purchasing a home. The report also found that informed consumers are more likely to shop, especially if they are familiar with available mortgage rates. The CFPB is seeking to overcome this through a new initiative that includes an interactive, online toolkit called “Owning a Home,” that is designed to help consumers as they shop for a mortgage. The goal of the effort is to give consumers the information and confidence needed to get the best deal. [1/13/15]

How should banks handle discrepancies between new CFPB expectations and existing contracts with service providers? According to this CFPB official, they must either renegotiate the contract or terminate the relationship. If the service provider won't renegotiate and termination will expose the supervised entity to breach of contract claims, the CFPB official touted the bureau's authority to take enforcement action against the service provider. [1/12/15]

The CFPB has become the FTC on steroids, according to this writer, who suggests that banks have been pushed around long enough on questionable legal grounds and that the time has come for them to push back. [1/12/15]

The CFPB reports that its fastest-growing category of debt collection complaints come from servicemembers and veterans. Though the negative implications of bad credit can effect servicemembers' careers, the CFPB explains how to minimize this effect. [1/9/15]

An analysis of the CFPB's enforcement activity shows interesting trends between 2013 and 2014, particularly as it relates to UDAAP. A 150% increase of UDAAP cases litigated in civil court is just the start—find out just how much focus UDAAP is receiving. [1/9/15]

Senator Richard Shelby (R-Alabama) was elected chair of the Senate Banking Committee, replacing retiring Senator Tim Johnson (D-South Dakota). Dodd-Frank and the CFPB appear to be high on his agenda. [1/9/15]

The CFPB is in its adolescence, in the sense that it is still trying to figure out its role, creating headaches for financial institutions as they seek to anticipate where it is headed in 2015. [1/8/15]