Links in “CFPB”

The CFPB has amended both the TILA and HMDA asset size threshold exemptions, increasing TILA from $2.060 billion to $2.028 billion, and increasing HMDA from $43 million to $44 million. [12/29/14]

New York's attorney general settled a UDAAP claim against a large subprime auto lender. The lawsuit was the first brought by a state attorney general under authority granted under Dodd-Frank Section 1042. But it will not be the last. [12/24/14]

Insightful white paper focuses on 62 publicly available enforcement actions taken by the CFPB which reveal trends and patterns. Some of the insights include the Bureau's targeting of a variety of industry sectors, focusing on a half dozen of its many laws, using enforcement forums that depend on size of defendant, etc. The Bureau continues to be Director Cordray's "cop on the beat." [12/24/14]

In a series of releases, two agencies are promoting financial check-ups and guidance. The FDIC's focuses on a checklist of questions and suggestions that can help individuals better meet their financial goals. The CFPB directed their guidance to parents to help children understand the value of money. Suggestions include "think[ing] out loud as you pay your bills." [12/24/14]

CFPB is proposing to amend Regulation E, Regulation Z, and the official interpretations to create comprehensive consumer protections for prepaid financial products. The proposal would cover prepaid accounts such as cards, codes, or other devices capable of being loaded with funds and usable at unaffiliated merchants or for person-to-person transfers and are not gift cards. See proposed rule here. [12/23/14]

The CFPB published its half-year 2015 regulatory agenda in the Federal Register. The more significant regulatory efforts listed include implementing the Dodd-Frank Act's mortgage protections including anticipated revisions and streamlining of key mortgage regulations including HMDA, RESPA, and TILA. The agenda further anticipates revisions to Regulation CC, the Expedited Funds Availability Act, and business lending rules under ECOA. [12/22/14]

Three companies have been charged with conducting abusive practices against servicemembers in regards to debt collection. The CFPB has ordered these companies to pay $2.5 million in consumer redress efforts and $100,000 in civil penalties. Director Cordray emphasized, "our nation's servicemembers deserve better than to be targeted with illegal collections tactics when they are struggling to pay their bills." [12/19/14]

CFPB settles with retailer and related companies with stores near military bases for practices it deemed "unfair" and "abusive," including filing debt collection lawsuits "far away" from where the credit agreements commenced, hitting back-up payment methods without the servicemembers' awareness and before they were due, contacting the servicemembers' commanding officers to request their intervention in collecting debts, and hitting a family member's account for payment multiple times after the family member had authorized only a one-time payment. [12/19/14]

The CFPB just added telecommunications to its jurisdiction by filing a lawsuit against Sprint for "cramming," a practice of slipping new fees into consumers' bills for services the customer never signed up for. Of course, everybody wants to cheer the CFPB for that, but did you see what the bureau just did there? [12/18/14]

An American Express trial program will seek to promote regular savings behavior for prepaid card users by creating a subaccount dedicated for savings within their main prepaid account. Amex has agreed to share insights from its program with the CFPB. [12/17/14]